LONDON, Sept. 30, 2020 /PRNewswire/ -- According to a new market research report "Veterinary Diagnostics Market by Product (Consumables, System, Software), Technology (Immunodiagnostics, PCR, Hematology, Urinalysis), Animal Type (Canine, Feline, Ruminant, Poultry), End User (Reference Lab, Veterinary Hospital) - Forecast to 2027", published by Meticulous Research®, the veterinary diagnostics market is expected to grow at a CAGR of 8.7% from 2020 to reach $5.38 billion by 2027.
Diagnostic tests are essential tools for confirming the health status of animals and identifying pathogens. They enable the early detection, management & control of animal diseases, including zoonosis and facilitate the safe trade in animals and animal products. According to WHO, an estimated 600 million i.e., almost one in ten people in the world, fall ill every year from consuming contaminated food. Children under five years of age are at high risk, with 1,25,000 dying from foodborne diseases every year globally. Diarrheal diseases are the most common illnesses resulting from the consumption of contaminated food, causing 550 million people to fall ill and 2,30,000 deaths every year.
Further, many critical conditions are responsible for the increasing prevalence of disease and affecting the health of pets. Diabetes Mellitus & Heartworm Diseases are the most common diseases diagnosed in canine and feline. According to Vetsource, it is estimated that one in every 300 dogs and one in 230 cats develop diabetes during their lifetime. Governments across the globe are heavily focusing on increasing awareness about these diseases. For instance, in April 2019, the British Horse Society (BHS) and the University of Nottingham (U.K.) launched the Colic Awareness Week to increase awareness on colic.
COVID-19 Pandemic Offering Lucrative Opportunities for the Veterinary Diagnostics Market
SARS-CoV-2 is thought to have emerged from an animal source and then spilled-over to the human population. This pandemic is being sustained through human-to-human transmission. However, some animal infections with SARS-CoV-2 have also been reported by several countries. Many animal species have proven to be susceptible to the infection with SARS-CoV-2 either naturally or by experimental infection. Thus, to monitor infections in animals and understand their epidemiological significance for animal health, biodiversity, and human health, there is a surge in the research for developing diagnostic products for livestock and companion animals. Also, with regards to some of the cases found in animals, CDC, USDA, and state public health and animal health officials in several countries are working to conduct active surveillance of SARS-CoV-2 in pets, including cats, dogs, and other small mammals, that had contact with a person with COVID-19.
Animals are being tested for the SARS-CoV-2 infection and to see whether the pet develops antibodies to this virus. Thus, the research on SARS-Cov-2 in animals is limited, but several studies are underway to learn more about coronavirus infection in animals. This would lead to the development of various assays and kits for testing, which will lead to increase adoption of veterinary diagnostic products.
The veterinary diagnostics market study presents historical market data in terms of value (2018 and 2019), estimated current data (2020), and forecasts for 2027 - by product, technology, animal type, and end user. The study also evaluates industry competitors and analyzes the market at regional and country levels.
On the basis of technology, the immunodiagnostics segment is estimated to account for the largest share of the overall veterinary diagnostics market in 2020. Growing adoption of diagnostic products based on the immunodiagnostic technology and development of advanced diagnostic immunoassay tests are some of the key factors driving the growth of this market.
On the basis of product, the consumables segment is estimated to account for the largest share of the overall veterinary diagnostics market in 2020, owing to their frequent and repetitive usage, growing focus on commercializing disease-specific assays for early diagnosis, and increasing use of kits and reagents to identify the organism causing various diseases.
On the basis of animal type, the companion animals segment is estimated to hold the largest share of the overall veterinary diagnostics market in 2020. This is due to the increasing companion animal population & pet ownerships in developed countries and rising pet healthcare expenditure.
Based on end user, the reference laboratories segment is estimated to command the largest share of the overall veterinary diagnostics market in 2020, owing to the preference of diagnostic services offered by reference laboratories and increasing development of products through strategic alliances between laboratories and companies.
The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments adopted by leading market participants in the industry over the past four years (2017–2020). The veterinary diagnostics market has witnessed number of new product launches & approvals, partnerships & agreements, and acquisitions in recent years. For instance, in February 2020, Zoetis Inc. (U.S.) acquired Ethos Diagnostic Science (U.S.), a veterinary reference lab business, to expand its diagnostics presence for offering comprehensive and enhanced value solutions to veterinarians in the U.S. Similarly, in February 2020, Neogen Corporation (U.S.) partnered with Ripe Technology, Inc. (U.S.) for the adoption of innovative blockchain technology for use with Neogen's food safety diagnostics and animal genomics and connect the genomic profile of the animals with its feed.
The key players operating in the global veterinary diagnostics market are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Heska Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), INDICAL BIOSCIENCE GmbH (Germany), Agrolabo SpA (Italy), Neogen Corporation (U.S.), IDvet (France), and GD Animal Health (Netherlands) among others.
Amidst this crisis, Meticulous Research® is continuously assessing the impact of COVID-19 pandemic on various sub-markets and enables global organizations to strategize for the post-COVID-19 world and sustain their growth. Let us know if you would like to assess the impact of COVID-19 on any industry here- https://www.meticulousresearch.com/custom-research.php
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