NEW YORK, Jan. 29, 2019 /PRNewswire/ -- KEY FINDINGS
The diagnosis, treatment and prevention of diseases or other conditions in animals falls under the category of veterinary diagnostic services.The aim is to detect the underlying pathogenesis responsible for the disease/disorder associated with the companion animals and livestock, increase the production of livestock products effectively saving the budget, and to keep a check on both the domestic animals & wildlife to human transmission of various diseases.
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The global market for veterinary diagnostic is estimated to progress at 7.71% CAGR throughout 2019-2027 and will generate revenue of $5,129 million by the end of 2027. The heavy demand for livestock products is partly responsible for the steady increase in market growth over the years.
MARKET INSIGHTS
Veterinary diagnostics have incorporated technologies and methods gained from human diagnostics and mainstream healthcare services to develop a fully-fledged co-dependent market that remains open to further innovation.The market is primarily driven by increasing veterinary care expenditures and the introduction of novel veterinary diagnostic instruments.
The technology and product of the veterinary diagnostic market are used extensively for many purposes.Microfluidics, miniaturization and information technology (IT) features are supporting the development and widespread commercialization of point-of-care (POC) and decentralized IVD devices used outside of the traditional clinical laboratory environment.
This has resulted in the progress of companion animal care as POC and granted permits to the veterinarians to carry out accurate in-clinic testing, subsequently shortening the time to results and allowing direct billing for additional revenue.
REGIONAL INSIGHTS
The global report on the veterinary diagnostic market is analyzed on the basis of the economic condition are market demands from the bifurcated regions of North America, Europe, Asia Pacific and the remaining countries constituting the Rest of the World segment. The increase in general disposable income in the United States is expected to change the lifestyle of the U.S. citizens by raising the pets or companion animals for emotional requirements, among other factors. This can contribute contributing to the United States veterinary diagnostic market growth that can further facilitate the North American regional market to grasp the largest market share in the global scenario. Conversely, on the other hand, the supportive governmental initiates to promote the R&D sector to develop new veterinary diagnostics tests and the high number of veterinary hospitals/polyclinics establishment in the Asia Pacific region will be pushing the said regional market to grow the fastest among the others.
COMPETITIVE INSIGHTS
The extensiveness of the product portfolio, research and development expenditure and the geographical presence of the companies established and contributing to the global veterinary diagnostic market have been progressive by leaps. Some of these companies operating in the global economy are Thermo Fisher Scientific Inc., Zoetis Inc., Bio-Rad Laboratories, Inc., Horiba, Ltd., Biomedica, ID Vet, Alvedia, Heska Corporation, Qiagen N.V., Neogen Corporation, Fujifilm Europe GmbH, Idexx Laboratories, Inc., Acon Laboratories, Inc., Sysmex Corporation and Henry Schein, Inc. (U.S.).
Companies mentioned
1. ACON LABORATORIES, INC.
2. ALVEDIA
3. BIOMEDICA
4. BIO-RAD LABORATORIES, INC.
5. FUJIFILM EUROPE GMBH
6. HESKA CORPORATION
7. HENRY SCHEIN, INC. (U.S.)
8. HORIBA, LTD.
9. ID VET
10. IDEXX LABORATORIES, INC.
11. NEOGEN CORPORATION
12. QIAGEN N.V.
13. SYSMEX CORPORATION
14. THERMO FISHER SCIENTIFIC INC.
15. ZOETIS INC.
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