Veterinary Infectious Disease Diagnostics Market to Show Significant CAGR of 9.0%
[330 Pages Report] According to estimates, the veterinary infectious disease diagnostics market was values US$ 1.5 billion in 2021. However, due to the increasing prevalence of infectious diseases in animals and the increasing use of infectious disease diagnostic tests for early diagnosis of these diseases, it is anticipated that the overall market will expand at a healthy CAGR of 9.0% between 2022 and 2032, reaching more than US$ 3.8 Billion in 2032.
As per veterinary infectious disease diagnostics market study, there is a rise in the number of pets, the rising incidence of zoonotic diseases, the growing adoption for animal-derived food products, the rising demands for pet insurance, the upsurge in animal health expenditure, and the surge in the number of veterinary practitioners and income levels in developed economies which are contributing to the veterinary infectious disease diagnostics market growth.
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Veterinary Infectious Disease Diagnostics Market Key Segments:
- Molecular Diagnostic
By Animal Type:
- Companion animal
- Food-producing animals
By End User:
- Reference Laboratories
- Veterinary Hospitals and Clinics
- Point of Care
- Research Institutes & Universities
- North America
- South America
- Asia Pacific
- Middle East and Africa
The overall veterinary infectious disease diagnostics market growth is projected to be hindered by rising pet care expenses. One of the critical challenges restricting veterinarians’ adoption of veterinary infectious disease diagnostics is a dearth of skilled veterinarians and diagnostic infrastructure, particularly in developing countries. Another key hindrance to broader adoption is the expensive cost of modern diagnostic tests.
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On a global scale, there has been an increase in the overall companion animal population and adoption rate. As a result, demand for pet care products and services are predicted to rise as the pet population grows, supporting the growth of related sectors such as veterinary infectious disease diagnostics.
In the present COVID-19 pandemic, testing has shown that the virus travels more from animal diagnostics to the animal than from human to human or human to animal. Therefore, the demand for PCR panels for virus testing is projected to rise as more pet owners begin testing their animals for the absence of these diseases. This will unlock the veterinary infectious disease diagnostics opportunity for new molecular diagnostics panels to enter the vet lab market.
There is a significant imbalance between veterinary diagnostics demand and supply for veterinary specialists in developing economies such as Brazil, China, and Southeast Asia. The majority of veterinarians operate in private vet labs dedicated to companion animals around the world, resulting in a scarcity of resources for agricultural or food-producing animals.
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Top companies operating in veterinary infectious disease diagnostics industry are –
- Zoetis, Inc.
- Thermo fisher scientific
- Biomerieux SA
- Heska Corporation
- NEOGEN Corporation
- QIAGEN N.V.
- Randox Laboratories Ltd.
- The highest veterinary infectious disease diagnostics market is further expected to reach US$ 3.8 Billion by 2032.
- The consumables, reagents & kits product segment held the largest veterinary infectious disease diagnostics market share of more than 52% in 2021.
- According to AVMA, there were around 26,000 veterinary hospitals & clinics in the U.S. in 2019, and more than 80% of them provided point-of-care testing.
- The pathology testing type segment dominated the veterinary infectious disease diagnostics market in 2021 with a share of more than 13% owing to its wide variety of service offerings, such as various lab tests, imaging, and specialized tests.
- The non-infectious diseases segment held the maximum veterinary infectious disease diagnostics market share of more than 27% of the global revenue in 2021.
- The study finds that Asia-Pacific has the highest veterinary infectious disease diagnostics market growth, which is growing due to the contribution of the following emerging countries such as India, with a CAGR of 11.7%.
- The laboratories segment held the largest revenue share of more than 37% in 2021.
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