The global veterinary point-of-care diagnostics market size is projected to reach USD 2.4 billion by 2025 from USD 1.4 billion in 2019, at a CAGR of 8.9%
NEW YORK, May 29, 2020 /PRNewswire/ -- The global veterinary point-of-care diagnostics market is projected to grow at a CAGR of 8.9% during the forecast year.
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The global veterinary point-of-care diagnostics market size is projected to reach USD 2.4 billion by 2025 from USD 1.4 billion in 2019, at a CAGR of 8.9%. The increasing prevalence of zoonotic diseases among companion and livestock animals and the growing need for rapid disease detection are the major factors driving the growth of this market. However, the high cost of veterinary imaging instruments is expected to restrain market growth to a certain extent.
The consumables segment dominates the veterinary point-of-care diagnostics market." Based on product, the veterinary point-of-care diagnostics market is segmented into consumables and instruments. Consumables accounted for the largest market share in 2018. The large share of the consumables segment can be attributed to the increasing demand for the rapid detection of diseases, the growing prevalence of animal zoonotic diseases, and growth in the companion animal population worldwide. This segment is also expected to grow at the highest CAGR during the forecast period.
By technology, the clinical biochemistry segment accounted for the largest share of the veterinary point-of-care diagnostics market in 2018.
On the basis of technology, the veterinary point-of-care diagnostic kits & analyzers market has been segmented into immunodiagnostics, clinical biochemistry, hematology, urinalysis, molecular diagnostics, and other technologies.The clinical biochemistry segment accounted for the largest share of the veterinary point-of-care diagnostic kits & analyzers market in 2018.
The higher preference for advanced clinical diagnostic products by veterinarians and pet owners and the wide applications of this technology are contributing to the large share of this market.
The Asia Pacific market to witness the highest growth during the forecast period.
The Asia Pacific market is expected to witness the highest growth during the forecast period, primarily due to the rapidly increasing animal population, growing adoption of veterinary diagnostic products, and rising demand for animal-derived food products.
Breakdown of primary participants is as mentioned below:
• By Company Type: Tier 1: 35%, Tier 2: 40%, and Tier 3: 25%
• By Designation: C-level: 35%, Director-level: 25%, and Others: 40%
• By Region: North America: 35%, Europe: 30%, Asia Pacific: 15%, Middle East and Africa: 10%, and Latin America: 10%
Prominent players in the veterinary point-of-care diagnostics market are Zoetis, Inc. (US), IDEXX Laboratories, Inc. (US), Heska Corporation (US), Virbac (France), Thermo Fisher Scientific, Inc. (US), Eurolyser Diagnostica GmbH (Austria), Woodley Equipment Company (UK), Randox Laboratories Ltd. (UK), AniPOC, Ltd. (UK), Carestream Health, Inc. (a part of ONEX Corporation) (Canada), NeuroLogica Corporation (a part of Samsung Electronics Co. Ltd.) (South Korea), and FUJIFILM SonoSite (a part of FUJIFILM Holdings Corporation) (Japan).
Research Coverage:
The report analyzes the veterinary point-of-care diagnostics market and aims at estimating the market size and future growth potential of this market based on various segments, such as product, technology, application, animal type, end user, and region.It also covers competitive leadership mapping, which helps in analyzing the position of key market players as visionary leaders, innovators, dynamic players, and emerging players.
The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, recent developments, and key market strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them to garner a greater market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their position in the market.
This report provides insights into the following pointers:
• Market Penetration: Comprehensive information on product portfolios offered by the top players in the global veterinary point-of-care diagnostics market. The report analyzes this market by product, technology, application, animal type, end user, and region.
• Product Enhancement/Innovation: Detailed insights on upcoming trends and launches in the global veterinary point-of-care diagnostics industry
• Market Development: Comprehensive information on the lucrative emerging markets by product, application, animal, end user, technology, and region
• Market Diversification: Exhaustive information about new testing services, growing geographies, recent developments, and investments in the global veterinary point-of-care diagnostics industry
• Competitive Assessment: In-depth assessment of market shares, growth strategies, service offerings, and capabilities of leading players in the global veterinary point-of-care diagnostics market
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