The global veterinary diagnostics market was valued at $2640.77 million in 2018 & is estimated to generate net revenue of approximately $5129.14 million by 2027, growing at a CAGR of 7.71%. Veterinary diagnostic instruments and in-vitro reagents are used for the analysis of diseases or other conditions in animals. The following factors primarily drive the veterinary diagnostic market:

• Growing livestock population
• Surging demand for animal-derived food products
• Mounting reliance on livestock products
• Increasing occurrence of zoonotic diseases

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The most important driver responsible for the increased growth in the global veterinary diagnostic market is the imminent demand for the animal-derived food products and a higher rate of occurrence of zoonotic diseases. Also, the rise in livestock production is expected to boost the demand for veterinary diagnostics for maintaining the animal health and safety over the forecast period. Zoonoses can cause a wide range of ailments in individuals and animals resulting in mild to severe illness and can even cause death.

The technology and product of the veterinary diagnostic market are used extensively for various purposes. The need for R&D efforts and low heat resistance are the major factors hindering the growth of the veterinary diagnostic market. So, there is an impending necessity for extensive R&D efforts to ensure that the veterinary diagnostics market generate a large workforce and operate progressively over a long period. The veterinary diagnostic market is still underdeveloped as polymers need to match strain and stress of electromechanical devices. The development of veterinary diagnostics devices with high heat resistance is required so that their internal structure is not affected by high voltage or voltage fluctuations.

The product and technology segment of the veterinary diagnostic market are used extensively for various purposes. Veterinary diagnostics instruments market is primarily driven by increasing veterinary care expenditure and the introduction of novel veterinary diagnostic instruments. Consumables such as immunodiagnostic test kits, glucose strips, etc. are widely deployed in a variety of veterinary diagnostic tests. Immunodiagnostic tests market deals with the adoption of a biochemical test that is carried out on the infected animal to detect a wide range of diseases and the presence of parasite antigens. ELISA test is used for determining diseases like bursal diseases, Aujeszky diseases and many more. Allergen-specific immunodiagnostic tests are usually recommended when an animal shows symptoms for allergies. High prevalence of zoonotic diseases across the globe and the development of technologically advanced products promote the preference for clinical biochemistry tests which are known for their accuracy. Molecular diagnostic tests are available for fungi, bacteria, and viruses from animal species that include pathogens of cats, dogs, cattle, horses, exotics, birds, laboratory animal, etc. Microarrays are accounted to be one of the powerful tools among the latest technologies for precise, rapid, reliable and efficient diagnosis and detection of pathogens.

The global veterinary diagnostic market segments include products, end user, animal type and technology.

Products are sub-segmented into:

• Instruments
• Consumables

End user is sub-segmented into:

• Research institutes & universities
• Veterinary hospitals & clinics
• Point-of-care/in-house testing
• Reference laboratories

Animal type is sub-segmented into:

• Companion animal
  • Cats
  • Horse
  • Dogs
  • Other companion animals
• Livestock animal
  • Poultry
  • Cattle
  • Swine
  • Other livestock animals

Technology is sub-segmented into:

• Immunodiagnostic test
  • ELISA
  • Allergen-specific immunodiagnostic tests
  • Immunoassay analyzers
  • Lateral flow assays
  • Other immunodiagnostic tests
• Clinical biochemistry
• Molecular diagnostics
  • Polymerase chain reaction (PCR)
  • Microarrays
  • Other molecular diagnostics
• Diagnostic imaging
  • MRI scanning
  • Ultrasound imaging
  • Other diagnostic imaging
• Hematology
• Other technologies

This report covered the present market conditions and the growth prospects of the global veterinary diagnostic market for 2019-2027 and considered the revenue generated through the sales of veterinary diagnostic for products, end user, animal type and technology to calculate the market size by considering 2018 as the base year.

Geographically, the global veterinary diagnostic market has been segmented on the basis of four major regions, which include:

• North America Veterinary Diagnostics Market : The United States & Canada
• Asia-Pacific Veterinary Diagnostics Market : China, India, Japan, Australia, South Korea & Rest of APAC
• Europe Veterinary Diagnostics Market : The United Kingdom, France, Germany, Italy, Spain & Rest of Europe
• Rest of World: Latin America & the Middle East and Africa

The veterinary diagnostic market in North America is expected to hold the largest share by 2027 and constitute a market share of approx. 34% in 2018. Veterinary diagnostics market in North America has demonstrated to be consistent in terms of revenue growth in recent years and is expected to grow at a steady pace during the forecast period. In North America, the US dominated the veterinary diagnostics market with the maximum market share. The increase in household disposable income in the United States is expected to encourage the U.S. citizens to own and raise pets or companion animals, thereby, to deploy veterinary diagnostic techniques for the treatment of diseases in pets and thus, contributing to the United States veterinary diagnostic market growth.

On the other hand, the Asia-Pacific market for veterinary diagnostic is anticipated to the fastest-growing region in the global scenario. The market in APAC has potent growth opportunities as compared to other regions due to the emerging market conditions in APAC countries with high population, especially in China and India. The major force driving the market is the dependency on consumable livestock products to meet the needs of the ever-increasing population in these countries.

The veterinary diagnostic market is segmented by the end-user which is sub-divided into reference laboratories, veterinary hospitals & clinics, point-of-care/in-house testing and research institutes & universities. The market is also segmented on the basis of animal types which is further sub-divided into companion animal and livestock animal. The market segment for veterinary hospitals & clinics is primarily driven by the high numbers of domesticated animals globally along with the high prevalence of diseases among them. Reference laboratories market is chiefly driven by the high prevalence of zoonotic diseases and rising demand for animal-derived food products. The increasing prevalence of zoonotic diseases coupled with an increasing number of veterinarians and increasing disposable income has increased the demand for point-of-care/in-house testing. Research institutions and universities use veterinary diagnostic instruments and consumables during various researches and studies involving the animal model systems. Growth in the numbers of the companion animals across the world can be attributed to the progress of the companion animals market segment. Livestock animal market is primarily driven by rising demand for animal-derived food products.

The major market players of the global veterinary diagnostic market are:

• Qiagen N.V.
• Zoetis Inc.
• Idexx Laboratories, Inc.
• Heska Corporation
• Thermo Fisher Scientific Inc.

The company profiles cover analysis of important market players operating in the global scenario. Qiagen, headquartered in Hilden, Germany, is focused on delivering required consumables for every procedure form sample to insight solutions for Ion Torrent, and Illumina sequencer to enable the next wave of innovation in genomic research. Thermo Fisher has four business segments: laboratory products & services, analytical instruments, specialty diagnostics and life sciences solutions.

Key Findings of the Global Veterinary diagnostic market:

• Companion animal market holds the largest market share in terms of animal type and is anticipated to grow at a faster rate
• Point-of-care/in-house testing is the fastest growing end-user
• Molecular diagnostics to offer worthwhile opportunities
• Consumables are the widely used veterinary diagnostic product