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Global Veterinary Diagnostics Market is expected to reach the market valuation of US$ 6.14 billion by 2027 expanding at a significant CAGR of 9.4% during the forecast period (2021-2027) from US$ 3.25 billion in 2020. Veterinary diagnostics is the process of screening the underlying disease in healthy animals. It also helps veterinarians to monitor disease progression or response to treatment given.
The various factors driving the growth of the veterinary diagnostics market include the growing pet population across the world. For instance, in 2021, there are more than 900 million dogs and around 600 million cats living around the world, and their population continues to grow. Furthermore, the number of people adopting pets has been increasing owing to the rapid urbanization and shift to nuclear families. For instance, according to the United Nations, 68% of the world’s population is projected to lives in urban areas by 2050, up from 55% in 2018.
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The rise in per capita income leads to an increase in disposable income in the hands of people, which eventually raises the standard of living. Thus, the growing expenditure on pet health coupled with the rise in disposable income is another reason propelling the growth of the global veterinary diagnostics market. For instance, as per an article published by financial express, on average, Indians are earning 30% more now than six years ago. Per capita income in India rose from Rs 72,805 in FY15 to Rs 94,954 in FY19.
Another factor responsible for the growth of this market globally is the growing demand for animal-derived food coupled with rising incidences of zoonoses around the world. For instance, according to an article recently published in the Indian Journal of Community Medicine, in India, 816 out of 1407 human pathogens were zoonotic. Some of the major public health zoonotic diseases in India are rabies, brucellosis, Japanese Encephalitis (JE), plague, leptospirosis, Scrub typhus, Nipah, trypanosomiasis, Kyasanur forest disease (KFD), and Crimean-Congo hemorrhagic fever. Central Bureau of Health Intelligence reported around 110 cases of rabies, 1674 cases of JE, and 14971 cases of H1N1 in India during 2018. Also, according to an International Livestock Research Institute study, 13 zoonoses are the cause of 2.4 billion cases of human disease and 2.2 million deaths per year in India. Given these facts, it is necessary to prevent these diseases which can be done by regular monitoring and testing of the animals. Thereby, augmenting the growth of the veterinary diagnostics market all over the globe.
The COVID-19 pandemic has positively impacted the veterinary diagnostics market globally as there has been an increase in pet ownership with the rise in adoption rate as people stay home due to the lockdown restrictions. According to the European Pet Food Federation, nearly 21.2 billion was spent on pet services and products throughout the pandemic, 1.5 billion more than the previous year an increase of 7.6%. Furthermore, due to the outbreak of the novel coronavirus around the globe, testing volumes on animals as well as on humans is on continuous rise driving the growth of the veterinary diagnostics market across the globe.
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Based on products, the market is fragmented into consumables and instruments. The consumable segment dominated the global veterinary diagnostics market and grabbed X% market share. However, the instrument segment is also projected to grow at a substantial CAGR of X% between 2021-2027F. The growth of this segment is attributable to the rising R&D expenditure leading to the launch of advanced veterinary diagnostics instruments. For example, in September 2020, Zoetis launched Vetscan Imagyst, a diagnostic platform that uses a combination of image recognition technology, algorithms, and cloud-based artificial intelligence (AI) to deliver accurate testing results to the clinic.
Based on technology, the market is segmented into immunodiagnostics, clinical biochemistry, molecular diagnostics, hematology, urinalysis, and other technologies. The immunodiagnostics segments dominated the market in 2020 and is expected to grow exponentially during the forecast period owing to the increasing patient pool and mortality due to various animal-borne diseases such as rabies, zika virus, coronavirus, etc. For instance, the recent COVID-19 outbreak killed nearly 38.8 lakhs people, with 17.9 crores of reported cases till now.
Additionally, the report provides detailed report also provides insights of global veterinary diagnostics market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of APAC), and Rest of World. North America dominated the market and generated revenue of USD X billion in 2020 owing to the increased number of pet owners and a high degree of urbanization. For instance, North America was the most urbanized continent worldwide, with 82% of the population living in cities. At the same time, Asia-Pacific is also identified as a potential market offering significant growth opportunities for major players in the field of veterinary diagnostics.
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Some of the major players operating in the market include Idex-x Laboratories, Thermo Fisher Scientific, Zoetis Inc, Virbac, Randox, Qiagen, Neogen, Heska Corporation, Abaxis, Bio-rad Laboratories. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Veterinary Diagnostics Market Segmentation
Market Insight, by Product
Market Insight, by Technology
Market Insight, by Animal Type
Market Insight, by End-user
Market Insight, by Region
Top Company Profiles
Final Report will add the analysis of the impact of COVID-19 on this industry.”
In the highly import dependent Indian medical devices market, a large number of indigenous manufacturers of syringes & needles have managed to come up. However, it does not mean that imports are low for this market. Imports, as in the case with other medical devices, are quite high but the domestic manufacturers have been able to tap foreign markets through increasing exports. The target base of consumers is growing steadily which is expected to significantly boost sales in the market.
The report provides a snapshot of the syringes & needles market. It begins with the introduction section which mentions the features and uses of syringes & needles along with a brief description of the various phases in their development. The market overview section provides an insight into the market and highlights the market size. Import and export figures for syringes & needles, both in terms of volume and value have been provided in the next section. It also includes the regional break-up of the imports and exports.
An analysis of the drivers explains the factors leading to the growth of the market which include increasing need of insulin doses, increasing demand for vaccines, improving health infrastructure, growing incidence of diseases, changing demographics and health check-up packages. Some of the major challenges to the market are illegal recycling of syringes & needles and problems associated with usage. Government legislation in the market has been discussed in the next section.
The competition section highlights the features of the major players operating in the market. A brief profile of the major domestic and foreign players in the market along with their financials has been included in this section.
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A section providing strategic recommendations has been given at the end of the report which gives effective solutions to existing and potential players for improving market share and increasing profitability. The Market report answers the following questions:
What is the aim of the report?
What aspects regarding the regional analysis Market are included in this report?
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