Veterinary Immunodiagnostics Market Set to Surge, Reaching $2.71 Billion by 2029

[Redding, California] - Meticulous Research®, a leading provider of market intelligence, forecasts a robust growth trajectory for the veterinary immunodiagnostics market, projecting a compound annual growth rate (CAGR) of 9.3% from 2022 to 2029. The market is poised to reach a value of $2.71 billion by the end of the forecast period. This projection underscores the burgeoning demand for advanced diagnostic solutions in animal healthcare.

The upward surge of the veterinary immunodiagnostics market can be primarily attributed to the escalating incidence of diseases among animals. The availability of disease-specific immunodiagnostic tests coupled with continuous technological advancements in immunodiagnostics further fuel market growth. Additionally, the burgeoning pet population and increasing demand for animal-derived foods are driving factors amplifying market expansion.

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Emerging economies worldwide are anticipated to serve as fertile grounds for growth opportunities in the global veterinary immunodiagnostics market. However, inadequate diagnostics infrastructure in developing countries poses a significant challenge to market growth.

The veterinary immunodiagnostics market is meticulously segmented by product, animal type, technology, end user, and geography, providing comprehensive insights into industry dynamics at regional and country levels.

In 2022, the consumables segment is poised to dominate the veterinary immunodiagnostics market, bolstered by attributes such as higher sensitivity, accuracy, faster diagnosis, cost-effectiveness, and the availability of disease-specific immunoassays.

The ELISA segment is expected to command the largest market share in 2022, driven by continuous advancements in biomarkers, cost-benefit considerations, and the widespread adoption of automated platforms.

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The livestock segment is projected to lead the market in 2022, fueled by increasing global demand for food production and a growing awareness of animal health.

Moreover, in 2022, the reference laboratories segment is anticipated to hold the largest share of the veterinary immunodiagnostics market, propelled by the outsourcing of diagnostic testing from hospitals & clinics.

Key Findings of The Veterinary Immunodiagnostics Market Study:

The Consumables Segment to Dominate the Veterinary Immunodiagnostics Market in 2022

The increased prevalence of zoonotic diseases among animals and the risk of infections crossing the species barrier and infecting humans drive the growth of this segment.

The ELISA Segment to Account for the Largest Market Share by 2029

The large market share of this segment is attributed to the continuous development of new biomarkers, cost-benefit, and growing adoption of automated platforms for ELISA.

The Livestock Segment to Account for the Largest Market Share by 2029

The factors contributing to the growth of this segment are increasing demand for food production across the globe and awareness about animal health.

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Geographic Review

This research report provides a comprehensive analysis of major geographies, including 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. North America is poised to lead the veterinary immunodiagnostics market in 2022, followed closely by Europe and Asia-Pacific. Factors such as high awareness regarding animal health, well-established veterinary diagnostics infrastructure, and substantial investments in pet healthcare are expected to underpin North America's dominance in the market.

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This release was published on openPR.