London, Dec. 03, 2020 (GLOBE NEWSWIRE) -- The development of rapid, accurate, and sensitive diagnostic methods for detecting pathogens is the basis for treating, controlling, and eradicating infectious diseases of veterinary importance. Scientific and technological advancements have revolutionized the field of veterinary diagnostics. In efforts to deliver effective diagnostic products, manufacturers have started developing tests that require minimal time for testing and are more advanced than the available tests.
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Meticulous Research®, in its latest publication, titled “Veterinary Diagnostics Market by Product (Consumables, System, Software), Technology (Immunodiagnostics, PCR, Hematology, Urinalysis), Animal Type (Canine, Feline, Ruminant, Poultry), End User (Reference Lab, Veterinary Hospital) - Forecast to 2027”, states that the veterinary diagnostics market is expected to grow at a CAGR of 8.7% from 2020 to 2027 to reach $5.38 billion by 2027.
The growth of the overall veterinary diagnostics market is mainly attributed to the rising prevalence of zoonotic diseases, rising demand for livestock-derived food products, favorable government initiatives, increasing animal health expenditure, and technological advancements in veterinary diagnostics. Moreover, emerging countries provide increasing growth opportunities for players operating in the veterinary diagnostics market. However, increasing pet care cost is hindering the growth of this market to a certain extent.
Additionally, animals are being tested for the SARS-CoV-2 infection and to see whether the pet develops antibodies to this virus. Thus, the research on SARS-Cov-2 in animals is limited, but several studies are underway to learn more about coronavirus (COVID-19) infection in animals. This would lead to the development of various assays and kits for testing, which will lead to increase adoption of veterinary diagnostic products.
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To provide efficient analysis, Meticulous Research® has segmented this market by product (consumables, systems & software), technology (immunodiagnostics and PCR), animal type (canine, feline, ruminant, and poultry), end user (reference labs, veterinary hospitals, and point of care testing facilities), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
North America is estimated to command the largest share of the overall veterinary diagnostics market in 2020, closely followed by Europe and Asia-Pacific. However, Asia-Pacific region is slated to register the highest growth during the forecast period, primarily due to large population of livestock animals, rising incidence of various diseases in animals, and high demand for animal-derived food products.
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Based on technology, the immunodiagnostics segment is estimated to command the largest share of the overall veterinary diagnostics market in 2020. The growing adoption of diagnostic products based on the immunodiagnostic technology and development of advanced diagnostic immunoassay tests are some of the key factors driving the growth of this market.
On the basis of end user, reference laboratories are estimated to account for the largest share of the overall veterinary diagnostics market in 2020. Factors driving the growth of this segment are growing preference of diagnostic services offered by reference laboratories and increasing development of products through strategic alliances between laboratories and companies.
The key players operating in the global veterinary diagnostics market are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Heska Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), INDICAL BIOSCIENCE GmbH (Germany), Agrolabo SpA (Italy), Neogen Corporation (U.S.), IDvet (France), and GD Animal Health (Netherlands) among others.
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Scope of the Report:
Veterinary Diagnostics Market, by Product
- Consumables
- Systems/Instruments
- Software
Veterinary Diagnostics Market, by Technology
- Immunodiagnostics
- Lateral Flow Assays
- ELISA
- Other Immunodiagnostic Technologies
(Other immunodiagnostic technologies include immunoassay analyzers, rapid immunoassays, and allergy-specific immunodiagnostic tests.)
- Clinical Biochemistry
- Clinical Chemistry Analysis
- Glucose Monitoring
- Blood Gas & Electrolyte Analysis
- Molecular Diagnostics
- PCR
- Other Molecular Diagnostics Technologies
(Other molecular diagnostic tests include microarrays and genetic testing.)
- Hematology
- Urinalysis
- Other technologies
(Other technologies include agar gel immunodiffusion, virus neutralization test, and hemagglutination inhibition.)
Veterinary Diagnostics Market, by Animal Type
- Companion Animals
- Canines
- Felines
- Other Companion Animals
(Other companion animals include rabbits & parrots.)
- Livestock Animals
- Ruminants
- Swine
- Poultry
- Other Livestock Animals
(Other livestock animals include equine, fish, and other exotic animals.)
Veterinary Diagnostics Market, by End User
- Reference Laboratories
- Veterinary Hospitals
- POC/In-house Testing
- Research Institutes & Universities
Veterinary Diagnostics Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Japan
- China
- India
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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Veterinary Immunodiagnostics Market Size by Product (Analyzers, Consumables), by technology (ELISA, Radioimmunoassay, Rapid tests, and others), by animal type [Livestock (Cattle, Pigs, Poultry) and Companion (Feline, Canine, Equine)], by application (Infectious diseases, autoimmune disorder, endocrinology and oncology, and bone and mineral diseases), and by End-user - Global Forecasts to 2022
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