Veterinary Diagnostics Market Worth $6.71 Billion by 2021
According to a new market research report Veterinary Diagnostics Market by Product by Technology by Animal—Global Forecast to 2021 published by Pune, India-based MarketsandMarkets, the global market witnessed healthy growth during the past decade and is expected to grow at a compound annual growth rate (CAGR) of 8.6 percent between 2016 and 2021 to reach $6.71 billion by 2021.
The growth in this market is attributed to factors such as rising animal health care expenditure, rising pet adoption, the growing demand for animal-derived food products, the increasing number of veterinary practitioners and their growing income levels in developed regions, the increasing demand for pet insurance and a rising awareness of zoonotic diseases, MarketsandMarkets reported.
The global veterinary diagnostics market is segmented based on product, technology, animal and geography. Based on product type, the market is segmented into consumables, instruments and services. Based on technology, the market is segmented into diagnostic imaging, clinical chemistry, immunodiagnostics, hematology and molecular diagnostics. Based on animal type, the market is segmented into companion animals and food-producing animals. On the basis of end users, the global veterinary diagnostics market is segmented into reference laboratories, veterinary hospitals and clinics, point-of-care testing/in-house testing and research institutes. Similarly, on the basis of geography, the veterinary diagnostics market is segmented into Europe, North America, Asia-Pacific and the rest of the world.
In 2015, diagnostic imaging accounted for the largest share of the global veterinary diagnostics market. However, the immunodiagnostics segment is expected to witness the highest growth over the next five years. The high growth in this segment can be attributed to the advantages such as easy handling, high sensitivity, accuracy and rapid diagnosis offered by the lateral flow tests and enzyme-linked immunosorbent assay tests to perform diagnosis of companion and food-producing animals. The reference laboratory accounted for the largest market share of the veterinary diagnostics market and is expected to grow at a higher CAGR over the next five years. This large share for reference laboratories is due to the increased importance of having specialized centers to deal with animal diseases and to maintain a reference database for quick identification of any disease in animals.
North America is the largest regional segment for veterinary diagnostics owing to its well-established animal health care market. The largest share of this regional segment is driven by increasing demand for animal-derived food products, rising companion animal health care expenditure, the growing number of veterinary practitioners and their income levels, and a rising awareness of zoonotic diseases. However, the market in the Asia-Pacific region is expected to grow at the highest CAGR due to a rise in pet adoptions and increasing demand for animal-derived food products in India and China.