Veterinary Diagnostics Market Growing at a CAGR of 9.3% During 2017 to 2022 - ReportsnReports
PUNE, India, April 18, 2017 /PRNewswire/ --
Global veterinary diagnostics market is estimated to grow at a CAGR of 9.3% from 2017 to 2022, to reach $3.62 billion by 2022 from $2.31 billion in 2017. Consumables segment will have largest share of global market while North America commanded a major share of the veterinary diagnostics market.
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The veterinary diagnostics market is expected to witness significant growth in the coming years, with a rising demand for animal-derived food products, growing number of livestock and companion animals, rising pet ownership in developed countries, growing demand for pet insurance and rising animal health expenditure, increasing incidence of zoonotic diseases, and growth in the number of veterinary practitioners & their income levels in developed economies. The global veterinary diagnostics market is projected to reach USD 3.26 Billion by 2022 from USD 2.31 Billion in 2017, at a CAGR of 9.3%. Untapped emerging markets such as China, Latin America, and India are expected to provide growth opportunities in the veterinary diagnostics market. China and India are expected to register the highest growth during the forecast period of 2017-2022. However, increasing pet care costs are expected to restrain the growth of this market to a certain extent.
In this report, the veterinary diagnostics market is segmented on the basis of product, technology, animal type, end user, and region. Based on product, the market is segmented into consumables and instruments. The consumables segment accounted for the largest share of the global market in 2016. The large share of this segment is mainly attributed to the increasing adoption of diagnostic consumables such as reagent clips and cartridges, immunodiagnostic test kits, PCR test kits, blood glucose strips, urine glucose strips, and other consumables.
The global veterinary diagnostics market is characterized by the presence of a large number of players. Amidst intense market competition, major players are continuously focusing on achieving higher market shares through product launches and acquisitions in the market. The global veterinary diagnostics market is consolidated in nature with a large number of companies continuously trying to mark their presence. The market is led by IDEXX Laboratories, Inc. (U.S.), Abaxis, Inc. (U.S.), Neogen Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), Heska Corporation (U.S.), Zoetis, Inc. (U.S.), QIAGEN N. V. (Netherlands), and Virbac (France).
On the basis of animal type, the global veterinary diagnostics market is segmented into livestock and companion animals. The livestock segment accounted for the largest share while companion animals segment is expected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to growing pet population, rising pet ownership, increased demand for pet insurance, and rising pet healthcare expenditure. The market is further segmented, on the basis of end users, into reference laboratories, veterinary hospitals & clinics, point-of-care/in-house testing, and research institutes & universities.
Geographically, the global market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East &Africa. In 2016, North America commanded a major share of the veterinary diagnostics market. This is mainly due to the increasing adoption of companion animals, growing pet insurance purchases, increasing demand for animal-derived food products, and rising veterinary healthcare expenditure in the region. However, Asia-Pacific is expected to register the highest growth during the forecast period. Growth in the Asia-Pacific market can be attributed to rising companion animal ownership, rising awareness about animal health, increase in demand for animal-derived food products, and growing per capita animal health expenditure.
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