The increasing incidence of transboundary and zoonotic diseases, rising demand for animal-derived food products, rising demand for pet insurance, growing animal health expenditure, and growth in the number of veterinary practitioners and income levels in developed economies are all contributing to the industry’s growth. Rising petcare expenditures, on the other hand, are likely to limit overall market growth. One of the key challenges restricting veterinarians’ adoption of sophisticated diagnostic technologies is a dearth of skilled veterinarians and diagnostic infrastructure, particularly in developing countries. Another key impediment to wider adoption is the expensive cost of modern diagnostic tests.
[Report with 434 Pages] The veterinary diagnostics market is predicted to grow at a CAGR of 9.4% from USD 2.5 billion in 2021 to USD 3.9 billion in 2026.
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Restraint: Increasing pet-care expenses
Although the pet insurance industry is growing, the number of animals covered for treatment remains low. As a result, animal owners are typically responsible for the majority of treatment costs. Furthermore, the cost of veterinary treatment is rising at a significant rate, according to the Society for Practicing Veterinary Surgeons, along with the rising cost of pet insurance.
Another factor contributing to rising pet healthcare expenditures is the increased number of appointments with veterinary professionals for pet care. Furthermore, veterinary practitioners are under pressure to raise their fees due to the lower pay in this sector compared to other advanced-degree professions such as dentistry and law. Pet owners’ visits to veterinary facilities are directly impacted by high pet care expenditures, limiting the market’s growth.
Increased use of PCR testing panels to rule out COVID-19 virus in animals is an opportunity.
Animal health authorities have been conducting testing to determine how the virus is impacting animals in the current COVID-19 outbreak. According to study and testing, felines are more vulnerable than other animals. Animal-to-animal transmission is also less common than human-human or human-animal transmission. The need for PCR panels for virus testing is projected to rise as more pet owners begin testing their animals for the absence of these diseases. This will open the door for new molecular diagnostics panels to enter the market.
Veterinary practitioners are in short supply in developing markets.
A global scarcity of competent veterinarians and pathologists plagues the animal healthcare industry. This is especially true in emerging economies like as Brazil, China, and Southeast Asia, where there is a significant disparity between demand and supply for veterinary specialists. In developing countries like, shortages are common. The majority of veterinarians operate in private offices dedicated to companion animals around the world, resulting in a scarcity of resources for agricultural or food-producing animals.
One of the key challenges restricting veterinarians’ adoption of sophisticated diagnostic technologies is a dearth of skilled veterinarians and diagnostic infrastructure, particularly in developing countries. Another key impediment to wider adoption is the expensive cost of modern diagnostic tests.
In 2020, North America is predicted to hold the greatest proportion of the veterinary diagnostics market.
North America will have the highest share of the global veterinary diagnostics market in 2020. The increasing population of companion and food-producing animals, rising meat and dairy product consumption, the availability of technologically advanced veterinary reference laboratories, rising veterinary healthcare expenditure, and growth in pet insurance coverage are all factors driving the veterinary diagnostics market in North America to grow.
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Key Players
Some of the major players in the veterinary diagnostics market include Thermo Fisher Scientific Inc. (US), Zoetis Inc. (US), IDEXX Laboratories Inc. (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), Virbac (France), Heska Corporation (US), Agrolabo S.p.A. (Italy), INDICAL BIOSCIENCE GmbH (Germany), Randox Laboratories Ltd. (Ireland), IDvet (France), Biopanda Reagents (UK), Bionote, Inc. (South Korea), and BioChek (Netherlands). The other players include Fassisi GmbH (Germany), Biogal Galed Labs (Israel), Alvedia (France), SKYER, Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), and Precision Biosensor, Inc. (South Korea).
