Veterinary Infectious Disease Diagnostics Market | Major Market Dynamics
Asia Pacific is expected to grow at the highest CAGR during the forecast period. Emerging economies in the region such as India, China, and South Korea, along with developed markets such as Japan and Australia, are offering high-growth opportunities for market players in the field of veterinary infectious disease diagnostics market. This can be attributed to factors such as the increasing adoption of pets, rising demand for infectious disease diagnostics in food-producing animals, and the growing incidences of zoonotic diseases.
Growing demand for advanced veterinary infectious disease diagnostic tools, increasing demand for animal-derived food products, growth in companion animal population, rising demand for pet insurance, an increasing number of veterinary practitioners in developed economies, and growing disease control & disease prevention measures are some of the key factors driving the veterinary infectious disease diagnostics market.
The global veterinary infectious disease diagnostics market is projected to reach USD 2.2 billion by 2024 from USD 1.4 billion in 2019, at a CAGR of 8.4%.
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End Users of Veterinary Infectious Disease Diagnostics Market:
1. Reference Laboratories
2. Veterinary Laboratories and Clinics
3. Point of Care / In House Testing
4. Research Institutes and Universities
The reference laboratories segment was the largest end-user of the market in 2018. The large share of this end-user segment is mainly due to a large number of samples received for analysis in reference laboratories from small and large animal practices.
In 2018, the companion animals segment commanded the larger share of the veterinary infectious disease diagnostics market. The large share of this segment can be attributed to the increasing pet ownership (especially in developed countries), growing penetration of pet insurance, rising number of veterinary practitioners globally, and increasing animal disease control and disease prevention measures.
The immunodiagnostics segment is expected to grow at the highest rate during the forecast period. The emergence of advanced diagnostic, new immunoassay formats, and diagnostic platforms are some of the main drivers for the growth of this segment. This segment is increasingly becoming a focus area for new product developments in the market.
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Key Market Players:
The major players operating in the veterinary infectious disease diagnostics market include IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), QIAGEN N.V. (Indical GmbH) (Germany), Thermo Fisher Scientific, Inc. (US), Neogen Corporation (US), Virbac (France), bioMérieux SA (France), IDVet (France), Randox Laboratories, Ltd. (UK), Heska Corporation (US), Creative Diagnostics (US), URIT Medical Electronic Group Co., Ltd (China), NTBIO Diagnostics, Inc. (Canada).
Idexx Laboratories, Inc. (US) dominated the veterinary infectious disease diagnostics market in 2018. The company offers a broad range of products integral to the market, which are used widely in key regions such as North America, Europe, Asia Pacific, Africa, and the Middle East. Idexx mainly focuses on the development of innovative products to further strengthen its position in the market. Some key offerings of the company include SNAP Pro analyzers, SNAP test kits, ELISA kits, SediVue Urine Analyzer, among other products.
An analysis of the market developments between 2016 and 2019 revealed that several growth strategies such as product launches & enhancements, partnerships, agreements, and acquisitions were adopted by market players to strengthen their product portfolios and maintain a competitive position in the veterinary infectious disease diagnostics market.