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Veterinary Diagnostics Market (2019-2025) | Top Companies, Growth Strategies, Competitive Outlook | CAGR:6.4%: Grand View Research, Inc.

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Veterinary Diagnostics Market (2019-2025) | Top Companies, Growth Strategies, Competitive Outlook | CAGR:6.4%: Grand View Research, Inc.

November 02
13:20 2019
Veterinary Diagnostics Market (2019-2025) | Top Companies, Growth Strategies, Competitive Outlook | CAGR:6.4%: Grand View Research, Inc.

Grand View Research, Inc. – Market Research And Consulting.
The global veterinary diagnostics market size was estimated at USD 3.3 billion in 2018 and is expected to grow at a CAGR of 6.4% over the forecast period.

Growing incidence of zoonotic and foodborne diseases is expected to drive the market over the forecast period. Moreover, increasing companion animal ownership in developing countries is another factor aiding growth. According to a new report published by Grand View Research, Inc. “Veterinary Diagnostics Market Size, Share & Trends Analysis Report By Products (Consumables, Reagents), By Species (Companion, Livestock), By Testing Category (Analytical), By Disease Type (Infectious), By End Use (Vet Hospitals), And Segment Forecasts, 2019 – 2026”

Growing inclination toward owing pets due to companionship & health benefits and rising meat consumption are key factors aiding growth of the market. Globally, there has been an increase in overall expenditure on the healthcare and wellbeing of the pets as well as food producing animals.

U.S. veterinary diagnostics market size, by disease, 2014 - 2026 (USD Million)

On a global level, animal product consumption is increasing at a significant pace, which can be attributed to increasing human population, growing per capita income, and animal health awareness in the developing nations. Increasing demand for animal proteins also fuels growth.

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New in vitro diagnostic test kits and analyzers are being launched in the market. In addition, growth is observed in point-of-care treatments for animals, as these devices are simple to use. Moreover, growing adoption of advanced test techniques, such as immune & molecular diagnostics, hematology, and nanotechnology, which are quick & efficient, is further impelling growth.

Further key findings from the report suggest:

  • Porcine held a major share of the species segment in 2018 followed by bovine, canine, & feline

  • Analytical services, diagnostic imaging, immunoassays, and molecular diagnostics captured major share with faster growth rates compared to other types, under the testing category segment in the year 2018

  • The point- of-care segment is expected to exhibit fastest growth over the coming years in the end-use segment. Rapidity, efficiency, and convenience are key growth contributors

  • Consumables & reagents segment acquired major veterinary diagnostics market share in 2018 in the product type segment and is expected to grow at the fastest CAGR

  • Non-infectious diseases had the highest market share in 2018. However, the number of hereditary, congenital, structural, and functional diseases in the livestock and companion animals is increasing worldwide

  • Asia Pacific is expected to emerge as the fastest growing region. The U.S. was observed to have the highest number of companies, which has resulted in the largest share of North America

  • The global meat production is also expected to rise significantly due to increase in per capita income in developing countries, growing need for animal protein, and increasing human population.

  • The upcoming tools and techniques in veterinary diagnostics are nucleic acid tests, non-PCR techniques, biosensors, fluorescence polarization technology, Whole Genome Sequencing (WGS), biomarkers, nanotechnology, digitalization & big data, wearables, and apps such as Vet on Demand, Treat, Pet life, & Pet Pixie.

  • Abaxis, Inc.; Idexx Laboratories, Inc.; Heska Corporation; Thermo Fisher Scientific; and VCA Antech diagnostics are some of the prominent players.

Access Full Insights: https://www.grandviewresearch.com/industry-analysis/veterinary-diagnostics-market

Browse Table of Contents:

Chapter 1 Research Methodology & Scope

                   1.1 Market Segmentation & Scope

                       1.1.1 Estimates and Forecast Timeline

                   1.2 Research Methodology

                   1.3 Information Procurement

                       1.3.1 Purchased database:

                       1.3.2 GVR’s Internal Database

                       1.3.3 Secondary sources

                       1.3.4 Primary Research:

                       1.3.5 Details of Primary Research

                           1.3.5.1 Data for primary interviews in North America

                           1.3.5.2 Data for primary interviews in Europe

                           1.3.5.3 Data for primary interviews in Asia Pacific

                           1.3.5.4 Data for primary interviews in Middle East and Africa

                   1.4 Information or Data Analysis

                       1.4.1 Data Analysis Models

                   1.5 Market Formulation & Validation

                   1.6 Model Details

                       1.6.1 Commodity Flow Analysis (Model 1)

                           1.6.1.1 Approach 1: Commodity Flow Approach

                   1.7 List of Secondary Sources

                   1.8 List of Primary Sources

                   1.9 Report Objectives

Chapter 2 Executive Summary

                   2.1 Market Outlook

                       2.1.1 Veterinary Diagnostics market Outlook, 2014 – 2026 (USD Million)

                   2.2 Segment Outlook

                   2.3 Competitive Outlook

Chapter 3 Market Variables, Trends & Scope

                   3.1 Market Lineage Outlook

                       3.1.1 Parent market analysis

                       3.1.2 Ancillary market Analysis

                   3.2 Market Dynamics

                       3.2.1 General trends in veterinary diagnostics market

                           3.2.1.1 Growth in animal health expenses and pet ownership

                           3.2.1.2 Critical need for correct diagnosis

                           3.2.1.3 Rise in the number of veterinarians and application of In vitro Diagnostic (IVD) instrumentation

                           3.2.1.4 Asia Pacific and Africa most affected with animal diseases

                           3.2.1.5 The market is shifting towards quality, safety and efficacious products.

                           3.2.1.6 Increasing use of immunoassays, and molecular diagnostics

                           3.2.1.7 In clinic analyzers are also gaining pace

                           3.2.1.8 Increasing demand for Point of Care diagnostics

                           3.2.1.9 Diseases spreading due to climatic changes

                           3.2.1.10 The market is economic downturn and recession resistance

                           3.2.1.11 Increase in the development of rapid tests

                       3.2.2 Market Driver Analysis

                           3.2.2.1 Pet related expenditures are outpacing the personal consumption spending

                           3.2.2.2 Millennials are responsible for driving and growing the market

                           3.2.2.3 Increasing animal assisted therapies

                           3.2.2.4 Increasing production of eggs, milk, beef and other dairy products etc.

                           3.2.2.5 Lenient regulatory requirements related to animal health drugs and diagnostics

                           3.2.2.6 The emerging zoonotic diseases and their transfer to humans.

                           3.2.2.7 Increasing use of bioinformatics and computational genomics (BCG)

                       3.2.3 Market Restraint Analysis

                           3.2.3.1 Number of pets visiting the clinic is less

                           3.2.3.2 Economic differences in developed markets vs developing markets.

                           3.2.3.3 Differences in the culture, dietary preferences, animal ownership preferences and animal care standards

                           3.2.3.4 Epidemiological differences and disease dynamics

                           3.2.3.5 Seasonality, climate and the availability of arable land and fresh water are critical for animal health

                           3.2.3.6 Unstructured and lenient rules and regulations

                           3.2.3.7 Time consuming R and D processes and higher investments.

                   3.3 Novel Diagnostic Technologies

                       3.3.1 Immunoassays and molecular diagnostics

                       3.3.2 Nucleic acid diagnostics

                       3.3.3 Biosensors

                       3.3.4 Fluorescence polarization technology

                       3.3.5 Whole genome sequencing (WGS) and biomarkers

                       3.3.6 Nanotechnology

                       3.3.7 Digitalization and big data

                       3.3.8 Wearables

                   3.4 Veterinary Diagnostics Market Analysis Tools: Porters

                       3.4.1 Supplier Power

                       3.4.2 Buyer Power

                       3.4.3 Threat Of Substitutes

                       3.4.4 Threat Of New Entrants

                       3.4.5 Competitive Rivalry

                   3.5 PESTEL Analysis

                       3.5.1 Political Landscape

                       3.5.2 economic Landscape

                       3.5.3 technology Landscape

                       3.5.4 technology Landscape

                       3.5.5 social Landscape

                   3.6 Major Deals & Strategic Alliances Analysis

                       3.6.1 Mergers & Acquisitions

 

                       3.6.2 product launch

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About Grand View Research

 

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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