According to a new market research report titled ‘Veterinary Diagnostics Market by Product (Instruments, Consumables, Services) by Technology (Diagnostic Imaging, Clinical Chemistry, Immunodiagnostics, Molecular Diagnostics) by Animal (Dogs, Cats, Horses, Cattle, Pigs, Poultry) – Global forecast to 2021’, published by MarketsandMarkets, details witnessed healthy growth during the last decade and expected growth at a CAGR of 8.6% between 2016 and 2021 to reach 6.71 Billion by 2021.
The report indicates that the growth in this market is majorly attributed to factors such as rising animal healthcare expenditure, rising pet adoption, growing demand for animal-derived food products, increasing number of veterinary practitioners and their growing income levels in developed regions, increasing demand for pet insurance, and rising awareness about zoonotic diseases.
The global Veterinary Diagnostics Market is segmented based on product, technology, animal, and geography. Based on product type, the market is segmented into consumables, instruments, and services. Based on technology, the market is segmented into diagnostic imaging, clinical chemistry, immunodiagnostics, hematology, and molecular diagnostics. Based on animal type, the market is segmented into companion animals and food-producing animals. The food-producing animals segment is further segmented into cattle, pigs, sheep and goats, poultry, and other food-producing animals. On the basis of end-users, the global Veterinary Diagnostics Market is segmented into reference laboratories, veterinary hospitals and clinics, point-of-care testing/in-house testing, and research institutes. Similarly, on the basis of geography, the Veterinary Diagnostics Market is segmented into Europe, North-America, Asia-Pacific, and Rest of the World.
In 2015, diagnostic imaging accounted for the largest share of the global Veterinary Diagnostics Market. However, immunodiagnostics segment is expected to witness the highest growth over the next five years. The high growth in this segment can be attributed to the advantages such as easy handling, high sensitivity, accuracy, and rapid diagnosis offered by the lateral flow tests and ELISA tests to perform diagnosis of companion and food-producing animals. The reference laboratory accounted for the largest market share of the Veterinary Diagnostics Market and is expected to grow at a higher CAGR in next five years. This large share for reference laboratories is due to the increased importance of having specialized centers to deal with the animal disease and to maintain a reference database for quick identification of any disease in animals.
North America is the largest regional segment for veterinary diagnostics owing to the well-established animal healthcare market. The largest share of this regional segment is driven by Increasing demand for animal-derived food products, rising companion animal healthcare expenditure, growing number of veterinary practitioners and their income levels, and rising awareness about zoonotic diseases. However, the market in the Asia-Pacific region is expected to grow at the highest CAGR, owing to rising pet adoption and increasing demand for animal-derived food products in India and China.