The global Veterinary Diagnostics market size is expected to be worth around US$ 10.10 billion by 2030, according to a new report by Vision Research Reports.
The global Veterinary Diagnostics market size was valued at US$ 5.8 billion in 2020 and is anticipated to grow at a CAGR of 12.10% during forecast period 2021 to 2030.
Growing incidence of zoonotic and foodborne diseases is expected to drive the market over the forecast period. Moreover, increasing companion animal ownership in developing countries is another factor aiding growth.
Growing inclination toward owing pets due to companionship & health benefits and rising meat consumption are key factors aiding growth of the market. Globally, there has been an increase in overall expenditure on the healthcare and wellbeing of the pets as well as food producing animals.
On a global level, animal product consumption is increasing at a significant pace, which can be attributed to increasing human population, growing per capita income, and animal health awareness in the developing nations. Increasing demand for animal proteins also fuels growth.
New in vitro diagnostic test kits and analyzers are being launched in the market. In addition, growth is observed in point-of-care treatments for animals, as these devices are simple to use. Moreover, growing adoption of advanced test techniques, such as immune & molecular diagnostics, hematology, and nanotechnology, which are quick & efficient, is further impelling growth.
The product segment includes test kits, reagents, consumables, and devices. The consumables are expected to showcase highest growth, with a CAGR of around 7.0% over the forecast period. The overall market scenario is determined by deeply understanding the demand for these products from veterinary clinics, hospitals, labs, etc. Moreover, there is an increasing demand for point-of-care diagnostics by pet owners.
Commonly used point-of-care diagnostics for companion animals are blood glucose monitors, pregnancy kits, urinalysis strips, etc., whereas for livestock, the tests majorly remain confined to labs owing to high sensitivity and efficacy required in their disease testing. The diagnostic instruments and devices used for disease testing in animals include tonometer, laryngoscopes, centrifuges, analyzers, and others. This segment is estimated to exhibit a significant increase in sales in the future due to its higher consumption in veterinary clinics and diagnostic centers.
The species segment has two broad classes: livestock and companion animals. Among livestock, the porcine segment dominated the market in 2020, owing to growing consumption of pork and demand for better diagnostic procedures. The bovine segment also held a substantial share of the market owing to increasing incidence of zoonotic diseases among cattle. The companion animals segment, cats and dogs, held a major share as of 2020, owing to high expenditure on pet healthcare.
Non-infectious diseases held a major share in 2020. The market has experienced an increase in the number of diagnostics with innovative technologies to detect diseases in animals, for instance, the Lab on a Chip technology that can analyze electrolytic imbalance in the body fluids such as urine, blood, and milk.
Hereditary, congenital, and acquired diseases segment is expected to show lucrative growth over the forecast period. Currently, these diseases are quite prevalent. Genetic disease is not clearly visible in the early stages, and, thus, not easily diagnosed. Molecular screening is recommended for such cases.
Infectious diseases in animals is a noteworthy danger to the worldwide human and animal population and their wellbeing. These diseases should be successfully controlled to prevent epidemic and spread of infections from animal to animal or animal to humans. Few examples of prevalent animal diseases are brucellosis, influenza, foot and mouth, respiratory & reproductive diseases, herpes, and tuberculosis.
The pathology segment dominated the market in 2020, owing to its wide variety of service offerings, such as various lab tests, imaging, and specialized tests. Analytical services is expected to exhibit fastest growth over the forecast period. This can be attributed to the invention of advanced technologies for animal diagnostics, such as nucleic acid diagnostics, Polymerase Chain Reaction (PCR), biomarkers, and biosensors. Veterinary labs and healthcare professionals are adopting these techniques as routine diagnostic tools. These tests are helpful in speciﬁc testing and screening of large samples.
Nanotechnology holds high growth potential in the market, as it enables screening of multiple pathogens in a single assay. These advanced technologies can improve animal disease diagnostic capabilities, while reducing the time and cost associated with conventional technologies. The molecular diagnostics segment is also expected to grow at a significant rate, owing to its increased use for research purposes. PCR is widely used for molecular diagnosis in animals for identification and detection of various pathogens. The traditional PCR techniques are rapidly being replaced by real-time PCR. It enables the rapid identification of pathogens and provides higher accuracy.
The end-use segment includes laboratories, hospitals, clinics, in-house testing, and research institutes & universities. Veterinary hospitals & clinics dominated the end-use segment in 2020, owing to availability of a wide range of diagnostic options in these facilities. Moreover, use of advanced analyzers for diagnostic purposes in veterinary hospitals has increased, which is aiding growth.
The point-of-care segment is expected to exhibit the fastest growth over the forecast period. Technologically advanced diagnostics, such as in-house analyzers and point-of-care devices, are convenient and provide quicker results, improving customer satisfaction. Research institutes also play a significant role in development and usage of these diagnostics. They govern deployment, identification, and development of new diagnostic methods or procedures for research and monitoring purposes of newly emerging or existing diseases in animals.
North America held the largest share in veterinary diagnostics market share followed by Europe. This might be due to favorable healthcare structure in this region, with high healthcare spending for animals. In addition, these regions have local presence of a large number of commercial players and well-established infrastructure.
Abaxis, Inc.; Idexx Laboratories, Inc.; Heska Corporation; Neogen Corp; Merck; Thermo Fisher Scientific, Inc.; Qiagen N.V.; Virbac Corp; Zoetis, Inc.; IDVet; Agrolabo SPA; Im3 Inc.; VCA Antech; and Henry Schein, Inc.
The Veterinary Diagnostics market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Veterinary Diagnostics market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Veterinary Diagnostics market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Veterinary Diagnostics market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Veterinary Diagnostics market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Veterinary Diagnostics capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Veterinary Diagnostics by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Veterinary Diagnostics market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Veterinary Diagnostics market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Veterinary Diagnostics market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Veterinary Diagnostics industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Veterinary Diagnostics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Veterinary Diagnostics market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Veterinary Diagnostics market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Veterinary Diagnostics market. These factors have benefited the growth of the global market for Veterinary Diagnostics. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Veterinary Diagnostics. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Veterinary Diagnostics are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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