Pune, Jan. 16, 2023 (GLOBE NEWSWIRE) -- As per Maximize Market research, a global business research and consultancy firm, the total global “Veterinary Diagnostics Market” was USD 2.7 billion in 2021 and is expected to grow at a CAGR of 9.5 % over the forecast period to reach USD 5.58 Billion by 2029.
Veterinary Diagnostics Market Scope and Research Methodology:
The report on the global veterinary diagnostics market examines the market for the forecast period 2022-2029. The report is divided into various sections and contains an examination of industry trends and opportunities. The information gives a comprehensive evaluation of the present rapid improvements in all market segments. Key data analysis for the historical period from 2017 to 2021 is provided using facts and statistics, visuals, and presentations. The MMR report includes recommendations for the industry, new entrants, existing market leaders, etc. based on a detailed study of the present competitive environment in the veterinary diagnostics industry.
Primary research is carried out after secondary research to validate the facts gathered in secondary research. Secondary research is conducted to discover segment features, qualitative and quantitative data, and the factors driving the veterinary diagnostics market growth. Secondary research is carried out to identify segment characteristics, qualitative and quantitative data, and the factors driving the veterinary diagnostics market growth. Secondary sources for the study included press releases, annual reports, government websites, and market research studies. Current developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the influence of domestic and major & local market players, changes in market regulations, and strategic market growth analysis are also included in the research.
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Global Veterinary Diagnostics Market Overview
Veterinary Diagnostics is the detection and measurement of chemicals in nonhuman animal source materials. Clinical examination is an essential component of veterinary diagnostics. It provides the veterinarian with the knowledge he or she needs to diagnose the condition or diseases producing the clinical abnormalities. The clinical examination results should assist the veterinarian in determining the severity of the pathophysiological processes. Veterinarians use several veterinary technologies to diagnose illnesses, monitor disease progression or response to medication, and screen for the presence of underlying diseases in seemingly healthy animals.
Global Veterinary Diagnostics Market Dynamics
Pet ownership is rapidly increasing over the world, thanks to rising disposable incomes and the widespread acceptance of modern lifestyles. Furthermore, the availability of advanced techniques for diagnosing diseases in animals, as well as increased awareness about animal health care is expected to drive the global market for veterinary diagnosis products even further. The rising prevalence of zoonotic and foodborne illnesses has created an opportunity for early detection and prevention. Furthermore, increased demand for livestock-derived food products, favorable government initiatives, rising animal health spending, and technical advancements in veterinary diagnostics are likely to boost the global veterinary diagnostics market.
Veterinary care is now seeing a gradual shift from traditional veterinary diagnostic methods to point-of-care diagnosis to reduce diagnosis turnaround time and provide greater convenience to pet owners and animals. Growing technical breakthroughs in the detection of animal disease, as well as an increase in product launches and collaborations by major players, are expected to boost the growth of the veterinary diagnostics market during the forecast period.
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Global Veterinary Diagnostics Market Regional Insights
The North American market held half of the market share of the Veterinary Diagnostics market in 2021 and is likely to maintain its dominance at the end of the forecast period. The region's veterinary healthcare expenditure has increased significantly, which is expected to boost market growth. Similarly, the availability of healthcare programs and a rise in the number of attempts to improve animal health are factors that are expected to strengthen the region's growth potential. The North American Pet Health Insurance Association, for example, is trying to raise awareness of pet health insurance coverage. The growing prevalence of chronic diseases in animals, as well as the increased adoption of pet animals in North America, are driving the growth of the North American market during the forecast period.
| Market Size in 2021 | USD 2.7 billion |
| Market Size in 2029 | USD 5.58 billion |
| CAGR | 9.5 % (2022-2029) |
| Forecast Period | 2022-2029 |
| Base Year | 2021 |
| Number of Pages | 213 |
| No. of Tables | 110 |
| No. of Charts and Figures | 112 |
| Segment Covered | Product, Species, Testing Type, Disease Type, End-use, and, Region. |
| Regional Scope | North America, Europe, Asia Pacific, Middle East and Africa, South America |
| Report Coverage | Market Share, Size & Forecast by Revenue | 2022−2029, Market Dynamics, Growth Drivers, Restraints, Investment Opportunities, and Key Trends, Competitive Landscape, Key Players Benchmarking, Competitive Analysis, MMR Competition Matrix, Competitive Leadership Mapping, Global Key Players’ Market Ranking Analysis. |
Global Veterinary Diagnostics Market Segmentation
By Product:
- Consumables, Reagents & Kits
- Instruments & Devices
By Species:
- Cattle
- Canine
- Feline
- Caprine
- Equine
- Ovine
- Porcine
- Avian
- Others
By Testing Type:
- Analytical Services
- Diagnostic Imaging
- Bacteriology
- Pathology
- Molecular Diagnostics
- Immunoassays
- Parasitology
- Serology
- Virology
By Disease Type:
- Infectious Diseases
- Non-Infectious Diseases
- Hereditary, Congenital, and Acquired Diseases
- General Ailments
- Structural and Functional Diseases
By End-use:
- Laboratories
- Veterinary Hospitals and Clinics
- Point-Of-Care/In-House Testing
- Research Institutes and Universities
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Global Veterinary Diagnostics Market Key Competitors:
- Thermo Fisher Scientific Inc (US)
- Abaxis Inc (US)
- IDVet(France)
- Bionote, Inc.(US)
- Idexx Laboratories Inc(US)
- Neogen Corp (US)
- Merck(US)
- Heska Corporation(US)
- BioChek(US)
- Precision Biosensor, Inc.(US)
- Zoetis (US)
- IncIm3 Inc (US)
- VCA Antech (US)
- Henry Schein Inc. (US)
- SKYER, Inc.(US)
- •Covetrus (US)
- Randox Laboratories Ltd.(UK)
- Biopanda Reagents (UK)
- IM3Vet Pty Ltd.(Australia)
- bioMérieux SA (France)
- Virbac Corp (France)
- Alvedia(France)
- Shenzhen Bioeasy Biotechnology Co., Ltd (China)
- INDICAL BIOSCIENCE GmbH (Germany)
- Fassisi GmbH ( Germany)
- QIAGEN N.V.(Germany)
- Qiagen N.V(Germany)
- Agrolabo SPA,(Italy)
Key questions answered in the Global Veterinary Diagnostics Market are:
- What is the growth rate of the Global Veterinary Diagnostics Market during the forecast period?
- What is the nature of competition in the Global Veterinary Diagnostics industry in developed economies and developing economies?
- Which are the top five key market leaders in the Veterinary Diagnostics Market?
- What will be the future innovation in the Veterinary Diagnostics market in the upcoming six years?
- Which Testing Type and Disease Type Industry will lead the largest share of the Market?
- What are the growth drivers, restraints, and challenges of the Veterinary Diagnostics industry?
- What will be the CAGR and size of the Veterinary Diagnostics Market for the base year and forecast period?
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Key Offerings:
- Market Share, market size, its growth rates & Forecast by Revenue | 2022−2029
- Market Dynamics – Growth Drivers, Restraints, Investment Opportunities, and Key Trends
- Market Segmentation – A detailed analysis by Product, Species, Testing Type, Disease Type, End-use, and, Region.
- Competitive Landscape – Top Key players and Other Prominent Vendors
Maximize Market Research is leading research firm, has also published the following reports:
Animal/ Veterinary Ultrasound Market – The market size is expected to reach USD 544.93 Mn. by 2029, at a CAGR of 7.2 % during the forecast period. The growing number of pets and companion animals as well as the rising prevalence of animal disorders and infections have increased the demand for the Animal/ Veterinary Ultrasound Market.
Veterinary Rapid Test Market - The was valued at USD 653 Mn. in 2021 and the Veterinary Rapid Test revenue is expected to grow at 11.02 % during the forecast period. Rising Demand for Animal-Derived Food Products drives the growth of the Veterinary Rapid Test market during the forecast period.
Veterinary Reference Laboratory Market - The market size was at USD 4 billion in 2021 and the total revenue is expected to grow at 11 % of CAGR during the forecast period. The increase in the global prevalence of zoonotic diseases has triggered the demand for animal health diagnostics and is expected to drive market growth during the forecast period.
Veterinary Molecular Diagnostics Market- The market is expected to reach USD 4.94 Bn. by 2029. The rising prevalence of zoonotic diseases is the major factor driving the Veterinary Molecular Diagnostics Market growth during the forecast period.
Poultry Diagnostics Market - The Poultry Diagnostics Market market size was valued at USD 447.42 Mn. in 2021 and the total revenue is expected to grow at 10.7 % during the forecast period. The growing disease outbreaks in poultry, increasing prevalence of zoonotic diseases, and increasing demand for poultry-derived food products are boosting the market growth.
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