GLOBAL VETERINARY DIAGNOSTICS MARKET IS EXPECTED TO FORESEE SIGNIFICANT GROWTH DURING THE FORECAST PERIOD. NORTH AMERICA TO WITNESS THE HIGHEST GROWTH
Global Veterinary Diagnostics Market is expected to reach the market valuation of US$ 6.14 billion by 2027 expanding at a significant CAGR of 9.4% during the forecast period (2021-2027) from US$ 3.25 billion in 2020. Veterinary diagnostics is the process of screening the underlying disease in healthy animals. It also helps veterinarians to monitor disease progression or response to treatment given.
The various factors driving the growth of the veterinary diagnostics market include the growing pet population across the world. For instance, in 2021, there are more than 900 million dogs and around 600 million cats living around the world, and their population continues to grow. Furthermore, the number of people adopting pets has been increasing owing to the rapid urbanization and shift to nuclear families. For instance, according to the United Nations, 68% of the world’s population is projected to lives in urban areas by 2050, up from 55% in 2018.
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The rise in per capita income leads to an increase in disposable income in the hands of people, which eventually raises the standard of living. Thus, the growing expenditure on pet health coupled with the rise in disposable income is another reason propelling the growth of the global veterinary diagnostics market. For instance, as per an article published by financial express, on average, Indians are earning 30% more now than six years ago. Per capita income in India rose from Rs 72,805 in FY15 to Rs 94,954 in FY19.
Another factor responsible for the growth of this market globally is the growing demand for animal-derived food coupled with rising incidences of zoonoses around the world. For instance, according to an article recently published in the Indian Journal of Community Medicine, in India, 816 out of 1407 human pathogens were zoonotic. Some of the major public health zoonotic diseases in India are rabies, brucellosis, Japanese Encephalitis (JE), plague, leptospirosis, Scrub typhus, Nipah, trypanosomiasis, Kyasanur forest disease (KFD), and Crimean-Congo hemorrhagic fever. Central Bureau of Health Intelligence reported around 110 cases of rabies, 1674 cases of JE, and 14971 cases of H1N1 in India during 2018. Also, according to an International Livestock Research Institute study, 13 zoonoses are the cause of 2.4 billion cases of human disease and 2.2 million deaths per year in India. Given these facts, it is necessary to prevent these diseases which can be done by regular monitoring and testing of the animals. Thereby, augmenting the growth of the veterinary diagnostics market all over the globe.
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The COVID-19 pandemic has positively impacted the veterinary diagnostics market globally as there has been an increase in pet ownership with the rise in adoption rate as people stay home due to the lockdown restrictions. According to the European Pet Food Federation, nearly 21.2 billion was spent on pet services and products throughout the pandemic, 1.5 billion more than the previous year an increase of 7.6%. Furthermore, due to the outbreak of the novel coronavirus around the globe, testing volumes on animals as well as on humans is on continuous rise driving the growth of the veterinary diagnostics market across the globe.
Based on products, the market is fragmented into consumables and instruments. The consumable segment dominated the global veterinary diagnostics market and grabbed XX% market share. However, the instrument segment is also projected to grow at a substantial CAGR of XX% between 2021-2027F. The growth of this segment is attributable to the rising R&D expenditure leading to the launch of advanced veterinary diagnostics instruments. For example, in September 2020, Zoetis launched Vetscan Imagyst, a diagnostic platform that uses a combination of image recognition technology, algorithms, and cloud-based artificial intelligence (AI) to deliver accurate testing results to the clinic.
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Based on technology, the market is segmented into immunodiagnostics, clinical biochemistry, molecular diagnostics, hematology, urinalysis, and other technologies. The immunodiagnostics segments dominated the market in 2020 and is expected to grow exponentially during the forecast period owing to the increasing patient pool and mortality due to various animal-borne diseases such as rabies, zika virus, coronavirus, etc. For instance, the recent COVID-19 outbreak killed nearly 38.8 lakhs people, with 17.9 crores of reported cases till now.
Additionally, the report provides detailed report also provides insights of global veterinary diagnostics market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC), and Rest of World. North America dominated the market and generated revenue of USD XX billion in 2020 owing to the increased number of pet owners and a high degree of urbanization. For instance, North America was the most urbanized continent worldwide, with 82% of the population living in cities. At the same time, Asia-Pacific is also identified as a potential market offering significant growth opportunities for major players in the field of veterinary diagnostics.
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Some of the major players operating in the market include Idexx Laboratories, Thermo Fisher Scientific, Zoetis Inc, Virbac, Randox, Qiagen, Neogen, Heska Corporation, Abaxis, Bio-rad Laboratories. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Veterinary Diagnostics Market Segmentation
Market Insight, by Product
Market Insight, by Technology
- Later flow Assay
- Clinical Biochemistry
- Molecular diagnostics
- Other technologies
Market Insight, by Animal Type
- Companion Animals
- Livestock Animals
Market Insight, by End-user
- Veterinary reference laboratories
- Veterinary hospitals & clinic
- In-house testing
- Veterinary research institutes and universities
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- IDEXX Laboratories
- Bio-rad Laboratories
- Thermo Fisher Scientific
- Zoetis, Inc.
- Heska Corporation