Veterinary Diagnostics Market in terms of revenue was estimated to be worth $2.8 billion in 2022 and is poised to reach $4.4 billion by 2027, growing at a CAGR of 9.2% from 2022 to 2027. The current edition of the report consists of an updated market overview, which includes information on the key conferences and events during 2022–2023, regulatory bodies, government agencies, and other organizations, as well as the key stakeholders and their buying criteria. The market overview chapters also include regulatory analysis, Porter’s five forces analysis, value chain analysis, supply chain analysis, ecosystem analysis, patent analysis, adjacent market analysis, and pricing analysis. The competitive landscape chapter has been updated with the competitive benchmarking segment. Market growth can largely be attributed to growing animal health expenditures, increasing disease control and disease prevention measures, and growth in the number of veterinary practitioners and income levels in developed economies. The availability of advanced diagnostic technologies is expected to help veterinarians provide better diagnosis and treatment, which, in turn, will drive the overall market for veterinary diagnostics across the globe. In addition, continuous innovations will enable market players to gain a long-term competitive advantage, further strengthening their positions in the global market.
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Key Market
The prominent players in the veterinary diagnosticsmarket are IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Heska Corporation (US), Thermo Fisher Scientific Inc. (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), Virbac (France), FUJIFILM Holdings Corporation (Japan), Shenzhen Mindray Animal Medical Technology Co. Ltd. (China), INDICAL BIOSCIENCE GmbH (Germany), BioNote, Inc. (South Korea), Biogal Galed Labs (Israel), Agrolabo S.p.A. (Italy), IDvet (France), Randox Laboratories Ltd. (Ireland), BioChek (Netherlands), Fassisi GmbH (Germany), Alvedia (France), SKYER, Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), Biopanda Reagents (UK), Precision Biosensor Inc. (South Korea), Skyla Corporation (China), and EUROIMMUN Medizinische Labordiagnostika AG (Germany).
The consumables segment accounted for the larger share of the global veterinary diagnostics market
Based on products, the veterinary diagnostics market is segmented into consumables and instruments. The consumables segment accounted for the larger share of the global veterinary diagnostics market. The large share of the consumables segment can be attributed to the increasing awareness on animal healthcare and increasing veterinary expenditures.
The clinical biochemistry segment accounted for the largest share of the global veterinary diagnostics market
Based on technology, the veterinary diagnostics market is segmented into clinical biochemistry, immunodiagnostics, molecular diagnostics, hematology, urinalysis, and other veterinary diagnostic technologies (includes microbiology and histopathology tests). In 2021, the clinical biochemistry segment accounted for the largest share of the global veterinary diagnostics market. Applications of this technology can range from studying the kidney and liver function, managing diabetes, and evaluating electrolyte & hormone levels to monitoring and treating systemic inflammation caused by infectious agents such as bacteria, viruses, and parasites.
The companion animals segment accounted for the larger market share.
Based on animal type, the veterinary diagnostics market is segmented into companion animals and livestock. The companion animals segment accounted for the larger market share in 2021. This can be attributed to the rising number of companion animals across the globe, the rising adoption of pet insurance, and the availability of cheaper and easy-to-use POC diagnostic tests for companion animals.
Veterinary reference laboratories are the major end users in the veterinary diagnostics market
Based on end users, the global veterinary diagnostics market is segmented into veterinary reference laboratories, veterinary hospitals & clinics, point-of-care testing/in-house testing, and veterinary research institutes & universities. Veterinary reference laboratories are the major end users in the veterinary diagnostics market, accounting for a share in 2021. The large share of this segment can primarily be rising awareness among pet owners regarding routine and preventive care and the rising number of samples received by reference laboratories from small and large animal practices.
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The Asia Pacific market is estimated to witness the highest CAGR during the forecast period
The Asia Pacific region is expected to register the highest CAGR during the forecast period. Growth in pet adoption, increasing awareness about animal health, and growing per capita animal health expenditure, especially in India and China, are contributing to the growth of the APAC veterinary diagnostics market.
Challenge: Lack of animal healthcare awareness in emerging countries
Emerging economies such as India, China, Brazil, and some Southeast Asian countries are home to a large companion and farm animal population. However, animal health expenditure in these countries is lower than in developed North American and European countries. This is mainly due to a lack of awareness among pet owners and veterinarians about the healthcare services available for animals. Furthermore, these countries' farm animal health expenditure is primarily focused on therapeutic treatment. Veterinary diagnostics are not widely used in large animal practises in these countries. Thus, although emerging markets have a high growth potential, lack of awareness will be a key challenge for the growth of the veterinary diagnostics market in these regions.
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