According to a new Research on Global Markets report, the global veterinary diagnostics market is estimated to reach USD 5,010.11 Mn by 2023, expanding at a compound annual growth rate (CAGR) of 9.1% from 2018 to 2023.

According to the report, the growing prevalence of zoonotic diseases - which are transmitted from animals to humans – is driving the market, since early diagnosis and subsequent treatment help prevent diseases from spreading. This, and increasing pet ownership across North America and Europe are the reasons why the companion animal segment currently holds the largest share of the market. Also, the segment is estimated to grow at a steady rate during the forecast period. In terms of products, the consumables segment is currently the largest and will continue to dominate the market during the forecasted period.

The report also suggests that despite North America holding a significant market share, the Asia-Pacific region is expected to witness the highest CAGR, driven by substantial growth in farm animal population, especially in China and India. Based on technology, the clinical biochemistry segment dominated the market in 2017, owing to the rising use of clinical chemistry analyzers, glucose monitoring, and blood gas and electrolyte analysis.

Key highlights of this report:

  • Scope and segmentation of the global veterinary diagnostics market
  • Comprehensive global market overview - historical (2015-2017) and forecasted (2018-2023) market size (USD Mn), geography-wise market revenue (USD Mn), and market attractiveness analysis
  • Qualitative analysis of the drivers and challenges affecting the market and its segments
  • Analysis of the competitive landscape and profiles of the major players operating in the market
  • Market segmentation based on technology (clinical biochemistry, immunodiagnostics, molecular diagnostics, hematology, urinalysis, and others) - historical (2015-2017) and forecasted (2018-2023) market size (USD Mn), and key market observations
  • Market segmentation based on animal type (companion animal and livestock) - historical (2015-2017) and forecasted (2018-2023) market size (USD Mn), and key market observations
  • Market segmentation based on product (instruments and consumables) - historical (2015-2017) and forecasted (2018-2023) market size (USD Mn), and key market observations
  • Market segmentation based on end users (reference laboratories, point of care, veterinary hospitals and clinics, and research institutes) - historical (2015-2017) and forecasted (2018-2023) market size (USD Mn), and key market observations

This report has been formulated and designed with the purpose of giving businesses a concise understanding of the demand for veterinary diagnostic products across the world to determine the viability of the market, develop strategies based on the drivers, and to help brands identify competition and respond accordingly.

Name: Ankita Basu
Email: ankita.basu@netscribes.com
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