Boston, MA -- (ReleaseWire) -- 06/18/2014 -- Veterinary Diagnostics Market by Products (Clinical Chemistry, Hematology Analyzers, Molecular Diagnostics, Immunodiagnostics, Diagnostics Imaging), by Animals (Companion, Food-producing, Dog, Livestock, Poultry, Swine) - Global Forecast to 2018
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.
Companies Mentioned in this Report: ABAXIS, INC., HESKA CORPORATION, IDEXX LABORATORIES, INC., IDVET, MINDRAY MEDICAL INTERNATIONAL LTD., NEOGEN CORPORATION, THERMO FISHER SCIENTIFIC INC. (LIFE TECHNOLOGIES CORPORATION), VCA ANTECH, INC., VIRBAC SA, ZOETIS, INC.
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