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Global Veterinary Diagnostics Market to Grow at a CAGR of 8.9% between 2021 and 2026.

According to a new report by EMR titled, 'Global Veterinary Diagnostics Market Report and Forecast 2021-2026', the global veterinary diagnostics market size was valued at USD 2.62 billion in 2020. The market is further expected to grow at a CAGR of 8.9% in the forecast period of 2021-2026 to reach USD 4.37 billion by 2026.

The global veterinary diagnostics market is driven by the rising population of companion animals and the growing prevalence of animal zoonotic diseases. The Asia Pacific region is expected to witness a rapid growth over the forecast period owing to the escalating adoption of veterinary diagnostic products and the increasing demand for animal-derived food products. Developing markets like India, China, and Latin America are predicted to observe lucrative growth opportunities in the forecast period in the veterinary diagnostics market.

Heska Corporation (NASDAQ: HSKA) and Randox Laboratories, Ltd. are some of the major companies in the veterinary diagnostics industry. In October 2020, Randox Laboratories, a global diagnostics company, announced the launch of Randox Canine CRP, a new smaller veterinary test kit for the diagnosis of the viral and bacterial infections in dogs. The product is suitable for testing on an extensive range of breeds and controls the levels of C-Reactive Protein (CRP) secreted by the liver in response to infectious disease, inflammation, and tissue injury, and has been recreated in a smaller version to minimize the consumable wastage veterinary diagnostics market. The product can also help determine the pregnancy of a dog.

Market Analysis by Technology, Product, Animal Type, and Regions:

  • The global veterinary diagnostic market is divided on the basis of technology, into immunodiagnostics, clinical biochemistry, molecular diagnostics, hematology, and urinalysis, among others.
  • The veterinary diagnostic market by product is bifurcated into instruments and consumables.
  • The market is divided by animal type into companion animals and livestock animals. The companion animals are further divided into dogs, cats, and horses, among others, while the livestock animals are divided into cattle, pigs, and poultry, among others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of The Report:

  • The global veterinary diagnostic market is driven by the rising expenditure on animal healthcare, inflating disposable income in emerging economies, increasing incidences of zoonotic diseases, and the rapid growth in the number of veterinary practitioners.
  • The high accuracy of immunodiagnostic tests, increased preference for these tests by veterinary practitioners, and extensive application of them in the veterinary diagnostics are some of the factors aiding the market growth.
  • The growing companion animal ownership and rising awareness of animal health among pet owners are expected to accelerate the veterinary diagnostic market growth.
  • The advanced diagnostic technologies and continuous innovations are expected to boost the market for veterinary diagnostics.

Key Offerings of the Report:

  • The EMR report gives an overview of the global veterinary diagnostics market for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) markets for the technology, product, animal type, and regional markets of veterinary diagnostics.
  • It assesses the market based on the SWOT and Porter’s Five Forces models.

Randox Laboratories, Ltd., Idvet, Biomérieux SA, Virbac, Heska Corporation, Neogen Corporation, Thermo Fisher Scientific, Qiagen, Zoetis, Inc., Abaxis, Inc., and Idexx Laboratories, among others, are the key players in the global veterinary diagnostics market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

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Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

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