Veterinary Diagnostics Market Study by Clinical Biochemistry, Urinalysis, Immunodiagnostics, Hematology and Molecular Diagnostics Applications | Growing at 9.3% CAGR to 2023

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Study on Veterinary Diagnostics Market covers drivers, restraints, opportunities, challenges, and market trends. Report covers product portfolio analysis of veterinary diagnostic products, vendor benchmarking of top players in this market.

Veterinary diagnostics market is segmented based on product, technology, animal type, end user, and region. Based on technology, immunodiagnostics segment is expected to account for largest share of market in 2018. The large share can be attributed to high accuracy of immunodiagnostic tests, high preference for these tests by veterinary practitioners, & its wide applications in veterinary diagnostics.

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The global veterinary diagnostics market is estimated to grow at a CAGR of 9.3% from 2017 to 2022, to reach USD 3.62 billion by 2022 from USD 2.31 billion in 2017. 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.

Asia-Pacific is expected to register the highest growth during the forecast period. Growth in the Asia-Pacific market can be attributed to rising companion animal ownership, rising awareness about animal health, increase in demand for animal-derived food products, and growing per capita animal health expenditure.

The veterinary diagnostics market report also covers the product portfolio analysis of the veterinary diagnostic products and vendor benchmarking of the top players in this market. In addition, this report highlights the growth strategies adopted by the major market players to garner large shares in the veterinary diagnostics market.

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Geographically, veterinary diagnostics market is segmented into North America, Europe, Asia-Pacific, Latin America, & Middle East &Africa. In 2018, North America commanded a major share of the veterinary diagnostics market. This is mainly due to increasing adoption of companion animals, growing pet insurance purchases, increasing demand for animal-derived food products, and rising veterinary healthcare expenditure in the region.

“In report, the veterinary diagnostics market is segmented on the basis of product, technology, animal type, end user, and region.”

Some of players competing in veterinary diagnostics 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), Randox Laboratories Ltd. (UK), ARKRAY Group (Japan), URIT Medical Electronics Co., Ltd. (China), PZ Company S.A. (Poland), and Eurolyser Diagnostica GmbH (Austria).

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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.

Reasons to Buy the Report:

The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn help firms in garnering a greater share. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for increasing their market shares.