Veterinary Diagnostics Market Research Report 2021 Global Industry Size, Share, In Depth Qualitative Insights, Explosive Growth Opportunity and Regional Analysis Forecast to 2030

In a recent published report, Kenneth Research has updated the Market report for Veterinary Diagnostics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.

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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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.

According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.

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.

“Final Report will add the analysis of the impact of COVID-19 on this industry.”

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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

Customizations available
With the given market data, Kenneth Research offers customizations according to specific needs. Write to us at sales@kennethresearch.com, or connect with us here.

The report further discusses the market opportunity, compound annual growth rate (CAGR) growth rate, competition, new technology innovations, market players analysis, government guidelines, export and import (EXIM) analysis, historical revenues, future forecasts etc. in the following regions and/or countries:

  • North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth Market Players Analys  & Opportunity Outlook
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
  •  Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth Market Players Analysis & Opportunity Outlook

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