Insights on the Veterinary Diagnostics Global Market to 2029 - Rising Demand for Animal-derived Food Products is Driving Growth - ResearchAndMarkets.com
The "Veterinary Diagnostics Market by Product, Technology, Animal Type, End User - Global Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global veterinary diagnostics market is expected to grow at a CAGR of 9.3% from 2022 to 2029 to reach $6.37 billion by 2029.
Succeeding an extensive secondary and primary research and in-depth analysis of the market scenario, the report carries out the key industry drivers, restraints, challenges, and opportunities.
The growth in the veterinary diagnostics market is mainly attributed to the increasing burden of zoonotic and foodborne diseases, rising demand for livestock-derived food products, favorable government initiatives, increasing animal health expenditure, and technological advancements in veterinary diagnostics. Moreover, emerging countries provide increasing growth opportunities for players operating in the veterinary diagnostics market.
Based on product, the consumables segment is estimated to account for the largest share of this market in 2022. This segment is further segmented by disease type. In 2022, the heartworm disease segment is estimated to account for the largest share of the veterinary diagnostic consumables market. The potential risk of transmission of the disease in humans and the increase in pet adoption globally are primarily propelling the segment's growth.
Based on technology, the immunodiagnostics segment is estimated to account for the largest share of the veterinary diagnostics market in 2022. Increasing use of immunoassays in diagnostics, development of novel tests, and reduced complications associated with the instruments are some factors driving the growth of this segment. The immunodiagnostics market is further segmented into ELISA tests and other immunodiagnostic tests. In 2022, the ELISA tests segment is estimated to account for the largest share of the veterinary immunodiagnostics market.
Based on animal type, the companion animals segment is expected to grow at the highest CAGR during the forecast period. Increasing companion animal population & pet ownerships in developed countries and rising pet healthcare expenditure are expected to propel the growth of this segment.
Veterinary diagnostic products are frequently used in reference laboratories for early disease diagnosis and treatment decisions. Therefore, the reference laboratories segment is estimated to dominate the veterinary diagnostics market with the largest share in 2022. Moreover, the growing preference for diagnostic services offered by reference laboratories and the increasing development of products through strategic alliances between laboratories and companies contributed to the largest share of reference laboratories in this market.
Market Insights
Drivers
- Rising Demand for Animal-derived Food Products
- Increasing Prevalence of Foodborne and Zoonotic Diseases
- Favorable Government Initiatives
- Advancements in Veterinary Diagnostic Methods
- Increasing Animal Health Expenditure & Pet Insurance in Developed Countries
Restraints
- Increasing Pet Care Costs in the U.S.
Opportunities
- Emerging Markets
Challenges
- Dearth of Veterinary Practitioners for Livestock
Companies Mentioned
- IDEXX Laboratories Inc. (U.S.)
- Zoetis Inc. (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- Heska Corporation (U.S.)
- Bio-Rad Laboratories Inc. (U.S.)
- bioMerieux S.A. (France)
- INDICAL BIOSCIENCE GmbH (Germany)
- Agrolabo SpA (Italy)
- Neogen Corporation (U.S.)
- IDvet (France)
- GD Animal Health (Netherlands)
For more information about this report visit https://www.researchandmarkets.com/r/rmua5m
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