Selbyville, Delaware , Aug. 26, 2019 (GLOBE NEWSWIRE) --
Farm Animal Diagnostics Market segment is forecast to reach USD 2.4 billion by 2025. High growth rate is attributed to rise in the demand for prevention and diagnostics of various infectious disease to lower the economic losses. Growing demand for animal-based products in developed regions will escalate the animal diagnostics market growth. Additionally, increasing prevalence of zoonotic diseases in farm animals will further assist the segmental growth.
Animal diagnostics market size is set to surpass USD 5.5 billion by 2025, according to 2019 published by Global Market Insights, Inc. report. Rise in demand for animal food in developed countries such as U.S. and Canada will positively impact market growth. High demand for quality food obligates the owner to examine animal health, thereby fueling the demand for animal diagnostics. Moreover, growing burden of zoonotic diseases will drive the market in the coming years. According to the European Food Safety Authority, approximately 350,000 Europeans are diagnosed with food-borne zoonotic diseases every year. With increasing zoonotic diseases worldwide, the demand for accurate and efficient animal diagnostic devices will increase.
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Increasing government initiatives for promotion of pet health will escalate industry growth in the forthcoming years. For instance, the World Veterinary Association promotes animal health by developing and advancing veterinary services worldwide. With rising awareness regarding animal health in developing countries, the demand for diagnostics and preventive services will increase, thus boosting industry growth.
However, low spending on pet healthcare in developing countries will impede the animal diagnostics market growth in the coming years.
Immunodiagnostics segment will show a significant growth of 8.4% in the forthcoming years. Growing incidence of autoimmune disorders and infectious diseases in both livestock and companion animals will positively impact the segmental growth. Immunodiagnostic products help in detection of viruses and bacteria in animals. Increasing demand for animal-derived food products coupled with growing adoption of farm animals will drive the segmental growth over the projected timeframe.
Browse key industry insights spread across 160 pages with 342 market data tables & 7 figures & charts from the report, “Animal Diagnostics Market Size By Technology (Immunodiagnostics {ELISA, Lateral Flow Assays, Immunoassay Analyzers}, Clinical Biochemistry, Hematology, Molecular Diagnostics {PCR, Microarrays}, Urinalysis), By Animal Type (Farm Animals {Poultry, Swine, Cattle}, Companion Animals {Dogs, Cats, Horses}), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Poland, China, Japan, India, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/animal-diagnostics-market
Canada Animal Diagnostics Market will offer a lucrative growth opportunity at a CAGR of 8.7%. High growth rate is attributed to increasing pet ownership coupled with high concern regarding animal health in the country. Increasing initiatives and campaigns implemented by the Canadian government to promote animal health will boost demand for animal diagnostics in the coming years. For instance, the Canadian Veterinary Medical Association is involved in promoting animal welfare to ensure optimal health of animal.
Indian market is anticipated to reach USD 167.8 million by 2025. High growth rate is attributed to increasing adoption of farm animals in the country. According to the government of India statistics, around 20.5 million Indians are dependent on farm animals for livelihood, thus growing farm animals will increase the demand for accurate diagnostic tests, thereby boosting market growth. Growing adoption of companion animals coupled with rise in expenditure on pet care will positively impact business growth in the country.
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Prominent industry players in animal diagnostics market include IDEXX Laboratories, Neogen, Abaxis, Zoetis, Thermo Fisher Scientific and Virbac among others. The key players operating in the market are focusing on new strategies such as acquisitions, mergers and partnerships to capture larger market share. Also, industry players are developing novel products to broaden their product portfolio and strengthen the market foothold. For instance, in May 2018, Zoetis acquired Abaxis, a pioneer of animal point-of-care diagnostic instruments. The acquisition helped Zoetis to expand the veterinary diagnostics portfolio and strengthen its market foothold.
Browse Related Reports:
1. Companion Animal Diagnostic Market Size By Technology [Immunodiagnostics {ELISA, Lateral Flow Assays, Immunoassay Analysers}, Clinical Biochemistry, Haematology, Molecular Diagnostics {PCR, Microarrays}, Urinalysis] By Animal Type [Dogs, Cats, Horses] Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Poland, China, Japan, India, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024
https://www.gminsights.com/industry-analysis/companion-animal-diagnostic-market
2. Animal Vaccines Market Size By Animal Type (Farm Animal Vaccines {Poultry Vaccines, Cattle Vaccines, Swine Vaccines, Equine Vaccines, Aquaculture Vaccines}, Companion Animal Vaccines {Dog Vaccines, Cat Vaccines}), By Technology (Live Attenuated Vaccines, Inactivated Vaccines, Toxoid Vaccines, Recombinant Vaccines), By Infections (Bacterial Vaccines, Viral Vaccines, Parasitic Vaccines, Fungal Vaccines), By Route of Administration (Injection Vaccines, Oral Vaccines, Immersion/Spray Vaccines), Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Poland, The Netherlands, China, Japan, India, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2019 – 2025
https://www.gminsights.com/industry-analysis/animal-vaccines-market
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