Kenneth Research has evaluated the current market opportunities in Veterinary Diagnostics Market in the healthcare industry for the forecast period 2022-2031, which also includes the ongoing industry trends and innovations that will help industry players to attain their business targets. Apart from that, the inclusive data on market size, market share and forecast, growth opportunities and challenges for the market players, along with the worldwide analysis on regions- North America, Latin America, Europe, Asia Pacific and Middle East & Africa, has also been provided in the report.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) average exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilst imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Veterinary Diagnostics Market Products.
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According to the statistics by the World Bank, current health expenditure around the world increased from 9.391 % of GDP in the year 2011 to 9.896 % of GDP in the year 2017. Moreover, the statistics also stated that Tuvalu, a nation in Oceania region, had the highest expenditure of 17.143 % of GDP in the year 2017, followed by the United States, with 17.061 % of GDP.
“Final Report will add the analysis of the impact of COVID-19 on this industry.”
The global veterinary diagnostics market is estimated to reach USD 5,010.11 Mn by 2023, expanding at a compound annual growth rate (CAGR) of 9.1% from 2018 to 2023. The growing prevalence of zoonotic diseases – which are transmitted from animals to humans – plays a key role in driving the market. Early diagnosis and subsequent treatment can prevent these diseases from spreading.
Technology segment insights:
The clinical biochemistry segment dominated the market, accounting for 32.3% of the global revenue in 2017. Rising use of clinical chemistry analyzers, glucose monitoring, and blood gas and electrolyte analysis has fuelled the demand for clinical biochemistry-based diagnostics.
Immunodiagnostics is anticipated to be the fastest growing technology segment of the market, expanding at a booming CAGR of 10.1% during 2018-2023. The prevalence of animal-transmitted diseases has increased considerably, which in turn, has driven the demand for diagnostic tests that can quickly and efficiently detect pathogens. As a result, the demand for immunodiagnostics, including enzyme-linked immunosorbent assay (ELISA), immunoassay, and lateral flow assays, has increased rapidly.
Animal type segment insights:
The companion animal segment accounted for the largest share (52.5%) of the global revenue in 2017, and the market is estimated to grow at a steady rate during the forecast period. Pet ownership has increased considerably in the past few years, especially in North America and Europe. In the U.S., the number of companion animals increased to 211.8 MN in 2017, from 157.15 in 2012. Furthermore, pet industry expenditure in the U.S. reached USD 69.51 Bn in 2017, from USD 53.33 Bn in 2012. As a result, growth in pet ownership, coupled with increased spending on pet healthcare, especially in developed economies, has propelled the demand for veterinary diagnostics.
Products segment insights:
Consumables appeared to be the largest products segment in 2017, and is estimated to continue leading, accounting for an anticipated 34.9% share of the global market by 2023. Substantial demand from the developed countries of North America and Europe contributed to the considerable share of this segment during the past few years.
End user segment insights:
In terms of end users, point of care is anticipated to be the fastest growing segment during the forecast period. It is expected to register a steady CAGR of 9.4% during the 2018-2023 period. The development of low-cost and portable instruments with advanced functions has accelerated the growth of point of care diagnostics.
Regional insights:
North America held the largest share of the veterinary diagnostics market in 2017, owing to increased awareness about the harmful effects of zoonotic diseases. Also, increased spending by pet owners to improve pet health and increase the lifespan of pets has driven demand in North America, especially in the companion animal segment. Availability of attractive pet insurance policies has played a key role in driving the market in countries like the U.S. and Canada. The Asia-Pacific region is expected to exhibit the highest CAGR (10.9%) during the 2018-2023 period. Substantial growth in farm animal population, especially in China and India, is likely to propel market growth over the forecast period.
Companies covered:
1. IDEXX laboratories, Inc.
2. Zoetis Inc.
3. HESKA Corporation
4. Biolas Health, Inc.
5. Abaxis, Inc.
6. Neogen Corporation
7. QIAGEN
8. bioMérieux SA
9. Thermo Fisher Scientific, Inc.
10. Virbac
11. Randox Laboratories Ltd.
12. IDvet
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The Market report answers the following questions:
What is the aim of the report?
- The market report presents the estimated market size of Veterinary Diagnostics Market by the end of forecast period. Additionally, the historical and current market size is also examined in the report.
- Based on various indicators, the Year-on-Year growth (%) and compound annual growth rate (CAGR) for the given forecast period is offered.
- An overview of the Market based on geographical scope, market segmentation and financial performance of key players is presented in the report.
- The report presents current trends in the industry and future scope of the Market in North America, Asia Pacific, Europe, Latin America and Middle East and Africa.
- The various parameters accelerating the growth of Market are incorporated in the research report.
- The report analyzes growth rate, market size and valuation of the Market during the forecast period.
What aspects regarding the regional analysis Market are included in this report?
- Geographical regions covered in the report include North America, Europe, Asia Pacific, Latin America and Middle East & Africa region.
- The report consists of detailed region-wise analysis of current and future market trends, providing information on product usage and consumption.
- The growth rate of the market in every region, including their countries over the forecast period is included in the market report.
Based on what factors are the key market players assessed in this report?
- The report offers detailed analysis of leading companies in the market across the globe.
- It provides details of the major vendors involved in the Market including Key Players
- A comprehensive overview of each company including the company profile, generated revenue, pricing of goods and the manufactured products is incorporated in the report.
- The facts and figures about market competitors along with standpoints of leading market players are presented in the report.
- The recent developments, mergers and acquisitions related to mentioned key players are provided in the market report.
What is the key information extracted from the report?
- Extensive information on factors estimated to affect the Market growth and market share during the forecast period is presented in the report.
- The report offers the present scenario and future growth prospects Market in various geographical regions.
- The competitive landscape analysis on the market as well as the qualitative and quantitative information is delivered.
- The SWOT analysis is conducted along with Porter’s Five Force analysis.
- The in-depth analysis provides an insight into the Market, underlining the growth rate and opportunities offered in the business.
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