Veterinary Diagnostics Market in terms of revenue was estimated to be worth $2.8 billion in 2022 and is poised to reach $4.4 billion by 2027, growing at a CAGR of 9.2% from 2022 to 2027. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The current edition of the report consists of an updated market overview, which includes information on the key conferences and events during 2022–2023, regulatory bodies, government agencies, and other organizations, as well as the key stakeholders and their buying criteria. The market overview chapters also include regulatory analysis, Porter’s five forces analysis, value chain analysis, supply chain analysis, ecosystem analysis, patent analysis, adjacent market analysis, and pricing analysis. The competitive landscape chapter has been updated with the competitive benchmarking segment. Market growth can largely be attributed to growing animal health expenditures, increasing disease control and disease prevention measures, and growth in the number of veterinary practitioners and income levels in developed economies. The availability of advanced diagnostic technologies is expected to help veterinarians provide better diagnosis and treatment, which, in turn, will drive the overall market for veterinary diagnostics across the globe. In addition, continuous innovations will enable market players to gain a long-term competitive advantage, further strengthening their positions in the global market.
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Driver: Increasing disease control and disease prevention measures
With previous epidemic outbreaks, there has been increased vigilance regarding the re-emergence of diseases that have been declared eradicated. In 2011, rinderpest (caused by the virus Rinderpest Morbillivirus) was declared eradicated by the UN FAO and the World Organization for Animal Health (OIE). However, both agencies urged countries to remain vigilant for its re-emergence. The Global Rinderpest Action Plan includes optimising diagnostic tools to help in emergencies, which involves constant diagnostic checks as a preventive measure.
Furthermore, according to the US Centers for Disease Control and Prevention (CDC), in 2019, eight major zoonotic breakouts were reported. Every year, thousands of Americans get sick from diseases spread between animals and people. Six out of every ten diseases in humans are zoonotic, making it crucial that nations strengthen their respective capabilities to prevent and respond to these diseases. This intensifies the need for regular monitoring of animal health, especially livestock. Consequently, it can be expected that the growing prevalence and incidence of animal diseases will boost the demand for innovative diagnostic products to detect, monitor, and limit disease outbreaks. The availability of advanced diagnostic technologies is expected to help veterinarians provide better diagnosis and treatment, which will drive the overall market for veterinary diagnostics worldwide. Additionally, continuous research, innovations, and awareness programmes will enable market players to gain long-term competitive advantages, thus strengthening their positions in the veterinary diagnostics market.
Opportunity: Increased use of PCR testing panels to rule out the COVID-19 virus in animals
Amidst the current COVID-19 pandemic, animal health authorities have been carrying out tests to understand how the virus affects animals. So far, research studies have shown that felines are more susceptible than other animals. Testing also shows that the virus spreads less from animal to animal as opposed to human-human or human-animal.
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Challenge: Lack of animal healthcare awareness in emerging countries
Emerging economies such as India, China, Brazil, and some Southeast Asian countries are home to a large companion and farm animal population. However, animal health expenditure in these countries is lower than in developed North American and European countries. This is mainly due to a lack of awareness among pet owners and veterinarians about the healthcare services available for animals. Furthermore, these countries' farm animal health expenditure is primarily focused on therapeutic treatment. Veterinary diagnostics are not widely used in large animal practises in these countries. Thus, although emerging markets have a high growth potential, lack of awareness will be a key challenge for the growth of the veterinary diagnostics market in these regions.
Key Market
The prominent players in the veterinary diagnosticsmarket are IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Heska Corporation (US), Thermo Fisher Scientific Inc. (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), Virbac (France), FUJIFILM Holdings Corporation (Japan), Shenzhen Mindray Animal Medical Technology Co. Ltd. (China), INDICAL BIOSCIENCE GmbH (Germany), BioNote, Inc. (South Korea), Biogal Galed Labs (Israel), Agrolabo S.p.A. (Italy), IDvet (France), Randox Laboratories Ltd. (Ireland), BioChek (Netherlands), Fassisi GmbH (Germany), Alvedia (France), SKYER, Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), Biopanda Reagents (UK), Precision Biosensor Inc. (South Korea), Skyla Corporation (China), and EUROIMMUN Medizinische Labordiagnostika AG (Germany).
IDEXX Laboratories is the leading player in the veterinary diagnostics market. The company has a diversified product portfolio, which comprises a wide range of companion animal diagnostic products and livestock & poultry diagnostic products. IDEXX’s position in the market can be attributed to its active R&D activities and wide distribution footprint across the world, which enables it to serve customers in more than 175 countries. To garner a larger share in the veterinary diagnostics market, the company continuously focuses on product developments and launches. For instance, in August 2020, IDEXX launched its ProCyte One Hematology Analyzer, which analyzes approximately 24 whole blood parameters in canine, feline, and equine species. In May 2020, OPTI Medical Systems received Emergency Use Authorization from the US FDA for OPTI SARS-CoV-2 RNA PCR Test Kit for the detection of the virus causing COVID-19 for veterinary applications. To limit the spread of the SARS-CoV-2 virus in animals, IDEXX launched the diagnostic test and started testing.
The Asia Pacific market is estimated to witness the highest CAGR during the forecast period
The Asia Pacific region is expected to register the highest CAGR during the forecast period. Growth in pet adoption, increasing awareness about animal health, and growing per capita animal health expenditure, especially in India and China, are contributing to the growth of the APAC veterinary diagnostics market.
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