From US$ 1.5 billion in 2021 to US$ 3.8 billion in 2032, the veterinary infectious disease diagnostics market is predicted to grow at a 9.0% CAGR through 2032, finds an exclusive report by Future Market Insights.
As per veterinary infectious disease diagnostics market study, there is a rise in the number of pets, the rising incidence of zoonotic diseases, the growing adoption for animal-derived food products, the rising demands for pet insurance, the upsurge in animal health expenditure, and the surge in the number of veterinary practitioners and income levels in developed economies which are contributing to the veterinary infectious disease diagnostics market growth.
The overall veterinary infectious disease diagnostics market growth is projected to be hindered by rising pet care expenses. One of the critical challenges restricting veterinarians’ adoption of veterinary infectious disease diagnostics is a dearth of skilled veterinarians and diagnostic infrastructure, particularly in developing countries. Another key hindrance to broader adoption is the expensive cost of modern diagnostic tests.
The COVID-19 pandemic is predicted to have a temporary and moderate effect on the veterinary infectious disease diagnostics market during the forecast period.
To remain ‘ahead’ of your competitors, request for a sample @ https://www.futuremarketinsights.com/reports/sample/REP-GB-14276
On a global scale, there has been an increase in the overall companion animal population and adoption rate. As a result, demand for pet care products and services are predicted to rise as the pet population grows, supporting the growth of related sectors such as veterinary infectious disease diagnostics.
Although the pet insurance industry is growing, the number of animals covered for treatment remains low. As a result, the animal’s owner usually bears the majority of the cost of treatment. Along with the rising cost of pet insurance, the cost of veterinary diagnostic lab treatment is also rising at a rapid pace.
The majority of veterinary clinics have basic veterinary laboratory testing capabilities.
Veterinary practitioners are under pressure to raise their fees due to the lower pay in this sector compared to other advanced-degree professions such as dentistry and law. In addition, high pet care expenses directly impact the number of visits pet owners make to veterinary lab facilities, limiting the veterinary infectious disease diagnostics market growth.
In the present COVID-19 pandemic, testing has shown that the virus travels more from animal diagnostics to the animal than from human to human or human to animal. Therefore, the demand for PCR panels for virus testing is projected to rise as more pet owners begin testing their animals for the absence of these diseases. This will unlock the veterinary infectious disease diagnostics opportunity for new molecular diagnostics panels to enter the vet lab market.
There is a significant imbalance between veterinary diagnostics demand and supply for veterinary specialists in developing economies such as Brazil, China, and Southeast Asia. The majority of veterinarians operate in private vet labs dedicated to companion animals around the world, resulting in a scarcity of resources for agricultural or food-producing animals.
According to end-users, reference laboratories are likely to dominate veterinary infectious disease diagnostics market growth. The veterinary diagnostics market is being bolstered by an increase in the number of samples for examination and an increase in in-house testing.
The Asia-Pacific area is set to grow lab for vets at a breakneck pace. Veterinary Infectious Disease Diagnostics manufacturers and important players will find attractive prospects in emerging economies like China, India, and South Korea. The region’s market is developing due to rising zoonotic disease occurrences and demand for infectious disease diagnostics.
- The highest veterinary infectious disease diagnostics market is further expected to reach US$ 3.8 Bn by 2032.
- According to AVMA, there were around 26,000 veterinary hospitals & clinics in the U.S. in 2019, and more than 80% of them provided point-of-care testing.
- The consumables, reagents & kits product segment held the largest veterinary infectious disease diagnostics market share of more than 52% in 2021.
- The study finds that Asia-Pacific has the highest veterinary infectious disease diagnostics market growth, which is growing due to the contribution of the following emerging countries such as India, with a CAGR of 11.7%.
- The non-infectious diseases segment held the maximum veterinary infectious disease diagnostics market share of more than 27% of the global revenue in 2021.
- The pathology testing type segment dominated the veterinary infectious disease diagnostics market in 2021 with a share of more than 13% owing to its wide variety of service offerings, such as various lab tests, imaging, and specialized tests.
- The laboratories segment held the largest revenue share of more than 37% in 2021.
The veterinary infectious disease diagnostics market is competitive, with only a few leading competitors.
Due to their significant regional footprint in many locations, these critical veterinary infectious disease diagnostics manufacturers had a strong market position. Biomerieux S.A., Heska Corporation, IDVet, IDEXX veterinary Laboratories, Inc., and Indical Bioscience are some market leaders.
For critical insights, request for PDF Brochure @ https://www.futuremarketinsights.com/reports/brochure/rep-gb-14276
Why Future Market Insights?
• Comprehensive analysis on evolving purchase pattern across different geographies
• Detailed insights of market segments and sub-segments for historical as well as forecast period
• A competitive analysis of prominent players and emerging players in the keyword market
• Detailed information about the product innovation, mergers and acquisitions lined up in upcoming years
Ground breaking research and market player-centric solutions for the upcoming decade according to the present market scenario
Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI’s latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
Mr. Debashish Roy
Unit No: AU-01-H Gold Tower (AU), Plot No: JLT-PH1-I3A,
Jumeirah Lakes Towers, Dubai,
United Arab Emirates
MARKET ACCESS DMCC Initiative
For Sales Enquiries: firstname.lastname@example.org
For Media Enquiries: email@example.com