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Veterinary Diagnostics Market to Register a CAGR of 10.0% till 2026; Rising Preference for Point-of-Care Diagnostic Methods to Fuel the Market: Fortune Business Insights
PUNE, India, Nov. 7, 2019 /PRNewswire/ -- The global Veterinary Diagnostics Market size is projected to reach USD 9.5 billion by 2026, exhibiting a CAGR of 10% during the forecast period. Rising prevalence of zoonotic diseases such as swine flu and rabies is the main factor driving the growth of this market. Zoonotic diseases are those which humans contract from animals, birds or insects. They pose grave danger not only to the person infected, but also to other people who might come in close contact with him or her, laying the groundwork for an epidemic.
A study published by the Centers for Disease Control and Prevention (CDC) states that 75% of emerging infectious diseases affecting humans are zoonotic in origin. This was already witnessed during the recent Ebola outbreak and rapid spread of swine flu a few years earlier. Preventing the birth of such diseases is crucial for public health as they also cause huge economic losses. According to the WHO, zoonotic epidemics between 1997 and 2009 led to a loss of about USD 80 billion. Thus, veterinary diagnostic techniques are set to witness a surge in demand in the upcoming years.
Browse Complete Report Details Enabled 149 Premium Pages, TOC, Tables & Figures, Major Segmentation, Top Regional Information & Key Players Profiled:
According to the Fortune Business Insights report, titled "Veterinary Diagnostics Market Size, Share & Industry Analysis, By Product Type (Instruments and Reagents & Consumables), By Technique (Hematology, Immunohistochemistry, Molecular Diagnostics, Diagnostic Imaging, Clinical Biochemistry, and Others), By Animal Type (Livestock and Companion), End-user (Veterinary Hospitals & Clinics, Veterinary Reference Laboratories, and Others) and Regional Forecast, 2019-2026", the market value stood at USD 4.4 billion in 2018.
The report also contains an exhaustive analysis of the various factors and regional and competitive dynamics that are likely to influence the market during the forecast period. Additionally, it provides businesses with sound research which can aid them in making informed decisions and forming smart strategies for the future.
Increasing Pet Ownership to Ramp up Demand
The Veterinary Diagnostics Market growth is premised on the increasing demand and ownership of pets. Pet animals such as dogs and cats provide a sense of emotional comfort and are known to keep households lively. These animals are especially demanded by old people, resulting in pet ownership rising at an astonishing rate. For example, the American Veterinary Medical Association estimates that the overall pet population in 2016 was 77 million dogs and 58 million cats, with 57% of American households owning a pet.
According to the India International Pet Trade Fair, in India, pet population has spiked from 7 million in 2006 to 10 million in 2011. Veterinary diagnostic techniques, therefore, are being increasingly demanded as having pets also exposes family members to various zoonotic diseases. Moreover, the necessity for accurate diagnosis is boosting the popularity of immunohistochemistry technology, as pointed out by Veterinary Diagnostics Market trends, giving it a share of 24.3% till 2026.
List of major companies profiled in Veterinary Diagnostics Market are;
- Thermo Fisher Scientific Inc.
- VCA Antech, Inc.
- DRE Veterinary
- Heska Corporation
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Randox Laboratories Ltd.
Europe to Display Impressive Growth; North America to Dominate the Scene
Rising prevalence in veterinary disorders, especially among pet dogs, and increasing pet ownership will put North America in the driver's seat in terms of revenue. Growing investment in veterinary research will favor growth of the market in Europe during the forecast period. The market in Asia-Pacific will be primarily driven by rising pet population in India and China along with increasing livestock numbers. In Africa, Latin America, and the Middle East, availability of affordable medical equipment will bode well for the market.
Randox Launches Canine CRP Test, Fans Competitive Spirits
Companies are heavily investing in developing and launching new products to gain competitive edge in this market. For example, in October 2019, Randox Laboratories launched its small-sized Canine CRP Test kit to diagnose viral and bacterial infections, detect disorders such as pancreatitis and cystitis, and pregnancy in dogs. Other players are focused on promoting and participating in research activities in this field. For instance, in October 2017, Thermo Fisher Scientific teamed up with the American Association of Veterinary Laboratory Diagnosticians to encourage research in veterinary diagnostics through financial grants.
Major Table of Content:
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Recent Industry Developments Such As Mergers & Acquisitions
- Prevalence of Key Veterinary Diseases, In Major Countries, 2018
- Pet Ownership Statistics by Key Countries, 2018
- Overview of Pet Insurance by Key Countries, 2018
- Technological Advancements In Veterinary Diagnostics Devices
- Key Industry Trends
- Global Veterinary Diagnostics Market Analysis, Insights and Forecast, 2015-2026
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Product Type
- Reagents & Consumables
- Market Analysis, Insights and Forecast – By Technique
- Molecular Diagnostics
- Diagnostic Imaging
- Clinical Biochemistry
- Market Analysis, Insights and Forecast – By Animal Type
- Market Analysis, Insights and Forecast – By End User
- Veterinary Hospitals & Clinics
- Veterinary Reference Laboratories
- Market Analysis, Insights and Forecast – By Region
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
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