Veterinary Immunodiagnostics Market Worth $2.71 Billion by 2029

According to this latest publication from Meticulous Research®, the veterinary immunodiagnostics market is expected to grow at a CAGR of 9.3% from 2022 to reach $2.71 billion by 2029. The high growth of the veterinary immunodiagnostics market is mainly attributed to the increasing prevalence of diseases in animals, the availability of disease-specific immunodiagnostic tests, and technological advancements in immunodiagnostics. Moreover, the increasing pet population and the rising demand for animal-derived foods drive the growth of this market. The Emerging economies worldwide are expected to create growth opportunities for the global veterinary immunodiagnostics market. However, inadequate diagnostics infrastructure in developing countries is a major challenge to the growth of this market.

Developing countries have a high burden of zoonotic diseases. For instance, according to International Livestock Research Institute (ILRI), India has a high burden of zoonotic disease along with low-income countries, such as Ethiopia, Nigeria, and Tanzania. Nearly 60% of all disease-causing pathogens are of animal origin, and 75% of the emerging infectious diseases in India are of the zoonotic category. The increasing disease outbreaks in emerging countries are driving the demand for better diagnoses of animals to prevent economic losses.

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The veterinary immunodiagnostics market is segmented by Product (Analyzers and Consumables), Animal Type (Companion Animals and Livestock), Technology (ELISA, Radioimmunoassay, Rapid Tests, and Others), End User (Reference Laboratories, Veterinary Hospitals & Clinics, and Point of Care Testing), and Geography. The study also evaluates industry competitors and analyzes the market at regional and country levels.

Based on product, in 2022, the consumables segment is expected to account for the largest share of the veterinary immunodiagnostics market. The large market share of this segment is mainly attributed to their higher sensitivity, accuracy, faster diagnosis, cost-effectiveness, and availability of disease-specific immunoassays.

Based on technology, in 2022, the ELISA segment is estimated to account for the largest share of the veterinary immunodiagnostics market. The large market share of this segment is attributed to the constant development of new biomarkers, cost-benefit, and growing adoption of automated platforms for ELISA.

Based on animal type, in 2022, the livestock segment is estimated to account for the largest share of the veterinary immunodiagnostics market. The primary factors responsible for the large market share of this segment are their increasing demand for food production across the globe and rising awareness about animal health.

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Based on end user, in 2022, the reference laboratories segment is estimated to account for the largest share of the veterinary immunodiagnostics market. The growth of this segment is driven by increased outsourcing of diagnostic testing by hospitals & clinics to reference laboratories.

Geographic Review

This research report analyzes major geographies and provides a comprehensive analysis of the veterinary immunodiagnostics market in North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and Rest of Europe), Asia-Pacific (Japan, China, India, Australia, and Rest of Asia-Pacific), Latin America, and the Middle East & Africa. In 2022, North America is expected to dominate the veterinary immunodiagnostics market, followed by Europe and Asia-Pacific. High awareness regarding animal health, well-established veterinary diagnostics infrastructure, and spending on pet health in the region is expected to support North America's largest market share.

Key Players:

The key players operating in the veterinary immunodiagnostics market are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Virbac (France), Heska Corporation (U.S.) Randox Laboratories, Ltd (U.S.), Neogen Corporation (U.S.), QIAGEN N.V. (Germany), Abaxis, Inc. (U.S.), and bioMérieux S.A. (France).

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Key Questions Answered in the Report-

What is the current revenue generated through the sale of veterinary immunodiagnostic test products across the globe?

At what rate is the demand for veterinary immunodiagnostic products projected to grow over the next 5-7 years?

What is the historical market size and growth rate of the global veterinary immunodiagnostics market?

What are the major factors impacting the growth of this market at the global and regional levels? What are the major opportunities for existing market players and new entrants in the market?

What impact did the COVID-19 pandemic have on the value chain of the veterinary immunodiagnostics market?

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This release was published on openPR.