Veterinary Diagnostics Market to See Huge Growth by 2030 | IDEXX laboratories, Zoetis

The recent research report published by Quadintel gives an insight into the global Veterinary Diagnostics Market. According to this published competitive intelligence analysis, the global Veterinary Diagnostics Market is expected to experience a promising annual revenue increase (USD in Mn) in 2021. A comprehensive overview and precise insights into possible future scenarios for the worldwide market are provided in this study.

The Global Veterinary Diagnostics Market is estimated to reach USD 5,010.11 Mn by 2023, expanding at a compound annual growth rate (CAGR) of 9.1% from 2018 to 2023.

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Key Companies Covered in the Veterinary Diagnostics Market Research are IDEXX laboratories, Inc., Zoetis Inc., HESKA Corporation, Biolas Health, Inc., Abaxis, Inc., Neogen Corporation, QIAGEN, bioMrieux SA, Thermo Fisher Scientific, Inc., Virbac, Randox Laboratories Ltd., IDvet and other key market players.

The growing prevalence of zoonotic diseases - which are transmitted from animals to humans - plays a key role in driving the market. Early diagnosis and subsequent treatment can prevent these diseases from spreading.

Technology segment insights:

The clinical biochemistry segment dominated the market, accounting for 32.3% of the global revenue in 2017. Rising use of clinical chemistry analyzers, glucose monitoring, and blood gas and electrolyte analysis has fuelled the demand for clinical biochemistry-based diagnostics.

Immunodiagnostics is anticipated to be the fastest growing technology segment of the market, expanding at a booming CAGR of 10.1% during 2018-2023. The prevalence of animal-transmitted diseases has increased considerably, which in turn, has driven the demand for diagnostic tests that can quickly and efficiently detect pathogens. As a result, the demand for immunodiagnostics, including enzyme-linked immunosorbent assay (ELISA), immunoassay, and lateral flow assays, has increased rapidly.

Animal type segment insights:

The companion animal segment accounted for the largest share (52.5%) of the global revenue in 2017, and the market is estimated to grow at a steady rate during the forecast period. Pet ownership has increased considerably in the past few years, especially in North America and Europe. In the U.S., the number of companion animals increased to 211.8 MN in 2017, from 157.15 in 2012. Furthermore, pet industry expenditure in the U.S. reached USD 69.51 Bn in 2017, from USD 53.33 Bn in 2012. As a result, growth in pet ownership, coupled with increased spending on pet healthcare, especially in developed economies, has propelled the demand for veterinary diagnostics.

Products segment insights:

Consumables appeared to be the largest products segment in 2017, and is estimated to continue leading, accounting for an anticipated 34.9% share of the global market by 2023. Substantial demand from the developed countries of North America and Europe contributed to the considerable share of this segment during the past few years.

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End user segment insights:

In terms of end users, point of care is anticipated to be the fastest growing segment during the forecast period. It is expected to register a steady CAGR of 9.4% during the 2018-2023 period. The development of low-cost and portable instruments with advanced functions has accelerated the growth of point of care diagnostics.

Regional insights:

North America held the largest share of the veterinary diagnostics market in 2017, owing to increased awareness about the harmful effects of zoonotic diseases. Also, increased spending by pet owners to improve pet health and increase the lifespan of pets has driven demand in North America, especially in the companion animal segment. Availability of attractive pet insurance policies has played a key role in driving the market in countries like the U.S. and Canada. The Asia-Pacific region is expected to exhibit the highest CAGR (10.9%) during the 2018-2023 period. Substantial growth in farm animal population, especially in China and India, is likely to propel market growth over the forecast period.

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

By Geography

Asia Pacific (China, India, Japan, South Korea, Indonesia, Taiwan, Australia, New Zealand, and the Rest of Asia Pacific)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and the Rest of Europe)
Latin America (Brazil, Mexico, Argentina, and Rest of Latin America)
Middle East & Africa (GCC, North Africa, South Africa, and Rest of the Middle East & Africa)
North America (U.S. & Canada)
North America garnered a substantial market share in the Veterinary Diagnostics Market, due to growing demand for Veterinary Diagnostics Market products, and rising disposable income, followed by Latin America, Europe, and the Middle East & Africa respectively.

Presently, the Asia Pacific region conquers the Veterinary Diagnostics Market.

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List of Factors Covered in the Report are:

Geographical Breakdown: The regional section of the report analyses the market on the basis of region and national breakdowns, which includes size estimations, and accurate data on previous and future growth. It also mentions the effects and the estimated course of Covid-19 recovery for all geographical areas. The report gives the outlook of the emerging market trends and the factors driving the growth of the dominating region to give readers an outlook of prevailing trends and help in decision making.

Key inquiries addressed in the report:

Investigate the COVID 19 outbreak's effects.
Our researchers give precise responses, pinpoint significant chances and fresh investments, and suggest excellent market strategy avenues.
Key Points Covered in this Report

Chapter 1, About Executive Summary to describe Definition, Specifications and Classification of market, Applications, Market Segment by Regions North America, Europe or Asia.

Chapter 2, objective of the study.

Chapter 3, to display Research methodology and techniques.

Chapter 4 and 5, to show the Overall Market Analysis, segmentation analysis, characteristics;

Chapter 6 and 7, to show the Market size, share and forecast; Five forces analysis (bargaining Power of buyers/suppliers), Threats to new entrants and market condition;

Chapter 8 and 9, to show analysis by regional segmentation, comparison, leading countries and opportunities; Regional Marketing Type Analysis, Supply Chain Analysis

Chapter 10, focus on identifying the key industry influencer's, overview of decision framework accumulated through Industry experts and strategic decision makers;

Chapter 11 and 12, Market Trend Analysis, Drivers, Challenges by consumer behaviour, Marketing Channels and demand & supply.

Chapter 13 and 14, describe about the vendor landscape (classification and Market Positioning)

Chapter 15, deals with Market sales channel, distributors, traders, dealers, Research Findings and Conclusion, appendix and data source.

…….. and view more in complete table of Contents

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This release was published on openPR.