San Francisco, California, February 26, 2018: A rising worldwide population of companion animals, coupled with substantially growing health expenditure by pet owners and livestock producers, is a key factor driving the market. A markedly rising prevalence of economically-devastating ailments affecting livestock is bolstering the demand for veterinary diagnostics in various parts of the world. A new report penned by TMR Research, titled, “Veterinary Diagnostics Market – Global Industry Analysis, Size, Share, Trends, Analysis, Growth, and Forecast 2017–2025”, is a granular assessment of various such factors and key trends shaping the current and the future trajectory of the market.
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The study presents detailed insights into the key growth dynamics, prominent opportunities, recent technological advances, competitive landscape, and the prevailing regulatory landscape in various regions. The growth of the market is accentuated by the intensifying need for diagnostics to manage various disease states affecting animals such as antimicrobial resistance, allergies, fertility issues, and diabetes. The significant application of diagnostics in managing endocrine diseases in various animals, including cats, dogs, cows, pigs, goats, sheep, and bullocks, is a noteworthy factor boosting the market.
The veterinary diagnostics market is expected to benefit immensely from the intensifying focus of health organizations and agencies toward preventing zoonotic diseases world over. The significantly rising demand for meat and other animal-based products is favorably impacting the the demand for veterinary diagnostics. The adoption of pet insurance is a notable factor likely to aid in the rapid expansion of the market.
The rising number of assay approvals in developed regions for viruses affecting porcine is providing a robust fillip to the market’s growth. Advances in diagnostics technology introduced by several players in developed and developing countries in recent years have led to a rapid and accurate detection of various disease states. This is creating promising prospects in the global market.
A growing number of diagnostic companies targeting contagious diseases also bodes well for the market. A constant focus on expanding diagnostics capacity for controlling the outbreak of various animal diseases is a defining trend catalyzing the growth of the market. In this regard, burgeoning governmental funds on research and development activities is contributing to the growth of the market. The rising number of transboundary animal diseases, notably footand-mouth-disease is bolstering the demand for advanced veterinary diagnostics. Furthermore, a rise in number of veterinary practitioners in developed regions is also likely to aid in the rapid expansion of the market.
Some of the key regional segments could be Latin America, Asia Pacific, the Middle East and Africa, Europe, and North America. Of these, North America is expected to be a prominent market. The growth of the regional market is fueled by the extensive uptake of diagnostics in the face of the rising demand for animal-based products including diary among populations.
Asia Pacific is anticipated to rise at an attractive pace and is expected to present vast lucrative prospects for market players. The rising spending on animal health and the mounting concern of zoonotic diseases affecting livestock in key economies are crucial factors boosting the regional market.
The presence of a large number of players in the global veterinary diagnostics market is likely to render the landscape fairly fragmented. The market is also expected to witness intensifying competition over the years. Several players are active on making product launches to consolidate their shares. Prominent players are entering into collaborations and making mergers and acquisitions, in order to stay ahead of the pack.
Top players operating in the global veterinary diagnostics market include Virbac, Zoetis, Inc., BPC Biosed srl, Eurolyser Diagnostica GmbH, Mindray Medical International Limited, QIAGEN N.V., IDVet, Randox Laboratories Ltd., Abaxis, Inc., URIT Medical Electronics Co., Ltd., Thermo Fisher Scientific Inc., Heska Corporation, IDEXX Laboratories, Inc, and Neogen Corporation.