[150+ Pages Research Report] According to the recent analysis research report; the global Veterinary Diagnostics Market in 2020 was approximately USD 1.9 Billion . The market is expected to grow at a CAGR of 8.9% and is anticipated to reach around USD 5.4 Billion by 2027. Top market players are Zoetis; Heska Corporation; IDEXX Laboratories Inc.; Agrolabo S.p.A; IDvet; Virbac; Thermo Fisher Scientific Inc.; Neogen Corporation; Covetrus; iM3Vet Pty Ltd.
Overview of Veterinary Diagnostics Market Study
Veterinary Diagnostics market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
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Growth can largely be attributed to the growth in the companion animal population, increasing incidence of transboundary and zoonotic diseases, rising demand for animal-derived food products, rising demand for pet insurance, growing animal health expenditure, and growth in the number of veterinary practitioners and income levels in developed economies. On the other hand, rising petcare costs is expected to restrain the overall market growth. Currently, the lack of skilled veterinarians and diagnostic infrastructure, especially in developing countries, is one of the major factors limiting the uptake of advanced diagnostic solutions among veterinarians. The high cost of advanced diagnostic tests is another major barrier to its widespread adoption.
Veterinary Diagnostics Market Dynamics
Driver: Growth in the companion animal population
A surge in the overall companion animal population and adoption rate has been witnessed on a global scale. According to several studies, having a companion animal is associated with positive health benefits, such as reduced cardiac arrhythmias, normalization of blood pressure, decreased anxiety, greater psychological stability, and improved well-being. The increasing pet population is expected to drive the demand for pet care products and services, which, in turn, will support the growth of dependent industries such as veterinary diagnostics.
According to a National Pet Owners Survey (2019–2020) conducted by the American Pet Products Association (APPA), an estimated 67% of US households, or about 84.9 million families, owned a pet.
Around 63.4 million households owned dogs, 42.7 million owned cats, and 1.6 million owned horses in the US in 2018.
According to the European Pet Food Industry Federation (FEDIAF), the canine population was 87.5 million, and the feline population was 106.4 million in 2019.
Other Regions and Emerging Countries:
At 62%, Australia has one of the highest pet ownership rates in the world. There were an estimated 24 million pets in nearly 5 million households (of 7.6 million households in the country) in 2018.
Brazil currently has the fourth-largest pet population globally, with 52 million dogs, 38 million birds, 22 million cats, 18 million fish, and 2 million small animals in 2016.
According to the India International Pet Trade Fair (2017), ~600,000 pets are adopted every year in India. The number of pets in the country increased from 11 million in 2014 to 19.5 million in 2018.
Restraint: Rising pet care costs
The pet insurance market is expanding, the number of animals covered for treatments is still very low. As a result, animal owners generally bear the majority of the cost of treatments. In addition, according to the Society for Practicing Veterinary Surgeons, along with the increasing pet insurance, the cost of veterinary treatment is rising at a significant growth rate.
The number of consultations with veterinary specialists for pet care is another factor responsible for the increasing pet healthcare costs. Furthermore, the lower income in this profession compared to other advanced-degree professions such as dentistry and law puts pressure on veterinary professionals to increase their fees. High pet care costs directly impact the number of visits by pet owners to veterinary facilities, thereby restraining the growth of this market.
Opportunity: Increased use of PCR testing panels to rule out COVID-19 virus in animals
With regard to the current COVID-19 pandemic, animal health authorities have been carrying out tests to understand how the virus is affecting animals. So far, research studies and testing show that felines are more susceptible than other animals. Testing also shows that the virus spreads less from animal to animal as opposed to human-human or human-animal. It is expected that pet owners will increasingly start testing their pets for the absence of these diseases, thus increasing the demand for PCR panels for virus testing. This will create opportunities for new molecular diagnostics panels in the industry.
Challenge: Shortage of veterinary practitioners in developing markets
The global animal healthcare industry is marked by a shortage of skilled veterinarians and pathologists. This is particularly evident in the emerging markets across countries like Brazil, China, and Southeast Asian countries, which show a huge gap in the demand and supply of veterinary professionals. Shortages are observed in developing countries such as. The majority of veterinarians across the globe work in private practices dedicated to companion animals, which leads to a shortage of resources for farm animals or food-producing animals.
Currently, the lack of skilled veterinarians and diagnostic infrastructure, especially in developing countries, is one of the major factors limiting the uptake of advanced diagnostic solutions among veterinarians. The high cost of advanced diagnostic tests is another major barrier to its widespread adoption.
North America is expected to account for the largest share of the veterinary diagnostics market in 2020
In 2020, North America accounted for the largest share of the global veterinary diagnostics market. The growth in the veterinary diagnostics market of North America is characterized by the increasing population of companion and food-producing animals, rising meat and dairy product consumption, the availability of technologically advanced veterinary reference laboratories, rising veterinary healthcare expenditure, and growth in pet insurance coverage.
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COVID-19 Impact on Veterinary Diagnostics Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Veterinary Diagnostics market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Veterinary Diagnostics market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Veterinary Diagnostics market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Veterinary Diagnostics market include:
Zoetis; Heska Corporation; IDEXX Laboratories Inc.; Agrolabo S.p.A; IDvet; Virbac; Thermo Fisher Scientific Inc.; Neogen Corporation; Covetrus; iM3Vet Pty Ltd.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
Global Veterinary Diagnostics Market, by Product Type
Global Veterinary Diagnostics Market, by Animal Type
- Companion Animals
- Other Companion Animals
- Other Livestock
Global Veterinary Diagnostics Market, by Technology
- Lateral Flow Assays
- Lateral flow rapid tests
- Lateral flow strip readers
- ELISA Tests
- Allergen-specific Immunodiagnostic Tests
- Immunoassay Analyzers
- Other Immunodiagnostic Products
- Lateral Flow Assays
- Clinical Biochemistry
- Clinical Chemistry Analysis
- Clinical Chemistry Analyzers
- Clinical Chemistry Reagent Clips and Cartridges
- Glucose Monitoring
- Blood Glucose Strips
- Glucose Monitors
- Urine Glucose Strip
- Blood Gas & Electrolyte Analysis
- Blood Gas and Electrolyte Reagent Clips and Cartridges
- Blood Gas & Electrolyte Analyzers
- Clinical Chemistry Analysis
- Molecular Diagnostics
- Polymerase Chain Reaction (PCR) Tests
- Other Molecular Diagnostic Products
- Hematology Cartridges
- Hematology Analyzers
- Urinalysis Clips & Cartridges/Panels
- Urine Analyzers
- Urine Test Strips
- Other Veterinary Diagnostic Technologies
Why Buy this Report?
The purpose of Nova one advisor’s Veterinary Diagnostics market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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