Veterinary Diagnostic Devices Market by Type and Geography - Forecast and Analysis 2020-2024

The global veterinary diagnostics market size has the potential to grow by USD 815.28 million during 2020-2024. The market’s growth momentum will accelerate throughout the forecast period.

This report provides a detailed analysis of the market by geography (Asia, Europe, North America, and ROW) and type (companion animals and livestock). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including AMETEK Inc., bioMérieux SA, EKF Diagnostics Holdings Plc, Halma Plc, Heska Corp., HORIBA Ltd., IDEXX Laboratories Inc., Revenio Group Oyj, Virbac SA, and Zoetis Inc.

Market Overview

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Market Competitive Analysis

The veterinary diagnostics market is fragmented, and the degree of fragmentation will increase over the forecast period. IDEXX Laboratories Inc., Revenio Group Oyj, Virbac SA, and Zoetis Inc. are a few of the significant market participants. Although the accelerating market growth momentum will offer immense business opportunities to the vendors, high costs associated with pet care will challenge the growth of many. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market positions, this veterinary diagnostics market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of the companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. This veterinary diagnostics market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading veterinary diagnostics companies, including:

• AMETEK Inc.
• bioMérieux SA
• EKF Diagnostics Holdings Plc
• Halma Plc
• Heska Corp.
• HORIBA Ltd.
• IDEXX Laboratories Inc.
• Revenio Group Oyj
• Virbac SA
• Zoetis Inc.  

Veterinary Diagnostics Market: Segmentation by Region

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North America was the largest market for veterinary diagnostics in 2019. The rising animal healthcare expenditure, expansion of veterinary clinics and hospitals, and the presence of prominent vendors are fueling the growth of veterinary diagnostics market size in North America.

Over 49% of the overall market’s growth will originate from North America during the forecast period. The increasing pet ownership and rising number of pet insurance partnerships are expected to boost the demand for veterinary diagnostic devices in North America during the forecast period. The US is one of the key markets for the veterinary diagnostics market in the region. Market growth in this region will be faster than the growth of the market in Europe and ROW.

Veterinary Diagnostics Market: Segmentation by Type

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The increasing pet ownership and the rising healthcare expenditure associated with companion animals are increasing the demand for veterinary diagnostics devices. This will drive the growth of the veterinary diagnostics market over the forecast period.

The growth of the market in the companion animal segment is expected to be faster than the market’s growth in the livestock segment over the forecast period. This report provides an accurate prediction of the contribution of all the segments to the growth of the veterinary diagnostics market size.

Veterinary Diagnostics Market: Key Drivers and Trends

The prevalence of infectious diseases such as rabies, foot and mouth disease, brucellosis, and bluetongue is high among companion and livestock animals. This drives the need for effective management and control measures to prevent the spread of zoonotic diseases. As a result, there is a significant scope of growth for veterinary clinics and hospitals. This, in turn, has been increasing the demand for various diagnostic devices, such as hematology analyzers, blood glucose monitors, centrifuges, and laryngoscopes among veterinary facilities.

Compared with developing countries, veterinary facilities in developed countries are advanced with well-equipped critical care units, which has a significant influence on the veterinary diagnostics devices market growth. Identifying the notable market growth, vendors are focusing on new product launches to ensure sustainable presence in the competitive environment. These factors are directing the global veterinary diagnostics market size toward an exponential growth curve.

• The rising demand for pet insurance with growing animal health expenditure is one of the significant veterinary diagnostics market trends.
• The rising costs of animal healthcare have increased the need for pet insurance policies.
• The insurance companies mostly have reimbursement-based programs at present, aiding pet owners in covering unplanned healthcare costs.
• As a result, pet owners and livestock caretakers are not hesitating in availing healthcare services for animals.
• The pet insurance industry is rapidly growing in regions such as North America.
• These factors are contributing to the growth of the veterinary diagnostics market, which will register a CAGR of almost 9% during 2020-2024.

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Veterinary Diagnostics Market: Key Highlights of the Report for the Forecast Period 2020-2024

• CAGR of the market during the forecast period 2020-2024
• Detailed information on factors that will accelerate the growth of the veterinary diagnostics market during the next five years
• Precise estimation of the global veterinary diagnostics market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the veterinary diagnostics industry in Asia, Europe, North America, and ROW
• A thorough analysis of the market’s competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of veterinary diagnostics vendors

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