The global veterinary diagnostics market is estimated to grow at a CAGR of 8.6% from 2016 to 2021, to reach USD 6.71 billion by 2021 from USD 4.43 billion in 2016. The growth of this market is mainly attributed to rising demand for animal-derived food products, growing demand for pet insurance and rising animal health expenditure, and rising concern to prevent zoonotic diseases. In addition, growth in the number of veterinary practitioners and their income levels in developed economies and increasing awareness about animal healthcare are further expected to drive the growth of this market. However, high cost of the diagnostic imaging instruments and rising pet care cost may hinder the growth of this market to a certain extent during the forecast period. Untapped emerging market such as China, India offers significant growth opportunities.
In this report, the veterinary diagnostics market is segmented on the basis of product, technology, animal type, and region. On the basis of products, the market is segmented into consumables, instruments and services. Based on the technology the veterinary diagnostics market is segmented into diagnostic imaging, clinical chemistry, immunodiagnostics, hematology, and molecular diagnostics. The diagnostic imaging segment accounted for the largest share of the veterinary diagnostics market in 2015, owing to its wide application in companion animals as well as livestock. On the basis of animal type, the veterinary diagnostics market is segmented into companion animals and food-producing animals. Similarly, on the basis of type of end-user the market is segmented into reference laboratory, veterinary hospitals and clinics, point-of-care testing/ in-house testing, and research institutes.
Geographically, the global veterinary diagnostics market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. In 2015, 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 industry, increasing demand for animal-derived food products, and rising veterinary healthcare expenditure in the region. However, Asia-Pacific is expected to witness the highest growth rate during the forecast period. Growth in the Asia-Pacific market can be attributed to rising companion animal population and increase in the demand for animal-derived food products.
Some of the prominent players in the veterinary diagnostics market include IDEXX Laboratories, Inc. (U.S.), VCA, Inc. (U.S.), ABAXIS, Inc. (U.S), Heska Corporation (U.S.), Zoetis, Inc. (U.S.), Neogen Corporation (U.S.), Thermo Fisher Scientific, Inc. (U.S.), ID.Vet (France), Virbac (France), Mindray Medical Internationals Ltd. (China), GE Healthcare (U.K), and AGFA Healthcare (Netherlands).
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