The global Veterinary immunodiagnostics market will grow at a CAGR of 9.6% during the forecast period to reach USD 2,011.3 million by 2022, according to this latest publication from Meticulous Research®. It is driven by rising demand for animal-derived food products, growing animal health care expenditure, and increasing zoonotic and foodborne diseases. In addition, growth in companion and livestock animals, increasing number of veterinary practitioners, and increasing pet ownership are further expected to boost the growth of the global market of Veterinary immunodiagnostics.
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The veterinary immunodiagnostics market is segmented by product type (analyzers and consumables), animal type (livestock, companion), application (infectious disease, autoimmune disorder, endocrinology and oncology disease, and bone & mineral disease), technology (enzyme linked immunosorbent assay, radioimmunoassay, and rapid test), by end user (reference laboratories, academic and research institutes, veterinary hospitals & clinics, and point of care/ in house testing), and geography (North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa).
Veterinary immunodiagnostics Market, By Application, 2017- 2022
Based on the animal type, the market is further sub-segmented into cattle, pigs, and poultry. The companion segment is also further classified into feline, canine, and equine. The companion animals segment is expected to register the fastest growth during the forecast period, owing to rising number of pet ownerships, and growing expenditure on the health of pets.
Geographically, North America holds the major share in the global veterinary immunodiagnostics market, followed by Europe and Asia-Pacific region. However, Asia-Pacific region is projected to show lucrative growth potential for the veterinary immunodiagnostics market during the analysis period. The growth in the Asia-Pacific region is primarily attributed to the rising awareness and investment in improving animal healthcare, growing pet healthcare expenditure with rising income level, and rising demand for the animal derived food products.
The leading companies have employed various strategies to expand their product & application offerings, global footprint, and augment their market share. The key strategies followed by most companies in the global veterinary immunodiagnostics market were new product launches, agreements & partnerships, mergers & acquisitions, and expansions. New product launches was the most preferred growth strategy adopted by the key players, during the period of 2014-2017, enabling companies to expand their product offerings and ensure a competitive edge in the global veterinary immunodiagnostics market.
The key players in the global veterinary immunodiagnostics market are Abaxis inc., bioMérieux SA, IDEXX Laboratories inc., Heska Corporation, Virbac SA, Zoetis inc., Randox Laboratories Ltd., Neogen Corporation, Woodley Equipment Company Ltd, Thermo Fisher Scientific Inc., and QIAGEN N.V.
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