Worldwide Veterinary Diagnostics Industry to 2026 - Increasing Pet Ownership and Animal Health Expenditure is Driving Growth - ResearchAndMarkets.com
DUBLIN--(BUSINESS WIRE)--The "Veterinary Diagnostics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Veterinary Diagnostics market registered a market size of USD 5,985 million in 2020 and expected to reach USD 10,550 with a CAGR of nearly 10.5% during the forecast period.
The factors driving the market growth include increased animal healthcare expenditure, rising incidence of zoonotic diseases, and the growing number of veterinary practitioners as well as disposable income in the developing regions.
Key Market Trends
Molecular Diagnostics is Estimated to Hold Significant Market Share Over the Forecast Period
In 2019, the molecular diagnostic segment generated revenue of around USD 514.73 million. Globally, the use of molecular diagnostics has been increasing for the detection of veterinary pathogens. It involves the detection of pathogens directly by checking the presence of RNA or DNA in the host or indirectly by prior amplification of the genome of the infectious agent. Moreover, modifications in a molecular diagnostic test like PCR have generated a vast array of fast, reliable and specific assays which have widespread applications in veterinary diagnostics.
During the COVID-19 pandemic, worldwide, animal health authorities carried out tests to understand how the virus is affecting animals. The research studies and testing show that felines are more susceptible than other animals. The most recent development in the veterinary diagnostics market is the introduction of a PCR panel for testing the COVID-19 virus in animals by IDEXX Laboratories, Inc., in April 2020, which has tested up to 6,000 specimens.
Globally, people are showing interest or importance towards rapid tests, which helps in providing results within 24 hours or during the initial examination period of an animal. Thus, molecular diagnostics are important diagnostic tools for both farm animals and pets to protects the animals from diseases.
As per World Organisation for Animal Health, as of 2020, there are approximately 117 animal diseases, infections and infestations. Adding to that, with the rising pet ownership and increasing awareness, the veterinary diagnostics market is expected to grow over the forecast period.
North America is Expected to Hold Major Market Share Over the Forecast Period
In North America region, in countries such as United States and Canada there is an increasing number of people adopting pets and several facilities provide pet care services. For instance, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 67% of households or about 85 million families in the United States own a pet.
In April 2020, the CDC and the US Department of Agriculture's (USDA) National Veterinary Services Laboratories (NVSL) confirmed the cases of two pet cats that were infected by COVID-19. These were the first pets in the United States to test positive for the disease.
As per American Veterinary Medical Association, in April 2020, United States announced the availability of a reverse transcriptase-polymerase chain reaction (RT-PCR) test for SARS-CoV-2 in domestic animals, including cats and dogs.
Furthermore, increasing investments towards the animal as protection of their household as well as improving upon human-animal relationship driving the veterinary diagnostics market in this region. Also, the steady importance given to agricultural contribution to these countries makes the owner more responsible for better care of farm animals is expected to drive market growth over the forecast period.
Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Pet Ownership and Animal Health Expenditure
4.2.2 Increased Burden of Animal Zoonotic Diseases
4.2.3 Growing Pet Insurance and Animal Health Investments by Pharmaceutical Companies
4.3 Market Restraints
4.3.1 Lack of Veterinarians
4.3.2 High Cost of Pet Care and Imaging Devices
4.4 Porter's Five Force Analysis
5 MARKET SEGMENTATION
5.1 By Product
5.2 By Technology
5.3 By Animal Type
5.4.1 North America
5.4.4 Middle East and Africa
5.4.5 South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Biomerieux SA
6.1.2 Heska Corporation
6.1.3 Idexx Laboratories
6.1.5 Randox Laboratories, Ltd
6.1.6 Thermo Fisher Scientific
6.1.8 Zoetis, Inc
6.1.9 BIOCHEK BV
6.1.10 Mindray Medical International Limited
6.1.11 Bio-Rad Laboratories, Inc
6.1.12 Abaxis, Inc
6.1.13 Neogen Corporation
6.1.14 MSD Animal Health
6.1.15 Agrolabo SPA
6.1.16 Henry Schein, Inc
6.1.17 VCA Antech diagnostics
6.1.18 GD Animal Health
6.1.19 DRE Veterinary
6.1.20 Agfa-Gevaert Group
6.1.21 GE Healthcare
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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