DUBLIN--(BUSINESS WIRE)--Research and Markets has announced the addition of the "Veterinary Diagnostics Market by Product, Technology, Animal Type, and End User - Global Forecast to 2022" report to their offering.
The global veterinary diagnostics market is estimated to grow at a CAGR of 9.3% from 2017 to 2022, to reach USD 3.62 billion by 2022 from USD 2.31 billion in 2017
The growth of this market is mainly attributed to rising demand for animal-derived food products, growing demand for pet insurance, rising animal health expenditure, increasing incidence of zoonotic diseases, increasing awareness about animal healthcare, and increase in the number of veterinary practitioners and their growing income levels. Untapped emerging economies such as China and India offer significant growth opportunities. However, rising pet care costs may hinder the growth of this market to a certain extent.
In this report, the veterinary diagnostics market is segmented on the basis of product, technology, animal type, end user, and region. Based on product, the market is segmented into consumables and instruments. The consumables segment accounted for the largest share of the global market in 2016. The large share of this segment is mainly attributed to the increasing adoption of diagnostic consumables such as reagent clips and cartridges, immunodiagnostic test kits, PCR test kits, blood glucose strips, urine glucose strips, and other consumables.
Geographically, the global market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2016, North America commanded a major share of the veterinary diagnostics market.
Key Market Drivers
- Growth in Companion Animal Population
- Growing Prevalence of Animal Diseases
- Rising Demand for Animal-Derived Food Products
- Rising Demand for Pet Insurance Growing Animal Health Expenditure
- Growth in the Number of Veterinary Practitioners and Their Income Levels in Developed Economies
Key Market Restraint
- Increasing Pet Care Costs
Key Market Opportunity
- Untapped Emerging Markets
- Lack of Animal Healthcare Awareness in Emerging Markets
- Shortage of Veterinarians in Emerging Markets
Some of the prominent players in the veterinary diagnostics market include
- IDEXX Laboratories, Inc. (U.S.)
- Abaxis, Inc. (U.S.)
- Neogen Corporation (U.S.)
- Heska Corporation (U.S.)
- Thermo Fisher Scientific Inc. (U.S.)
- Zoetis, Inc. (U.S.)
- QIAGEN N.V. (Netherlands)
- IDVet (France)
- Virbac (France)
For more information about this report visit http://www.researchandmarkets.com/research/6k5ndr/veterinary