Dallas, TX -- (ReleaseWire) -- 05/20/2014 -- Over the years, the veterinary diagnostics market has grown multi-fold, adapting various technologies from the human diagnostics segment. In the past decade, a number of new products have been launched in this market, which had a positive impact on the growth of this market.
In this report, the global veterinary diagnostics market is segmented by products, type of animals, end-users, and geography. The veterinary diagnostics market is mainly classified by product into clinical chemistry, hematology analyzers, molecular diagnostics, immunodiagnostics, diagnostic imaging, and others. The animal market covers companion animals and food-producing animals. The report also discusses the key market drivers, restraints, and opportunities of the global veterinary diagnostics market and its sub-markets.
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The global veterinary diagnostics market is expected to grow at a healthy CAGR during the forecast period of 2013 to 2018 and is estimated to be worth $4,200 million by 2018. The market is mainly driven by the increasing incidences of disease outbreaks, increasing companion animal market backed by the rise in the adoption of pets, increase in the disposable incomes, and the increasing incidences of zoonotic diseases. However, economic downturn and increasing adoption of vegetarian food inhibits the growth of the market to a certain extent.
During the forecast period the clinical chemistry segment will continue to drive and dominate the veterinary diagnostics market. A majority share of this growth can be attributed to widening applications of various clinical assays in veterinary diagnostics industry. Furthermore, rising demand for clinical diagnostics tests for food-producing animals are also expected to drive the growth of the veterinary diagnostics market. Highly organized dairy sector, increased awareness towards prevention of diseases in livestock animals in order to meet the increased demand for meat and dairy products, and increasing number of farm animals is expected to fuel the demand for diagnostic tests during the forecast period of 2013-2018.
By 2018, North America will continue to drive and dominate the veterinary diagnostics market. However, the market share of this region will decrease slightly during 2013 to 2018, primarily due to the increase in demand for veterinary diagnostic tests in the Asia-Pacific and Latin American countries. Majority of the growth in the Asia-pacific region is primarily driven by the increasing demand of diagnostic tests in the animal health industry in China and India. The growth in the Asia-Pacific and Latin American regions can be attributed to the increased disposable incomes leading to growth in the per capita animal health expenditure in these regions.
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The major players in the veterinary diagnostics market include IDEXX Laboratories (U.S.), VCA Antech Inc. (U.S.), Abaxis Corporation (U.S.), Heska Corporation (U.S.), Zoetis Inc. (U.S.), Mindray Medical (China), Neogen Corporation (U.S.), and Thermo Fisher Scientific Inc. (U.S.). Collectively, the top eight players accounted for nearly 75% of the global veterinary diagnostics market in 2012.
IDEXX Laboratories (U.S.) and VCA Antech (U.S.) are the leading players, together accounting for around 45%-50% share in the global veterinary diagnostics market in 2012. IDEXX Laboratories has a diversified product portfolio, which includes a wide range of companion animal diagnostics products and livestock and poultry diagnostic products. The company has a strong presence in over 100 countries through its strong manufacturing and distribution facilities, which enables it to cater to a large customer base across the globe. It focuses on strengthening and streamlining its product portfolio for the veterinary diagnostics industry.
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