Veterinary Diagnostics Market to Reach $5.38 Billion by 2027- Exclusive Report by Meticulous Research® Covering Emerging Growth Factors, Pre and Post COVID-19 Estimates
Redding, California, March 16, 2021 (GLOBE NEWSWIRE) — According to a new market research report titled ‘ Veterinary Diagnostics Market by Product (Consumables, Systems, Software), Technology (Immunodiagnostics, Hematology, PCR), Animal Type (Canine, Feline, Ruminant, Poultry), End User (Reference Labs, Veterinary Hospitals, Point-of-Care Testing), and Geography—Forecast to 2027 ’ published by Meticulous Research ® , the veterinary diagnostics market is expected to grow at a CAGR of 8.7% from 2020 to reach $5.38 billion by 2027.
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The demand for animal-derived food products, such as meat, milk products, and eggs, has increased in recent years. According to the FAO, feeding a world population of 9.7 billion would require raising the overall agri-food production by around 50–70% by 2050. However, agricultural productivity has declined in recent years, largely due to the shirking of resources, particularly cultivable lands. Due to this, the demand for animal-derived food products is on the rise, globally. This increased demand for animal-derived food products can be met by increasing the number of animals, adopting better reproductive strategies, and improving health coverage based on newer veterinary diagnostic technologies. Apart from this, governments worldwide are focused on increasing awareness regarding animal diseases by undertaking initiatives related to diagnoses. Also, governments are working with domestic and international partners to promote animal health products. These initiatives help to educate decision-makers, regulatory agencies, reference laboratories, and other end users regarding the importance of veterinary diagnosis. For instance, the Zoonotic Disease Integrated Action (ZODIAC) initiative was established in June 2020 to help countries prevent pandemics caused by bacteria, parasites, fungi, or viruses of animal origin that may prove harmful to humans. ZODIAC will establish a global network to help national laboratories in the monitoring, surveillance, early detection, and control of animal and zoonotic diseases such as COVID-19, Ebola, avian influenza, and Zika.
The Impact of COVID-19 on the Veterinary Diagnostics Market
Since the outbreak of COVID-19 in November 2019, the infection, which was linked to a live animal market, has spread from person to person. SARS-CoV-2 infections have been reported in a small number of animals worldwide, mostly in animals that were in close contact with a person who was sick with COVID-19. At this time, routine testing of animals is not recommended. State and local animal health and public health officials are working with the USDA and the U.S. Centers for Disease Control and Prevention (CDC) to determine whether animals should be tested for SARS-CoV-2. In June 2020, the United States Department of Agriculture’s (USDA) National Veterinary Services Laboratories (NVSL) announced the first confirmed case of the SARS-CoV-2 (the virus that causes COVID-19) infection in a pet dog (German shepherd) in New York state. This was the first dog in the United States to test positive for SARS-CoV-2. Currently, there is no evidence supporting that animals play a significant role in the spread of SARS-CoV-2. However, reports from infected mink farms in the Netherlands and Denmark suggest that there is the possibility of contracting SARS-CoV-2 from mink to humans in these environments.
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The CDC, USDA, and state public health and animal health officials in several countries are working to conduct active surveillance of SARS-CoV-2 in pets, including cats, dogs, and other small mammals, that came in contact with a person suffering from COVID-19. The animals are being tested for the SARS-CoV-2 infection and also to check whether they develop antibodies to this virus. Although the testing of animals involves the same techniques as those used for humans, the NVSL and other laboratories have incorporated animal-specific reagents to preserve the needed supplies for testing humans. For instance, in April 2020, IDEXX Laboratories, Inc. (U.S.) launched the IDEXX SARS-CoV-2 (COVID-19) RealPCR Test for pets in response to the growing evidence that in rare cases, pets living with COVID-19 positive humans can be at risk for SARS-CoV-2 infection.
Thus, the research on SARS-Cov-2 in animals is limited, but several studies are underway to learn more about coronavirus infection in animals. This will lead to the development of various assays and kits for testing, which will, in turn, increase the adoption of veterinary diagnostic products.
The veterinary diagnostics market is mainly segmented based on product (consumables, systems & software), technology (immunodiagnostics, PCR), animal type (canine, feline, ruminant, poultry), end user (reference labs, veterinary hospitals, point-of-care testing), and geography. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.
Based on technology, the immunodiagnostics segment accounted for the largest share of the overall veterinary diagnostics market in 2020. Factors such as immunodiagnostics’ rapid results, convenient use, and accuracy in detecting and quantitating targets support the segment’s largest share. The continuous development of new biomarkers, their cost-benefit, and the growing adoption of automated platforms for ELISA are factors expected to increase the adoption of this technology.
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Based on product, the consumables segment accounted for the largest share of the overall veterinary diagnostics market in 2020. The segment’s largest share is attributed to the frequent and repetitive usage of consumables with the growing prevalence of foodborne and zoonotic diseases, commercial availability of a diverse range of reagents and consumables for screening various diseases and animal health, and the emergence of various POC tests and assays, which is further expected to create significant opportunities for the players operating in the veterinary diagnostic consumables market.
Based on animal type, the companion animals segment accounted for the largest share of the overall veterinary diagnostics market in 2020 and is expected to grow the fastest during the forecast period. Factors such as the increasing companion animal population and pet ownership in developed countries and the rising pet healthcare expenditures contribute to the segment’s largest share.
Based on end user, the reference laboratories segment accounted for the largest share of the overall veterinary diagnostics market in 2020. The growing preference for diagnostic services offered by reference laboratories and the increasing product developments through strategic alliances between laboratories and companies contribute to the segment’s largest share in this market.
The report also includes an extensive assessment of the product portfolios, geographic analysis, and key strategic developments of leading market participants during 2018–2021. The veterinary diagnostics market has witnessed number of new product launches, approvals, partnerships & agreements, and acquisitions in recent years. For instance, in July 2020, Zoetis Inc. (U.S.) acquired Fish Vet Group (U.K.) from Benchmark Holdings, PLC (U.K.) to develop and commercialize fish vaccines and offer vaccination and diagnostic services for aquaculture. In February 2020, Neogen Corporation (U.S.) partnered with Ripe Technology, Inc. (U.S.) to adopt the innovative blockchain technology for Neogen’s food safety diagnostics and animal genomics and to connect the genomic profile of animals with their feeds.
The key players operating in the global veterinary diagnostics market are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Heska Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), INDICAL BIOSCIENCE GmbH (Germany), Agrolabo SpA (Italy), Neogen Corporation (U.S.), IDvet (France), and GD Animal Health (Netherlands) among others.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/veterinary-diagnostics-market-5123
Scope of the Report:
Veterinary Diagnostics Market, by Product
Veterinary Diagnostics Market, by Technology
- Other Immunodiagnostic Technologies
Other Immunodiagnostic Technologies Include Lateral Flow Assays, Rapid Immunoassays, and Allergy-specific Immunodiagnostic Tests.
- Molecular Diagnostics
- Other Molecular Diagnostic Technologies
Other Molecular Diagnostic Technologies Include Microarrays and Genetic Testing.
- Clinical Chemistry
- Other Technologies
Other Technologies Comprise Agar Gel Immunodiffusion, Virus Neutralization, and Hemagglutination Inhibition.
Veterinary Diagnostics Market, by Animal Type
- Companion Animals
- Other Companion Animals
Other Companion Animals Comprise Rabbits and Parrots.
- Livestock Animals
- Other Livestock Animals
Other Livestock Animals Comprise Equine and Fish.
Veterinary Diagnostics Market, by End User
- Reference Laboratories
- Veterinary Hospitals
- Point-of-Care (POC) Testing
Veterinary Diagnostics Market, by Geography
- North America
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- Rest of APAC (RoAPAC)
- Latin America
- Middle East & Africa
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