PUNE, India, April 12, 2017 /PRNewswire/ --
According to a new market research report "Veterinary Diagnostics Market by Product (Instruments and Consumables), Technology (Clinical Biochemistry, Urinalysis, Immunodiagnostics, Hematology, and Molecular Diagnostics), Animal Type (Dogs, Cats, Horses, Cattle, Pigs, and Poultry), and End User - Global Forecast to 2022" published by MarketsandMarkets™, the market is expected to grow at a CAGR of 9.3% between 2017 and 2022 to reach 3.62 Billion by 2022.
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Veterinary Diagnostics Market Report provides a detailed overview of the major drivers, restraints, challenges, opportunities, current market trends, and strategies impacting the Veterinary Diagnostics Market along with the estimates and forecasts of the revenue.
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The Growth in Veterinary Diagnostics Market is attributed to factors such as growing animal population, rising animal healthcare expenditure, rising pet adoption, growing demand for animal-derived food products, rising awareness about zoonotic diseases, and increasing number of veterinary practitioners across the globe.
The global Veterinary Diagnostics Market is segmented based on product, technology, animal type, end user, and region.
On the Basis of Product, this market is segmented into instruments and consumables. Based on technology, the global market is segmented into clinical biochemistry, urinalysis, immunodiagnostics, hematology, molecular diagnostics, and other veterinary diagnostics. In 2016, the immunodiagnostics segment accounted for the largest share of the global veterinary diagnostics market. It is also expected to register the highest growth during the forecast period. The highest growth of this segment is mainly attributed to the increasing adoption of lateral flow rapid tests and ELISA tests.
On the basis of Animal Type, the global veterinary diagnostics market is categorized into livestock and companion animals. The livestock segment accounted for the largest share of this market, while the companion animals segment is expected to register the highest growth during the forecast period. On the basis of end user, the market is segmented into reference laboratories, veterinary hospitals & clinics, point-of-care/in-house testing, and academic institutions & universities.
In 2016, North America accounted for the largest share of the veterinary diagnostics market. The largest share of this regional segment is attributed to increasing demand for animal-derived food products, rising animal healthcare expenditure, growing animal population, and rising awareness about zoonotic diseases. However, the market in the Asia-Pacific region is expected to register the highest CAGR, owing to growing animal population, increasing demand for animal-derived food products, rising awareness regarding animal health and welfare, and growing per capita animal health expenditure, especially in India and China.
IDEXX Laboratories, Inc. (U.S.), Abaxis, Inc. (U.S.), Neogen Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), and Heska Corporation (U.S.) together holds the Major Share of the Veterinary Diagnostics Market and will continue to dominate the market between 2017 and 2022.
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Some of the other major players competing in Veterinary Diagnostics Market are Zoetis, Inc. (U.S.), IDVet (France), Virbac (France), QIAGEN N.V. (Netherlands), URIT Medical Electronics Co., Ltd. (China), Mindray Medical International Limited (China), Eurolyser Diagnostica GmbH (Austria), Randox Laboratories Ltd. (U.K.), BPC Biosed srl (Italy), Jorgensen Laboratories, Inc. (U.S.), and PZ Cormay S.A. (Poland).
Browse Related Reports:
Veterinary Reference Laboratory Market by Technology (Clinical Chemistry, Hematology, Immunodiagnostics, Molecular Diagnostics), Application (Pathology, Bacteriology, Virology, Parasitology), Animal (Dog, Cat, Cattle, Pig) - Global Forecast to 2021
Veterinary Imaging Market by Product (Digital & Computed Radiography, Ultrasound, Computed & Optical Coherence Tomography, MRI, PET/CT & SPECT, Interventional Radiology, PACS) & by Application (Oncology, Cardiology, Neurology) - Global Forecast to 2020
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