Animal Diagnostics Market : Top Players – Virbac, Heska Corporation, Neogen, Thermo Fisher Scientific, Abaxis, Randox, IDEXX Laboratories, Zoetis, and Qiagen
Increasing adoption of pet and growing incidences of zoonotic and foodborne diseases will drive animal diagnostics market growth over the forecast timeframe. Numerous efforts undertaken by government and several other organizations to stimulate growth of animal healthcare sector will contribute to industry expansion.
Growing demand for superior pet products, increasing spending towards pet healthcare as well as advancements in veterinary diagnostics will propel industry growth over the coming years. Different countries’ governments along with various international organizations have been organizing campaigns, and various other programs to create awareness about animal derived human infections should stimulate business growth.
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Increasing demand for animal protein along with increasing meat consumption due to lowering of meat prices in developing economies such as China will propel industry growth over the coming years. Increasing number of veterinary clinics equipped with modern technology will positively impact industry growth. However, high cost associated with animal diagnostic tests along with low out of pocket expenditure on pet in some developing countries due to affordability concerns will restrain animal diagnostics market growth over the forecast period.
Clinical biochemistry business dominated animal diagnostics market in 2016 and is estimated to grow considerably during the forecast period. Growing demand for advanced veterinary diagnostic tools coupled with numerous efforts undertaken to conserve endangered species will drive segment growth. Technological advancements in veterinary diagnostics will further stimulate business growth.
Farm animal segments is anticipated to witness lucrative growth over the forecast period owing to growing demand for animal products including animal protein due to its rich content. Increased meat consumption due to reduction in meat prices and several efforts made by domestic government and various other organization to reduce occurrence of animal derived human infections will boost demand for advanced animal diagnostic solutions.
U.S. held largest market share in 2016 and should hold its position over the coming years. Growing pet adoption coupled with increasing government efforts to accelerate growth of animal healthcare sector will drive U.S. animal diagnostics market. Rise in disposable income and technological advancements in veterinary diagnostics will favor industry growth.
Rising awareness towards animal healthcare, high technological adoption and increasing research activities to accelerate development of veterinary diagnostic solutions will drive France animal diagnostics market over the forecast period. Presence of associations such as The French Animal Health Network (RFSA) working towards advancing development of superior animal products will positively impact industry growth.
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China animal diagnostics market will be driven by growing pet population, rising disposable income leading to rise in pet care expenditure. Rising demand for advanced animal diagnostic solutions coupled with increasing number of veterinary clinics in the country will positively impact industry growth.
Few notable industry players operating in animal diagnostics market include Virbac, Heska Corporation, Neogen, Thermo Fisher Scientific, Abaxis, Randox, IDEXX Laboratories, Zoetis, and Qiagen. Acquisition, merger, strategic collaboration and partnership are some of the strategies adopted by industry players to strengthen their product offerings and consolidate market position. For instance, Heska entered into 7-year agreement with PetVetCare Centers in November 2017 to supply in-house laboratory diagnostic equipment to the centers thereby expanding company’s customer base.
Company Profiles :-
• IDEXX Laboratories
• Heska Corporation
• Thermo Fisher Scientific
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