Veterinary Diagnostics Market - Segmented by Type of Diagnostic Test, Animal Type, Product, and Geography - Growth, Trends, and Forecast (2019 - 2024)

Veterinary Diagnostics Market - Segmented by Type of Diagnostic Test, Animal Type, Product, and Geography - Growth, Trends, and Forecast (2019 - 2024)

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Veterinary Diagnostics Market 

The global Veterinary Diagnostics market is expected to register a CAGR of about 9% during the forecast period, 2018 to 2023. Veterinary diagnostics are the tests, which help in determining and detecting various disorders in animals. These procedures are performed through various methods, which utilize their blood, feces, and tissue samples.

Increased pet ownership

Pets are living longer and healthier lives because of pet owner’s willingness to provide veterinary care, supplements, and alternative treatment options. According to the American Pet Products Association’s (APPA) new 2011-2012 National Pet Owners Survey, the number of U.S. households that own a pet has increased by 2.1% to an all-time high of 72.9 million. The actual number of pet owning households is significantly higher than it was 20 years ago, as is the overall number of U.S households. There are many reasons for the increase in pet ownership over the last decades. The increasingly urban nature of our society, resulting in our separation from farm animals and from nature may have stimulated a desire to bring dogs and cats, the most suitable domestic companion animals, into our lives. The increasing nuclear family also triggered the increase in pet ownership. The increasing pet worship is increasing number of pet owners taking care of their health, which helps the market to grow. The other factors, such as increasing zoonotic and foodborne diseases are also driving the Veterinary Diagnostics market.

Increasing Costs of Animal Testing and Veterinary Services

The bottom line of the increasing costs for animal testing is that the cost of healthcare, whether it is for humans or for animals, is high. The free nature of the National Health Service means that the public is shielded from the cost of its own health, while the private-only nature of veterinary care means that nothing is subsidized or hidden. The major reason for high costs is that the medical equipment is expensive to buy and run a test center, from blood testing machines, to physiological monitors (like ECGs, anesthetic monitors etc.), to diagnostic imaging technology (from x-rays to ultrasound to MRI scanners). It may be possible to offer some types of veterinary care on a budget, but the cost is likely to have a poorer hit rate with accurate diagnoses, and therefore, less effective treatments, with less favorable outcomes. Few pet owners are prepared to bear the hih-costs, but these pet owners are very limited in number.

In today's world, you can treat a dog for depression. You can give a cat a CAT scan. Pet clinics are buying used MRI machines from traditional hospitals. There's even underwater therapy for cats and dogs to treat arthritis and injury. But, the more advanced procedures and increased diagnostics also are also increasing the treatment costs. Consumer spending on veterinary care rose from approximately USD 4.9 billion in 1991 to USD 35 billion in 2015. So, the high costs are hindering the market growth. The other factor, such as lack of infrastructure and funding is also hindering the growth of the market.

US Lead the Veterinary Diagnostics Market in North America Region

The United States Veterinary Diagnostics market held the largest market share in 2017 in North America region due to the presence of high quality healthcare system for, both, the humans and veterinary animals, and Veterinary Diagnostics market has started in the emerging nations, which has become an area major investment is expected to happen, which, in turn, helps in the growth of this market. In the APAC sector China and South Korea have been identified as potential emerging markets.

                                            Veterinary Diagnostics Market                                                                                         

Key Developments in the Veterinary Diagnostics Market :

  • May 2018 - Zoetis to Acquire Abaxis, a leading global provider of veterinary point-of-care diagnostic instruments

Veterinary Diagnostics Market Major Players:

  • Pfizer
  • Thermo Fisher Scientific
  • Henry Schein
  • Virbac
  • Zoetis
  • IDVet
  • Abaxis
  • Heska Corporation
  • Biochek
  • Idexx

Reasons to Purchase Veterinary Diagnostics Market Report

  • Current and future Veterinary Diagnostics market outlook in the developed and emerging markets
  • Analyzing various perspectives of the market with the help of Porter’s five forces analysis
  • The segment that is expected to dominate the market
  • Regions that are expected to witness fastest growth during the forecast period
  • Identify the latest developments, market shares, and strategies employed by the major market players
  • 3-month analyst support, along with the Market Estimate sheet in excel

Customization of Veterinary Diagnostics Market Report

  • This report can be customized to meet your requirements. Please connect with our representative, who will ensure you to get a report that suits your needs

1. Introduction

                1.1 Market Definition

2. Research Methodology

3. Executive Summary

4. Key Inferences

5. Market Overview

                5.1 Current Market Scenario

                5.2 Porter's Five Forces Analysis

                                5.2.1 Bargaining Power of Suppliers

                                5.2.2 Bargaining Power of Consumers

                                5.2.3 Threat of New Entrants

                                5.2.4 Threat of Substitute Product and Services

                                5.2.5 Competitive Rivalry within the Industry

6. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)

                6.1 Veterinary Diagnostics Market Drivers

                                6.1.1 Increased pet ownership

                                6.1.2 Increasing zoonotic and Foodborne diseases

                6.2 Veterinary Diagnostics Market Restraints

                                6.2.1 Lack of Infrastructure and Funding

                                6.2.2 Increasing Costs of Animal Testing and Veterinary Services

                6.3 Veterinary Diagnostics Market Opportunities

                6.4 Veterinary Diagnostics Market Key Challenges

7. Market Segmentation

                7.1 Veterinary Diagnostics Market By Type of Diagnostic Test

                                7.1.1 Immunodiagnostic Tests

                                7.1.2 Molecular Diagnostics

                                7.1.3 Diagnostic Imaging

                                7.1.4 Hematology Analyzers

                                7.1.5 Clinical Chemistry

                                7.1.6 Others

                7.2 Veterinary Diagnostics Market By Animal Type

                                7.2.1 Farm Animals

                                                7.2.1.1 Cattle

                                                7.2.1.2 Swine

                                                7.2.1.3 Poultry

                                                7.2.1.4 Fish

                                                7.2.1.5 Sheep

                                7.2.2 Companion Animals

                                                7.2.2.1 Dogs

                                                7.2.2.2 Cats

                                                7.2.2.3 Horse

                7.3 Veterinary Diagnostics Market By Product

                                7.3.1 Consumables

                                7.3.2 Instruments

                7.4 Veterinary Diagnostics Market By Geography

                                7.4.1 North America

                                                7.4.1.1 United States

                                                7.4.1.2 Canada

                                                7.4.1.3 Mexico

                                7.4.2 Europe

                                                7.4.2.1 France

                                                7.4.2.2 Germany

                                                7.4.2.3 United Kingdom

                                                7.4.2.4 Italy

                                                7.4.2.5 Spain

                                                7.4.2.6 Rest of Europe

                                7.4.3 Asia-Pacific

                                                7.4.3.1 China

                                                7.4.3.2 Japan

                                                7.4.3.3 India

                                                7.4.3.4 Australia

                                                7.4.3.5 South Korea

                                                7.4.3.6 Rest of Asia-Pacific

                                7.4.4 Middle East & Africa

                                                7.4.4.1 GCC

                                                7.4.4.2 South Africa

                                                7.4.4.3 Rest of the Middle East & Africa

                                7.4.5 South America

                                                7.4.5.1 Brazil

                                                7.4.5.2 Argentina

                                                7.4.5.3 Rest of South America

8. Veterinary Diagnostics Market Competitive Landscape

                8.1 Mergers & Acquisition Analysis

                8.2 Agreements, Collaborations, and Partnerships

                8.3 New Products Launches

9. Veterinary Diagnostics Market Key Players

                9.1 Abaxis

                9.2 Biochek

                9.3 Henry Schein

                9.4 Heska Corporation

                9.5 Idexx

                9.6 IDVet

                9.7 Pfizer

                9.8 Thermo Fisher Scientific

                9.9 VCA Antech

                9.10 Virbac

                9.11 Zoetis

                **List Not Exhaustive

10. Future of the Veterinary Diagnostics Market 

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