Northrook, IL -- (SBWIRE) -- 01/13/2020 -- Factors such as growing companion animal population, growing prevalence of animal zoonotic diseases, rising demand for animal-derived food products, rising demand for pet insurance & growing animal health expenditure, and the increasing number of veterinary practitioners and income levels in developed economies are expected to drive the growth of the veterinary diagnostics market.

What the Market Looks Like?

Predicted to grow at a CAGR of 8.8% during the forecast period, the global Veterinary Diagnostics Market is estimated to reach USD 4.00 billion by 2023. North America is estimated to account for the largest share of the veterinary diagnostics market in 2018, followed by Europe.

On the basis of technology, the veterinary diagnostics market is segmented into clinical biochemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, urinalysis, and other veterinary diagnostic technologies. In 2018, the immunodiagnostics segment is expected to account for the largest share of the veterinary diagnostics market. The large share can be attributed to the high accuracy of immunodiagnostic tests, high preference for these tests by veterinary practitioners, and its wide applications in veterinary diagnostics.

Based on animal type, the veterinary diagnostics market is categorized into livestock and companion animals. In 2018, the companion animals segment is expected to account for the largest share of the veterinary diagnostics market. The large share can be attributed to the increasing companion animal ownership, growing awareness about animal health among pet owners, and rising pet healthcare expenditure.

On the basis of end user, the veterinary diagnostics market is broadly segmented into reference laboratories, veterinary hospitals & clinics, research institutes & universities, and point-of-care/in-house testing. Reference laboratories are the major end users of diagnostic instruments and consumables, and accounted for the largest share of the veterinary diagnostics market in 2017, followed by veterinary hospitals and clinics, point-of-care/in-house testing, and research institutes. The large share of this end-user segment is mainly due to the large number of samples received for analysis in reference laboratories from small and large animal practices.

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What Drives the Market?

The growth of the global market for Veterinary Diagnostics is primarily influenced by the following factors:

Growth in Companion Animal Population
Growing Prevalence of Animal Zoonotic Diseases
Rising Demand for Animal-Derived Food Products
Rising Demand for Pet Insurance & Growing Animal Health Expenditure
Growth in the Number of Veterinary Practitioners and Income Levels in Developed Economies

Geographical growth scenario of Veterinary Diagnostics Market:-

Geographically, the global veterinary diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to hold the largest share of this market in 2018. This is primarily due to the growing adoption of the companion animals, growing demand for animal-derived food products, and growing number of veterinary practices in the US. On the other hand, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The large pool of livestock animals and growing awareness about animal health are driving the growth of this regional segment.

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Leading market players and strategies adopted

The prominent players in the Veterinary Diagnostics market include IDEXX Laboratories, Inc. (US) and Abaxis, Inc. (US) dominated the global veterinary diagnostics market in 2017. Some of the other players competing in this market are Thermo Fisher Scientific, Inc. (US), Neogen Corporation (US), Heska Corporation (US), Zoetis, Inc. (US), QIAGEN N.V. (Netherlands), IDvet (France), bioMérieux SA (France), Virbac (France), and Randox Laboratories Ltd. (UK).

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