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The global veterinary diagnostics market is growing significantly due rising requirement for combat antimicrobial-resistant bacteria, increasing awareness of animal health in emerging economies, and growing investment in developing economies in the industry. Increasing number of new and technologically advanced products in veterinary diagnostics market is creating sufficient opportunity for the veterinary diagnostics market to grow at a substantial rate in the forecasted period. In addition, massive unexplored market in veterinary diagnostics industry of developing economies are creating ample opportunities for the veterinary diagnostics market to grow at a considerable rate in the coming years.
The advanced research and development facilities, and new and innovative product developments by the companies to improve their product portfolio are propelling the growth of the veterinary diagnostics industry. Mounting usage of nanotechnology in veterinary diagnostics, modification of human diagnostic application into veterinary diagnostics, and increasing demand for precise, and quick molecular diagnosis are some of the major trends of the global veterinary diagnostic market.
The veterinary diagnostics market is categorized on the basis of product, type of animal and end users. On the basis of products of veterinary diagnostics, the market can be categorized as clinical chemistry, hematology analyzers, diagnostic imaging, immunodiagnostic tests, molecular diagnostic tests and other veterinary diagnostic tests. Clinical chemistry leads the veterinary diagnosis market due to widening application of various clinical assay in veterinary diagnosis and increasing demand for clinical diagnostic tests for food processing animals. Clinical chemistry includes urine analyzers and other clinical chemistry test. Diagnostic imaging is further segmented as ultrasound imaging, MRI scanning and other diagnostic imaging technologies.
On the basis of type of animal, the veterinary diagnostics market is segmented as companion animals and food producing animals. The companion animals segment includes dogs, horses and cats. The food producing animals include pigs, cattle, poultry, and others. Moreover, on the basis of end users, the veterinary diagnostics market is segmented into veterinary hospitals and clinics, research institutions, point-of-care testing, and others.
Some of the factors driving the growth of global veterinary diagnostics market are increasing prevalence of disease eruption in animals, rising innovative veterinary diagnostics, increasing per capita income in emerging economies, and increasing prevalence of zoonotic diseases. In addition, rising public awareness about animal diseases, and increasing companion animals and food processing animals are also fuelling the growth of the global veterinary diagnosis market. However, increasing adaption of vegetarian diet, and economic slowdown are some of the factors restraining the growth of the global veterinary diagnostics market to some extent.
Geographically, North America will be leading the global veterinary diagnostics market in the coming years, due to increasing awareness of animal health and increasing ability of veterinarians to provide animal diagnostics services. Asia-Pacific is the fastest growing region in the global vaccine market. The major reasons for the fastest growth of veterinary diagnostics market in the region are rising number of companion animals due to mounting urbanization, and rise in per-capita income, in the region. Moreover, the veterinary diagnostics market is growing due to increasing awareness of animal health in the emerging countries, such as India and China, of Asia-Pacific region.
Some of the companies operating in the global veterinary diagnostics market are IDEXX Laboratories, Inc., Virbac SA, Zoetis, Inc., Thermo Fisher Scientific, Inc., ABAXIS, Inc., Virbac SA, Neogen Corporation, VCA Antech, Inc., HESKA Corporation, and Mindray Medical International, Ltd.