The global veterinary infectious disease diagnostics market was worth USD 168 billion in 2020 and is further projected to reach USD 307 billion by the year 2027 growing at the CAGR of 92 during the forecast period 20202027 ID: 846828
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Global Veterinary Infectious Disease Diagnostics Market Foreseen to Draw a Promising Growth: Projected to Grow at a CAGR of 9.2% During the Forecast Period Global Veterinary Infectious Disease Diagnostics Market - Industry Trends & Forecast Report 2027 Summary Global Veterinary Infectious Disease Diagnostics Market, By Technology (Immunodiagnostics, Molecular Diagnostics), By Animal - Type (Compan ion Animals, Food - Producing Animals), By End - User (Reference Laboratories, Veterinary Laboratories, and Clinics, Point of Care / In House Testing, Research Institutes and Universities), By Region (North America, Europe, Asia - Pacific (APAC), Latin America ( LATAM), Middle - East & Africa (MEA) Trend Analysis, Competitive Market Share & Forecast, 2017 - 2027 A recent study conduc ted by the strategic consulting and market research firm, BlueWeave Consulting , revealed that the global veterinary infectious disease diagnostics m arket was worth USD 1.68 billion in the year 2020. The research further states that the market is estimated to grow at a CAGR of 9.2%, earning revenue of around USD 3.07 billion by the end of 2027. Rising specialist and practitioner demand for advanced veterinary infectious disease diagnostic technologies such as nucleic acid diagnostics, biosensors, PCR, and biomarkers are propelling the global veterinary infectious disease diagnostics market forwar d. View report Press release Sample report Global Veterinary Infectious Disease Diagnostics Market Foreseen to Draw a Promising Growth: Projected to Grow at a CAGR of 9.2% During the Forecast Period Global Veterinary Infectious Disease Diagnostics Market - Industry Trends & Forecast Report 2027 The global veterinary infectious disease diagnostics market was worth USD 1.68 billion in 2020 and is further projected to reach USD 3.07 billion by the year 2027, growing at the CAGR of 9.2% duri ng the forecast period (2020 - 2027). Rising technological advancement in diagnostic devices, automation, rising companion animal population coupled with the increasing trend of pet insurance is the key factor anticipated to propel the demand of the veterina ry infectious disease diagnostics market in the forecast period. Also, rising investment in animal healthcare, increasing incidence of zoonotic diseases, rising disposable income in emerging economies will further drive the global veterinary infectious dis ease diagnostics. Global Veterinary Infectious Disease Diagnostics Market: Overview Several contagious diseases affect companion animals. These diseases can prove deadly and can lead to severe complications if not treated promptly. Veterinary infectious disease diagnosis refers to the detection of infectious diseases in animals. These dia gnostics are often used to indirectly monitor human health as well. Monitoring and control of zoonotic disease, an infectious disease transmitted from animals to humans, is a crucial part of the veterinary infectious disease diagnostics market. This is im portant for food safety, sanitation, and the well - being of both domesticated animals as well as the owner. Growth Drivers Growing demand for advanced diagnostic devices The rising demand for advanced veterinary infectious disease diagnostic technologies b y professionals and practitioners is fueling the growth of the veterinary infectious disease diagnostics market. Advanced diagnostics devices such as nucleic acid diagnostics, biosensors, PCR, and biomarkers are increasingly being used for routine diagnost ics. That is why manufacturing companies are increasingly focusing on research and development for launching new and better products which are technologically advanced and effective in diagnostics. These factors are expected to further propel the market du ring the forecast period. Increasing Disease Control and Disease Prevention Measures The growing prevalence of infectious diseases raises the risk of its spread in humans as well. Coronavirus is one of the most pertinent examples of this scenario. Therefor e, governments around the world are undertaking a variety of programs to combat the rising prevalence of infectious diseases to prevent a pandemic - like situation in the future. Rising government spending on animal healthcare, along with advanced healthcare facilities, and stringent regulatory and policy reforms are all increasing the demand for effective veterinary infectious disease diagnosis. Global Veterinary Infectious Disease Diagnostics Market Foreseen to Draw a Promising Growth: Projected to Grow at a CAGR of 9.2% During the Forecast Period Restraints Increasing Pet Care Costs Despite growing costs, pet owners are spending enough to properly care for th eir pets' health. However, with rising technological advancements, coupled with strict regulatory policies, and indirect reforms, the market may experience a setback during the forecast period. All these factors add to the overall cost of pet care and main tenance. With rising inflation, pet owners may try to cut down their overall expenses, which will directly affect the growth of the veterinary infectious disease diagnostics market. Impact of Covid - 19 o n the Global Veterinary Infectious Disease Diagnostics Market The global veteri nary infectious disease diagnostics market witnessed tremendous growth since the outbreak of the COVID - 19 pandemic. Coronavirus infection is a zoonotic disease that was first discovered in bats. Following the rapid spread of the virus and its global impact , public awareness regarding animal infection and zoonotic diseases increased. Pet owners also began diagnosing their animals regularly to avoid infection. As a result, demand for infectious disease diagnostics increased dramatically in order to avoid the spread of some other virus or pandemic scenario, thereby boosting market development. Global Veterinary Infectious Disease Diagnostics Market: Technology Based on technology, the global veterinary infectious disease diagnostics market is segregated into im munodiagnostics and molecular diagnostics. The rising emergence rate of advanced immunoassay formats and diagnostics is likely to contribute a major share to propel the growth of the immunodiagnostics segment in the global veterinary infectious disease dia gnostic market during the forecast period. Advantages associated with advanced technologies such as quick, sensitive, and accurate diagnosis, high rate of efficacy, and accurate result validation, coupled with the rising incidence of infectious diseases ar e anticipated to support the growth of the global veterinary infectious disease diagnostics market in upcoming years. Global Veterinary Infectious Disease Diagnostics Market: Animal Type Based on animal type, the global veterinary infectious disease diagno stics market is segmented into companion animals and food - producing animals. The companion animals segment holds the largest market share. The highly infectious nature of viral diseases is a significant factor driving the demand for viral infection diagnos is in companion animals. Additionally, the rising number of pet owners due to the humanization of animals as well as the need for companionship contribute to the growth of this segment. Increasing bacterial infection and worm infestation incidences are als o likely to contribute to the growing companion animal segment in the global veterinary infectious disease diagnostic market during the forecast period. Global Veterinary Infectious Disease Diagnostics Market: End - User Global Veterinary Infectious Disease Diagnostics Market Foreseen to Draw a Promising Growth: Projected to Grow at a CAGR of 9.2% During the Forecast Period Based on the end - user, the global vet erinary infectious disease diagnostics market is segmented into reference laboratories, veterinary hospitals & clinics, point - of - care/in - house testing, and research institutes & universities. The refere nce laboratories accounted for the largest market shar e. Reference laboratories are private facilities that perform diagnosis and offer a wide variety of tests. These laboratories handle high volumes of routine testing due to which it has high demand in the veterinary infectious disease diagnostics market. Ho spitals and clinics are also contributing to market growth because they are the first choice of animal owners for first - point care. Global Veterinary Infectious Disease Diagnostics Market: Regional Insights Geographically, the global veterinary infectious disease diagnostics market is segmented into North America, Europe, Asia - Pacific (APAC), Latin America, Middle - East & Africa. Among these regions, North America is expected to hold the largest market share followed by Europe due to factors such as favorabl e healthcare infrastructure and the availability of numerous market players in these regions. Furthermore, the availability of diagnostic devices, as well as increased pet ownership and growing healthcare spending, are driving market growth in North Americ a. Additionally, increasing companion animal ownership, combined with favorable animal welfare policies, is expected to drive the North American market during the forecast period. Competitive Landscape The leading market players of the global veterinary infectious disease diagnostics market are Biomerieux S.A., Heska Corporation, IDEXX Laboratories, Inc., IDVet, Neogen Corporation, Boehringer Ingelheim Vetmedica, Inc., Dechra Pharmaceuticals PLC, Ceva Santé Animale, Bayer AG, Vetoquinol S.A, HESKA Corpora tion, Demeditec Diagnostics GmbH, and other prominent players. The market players are constantly adopting growth strategies such as partnerships, mergers & acquisitions, etc., to expand their consumer base. They are also focusing on the launch of innovativ e and technologically advanced products to stay ahead of the curve. Recent Developments ï¬ ï ï In May 2021, The American Academy of Dermatology (AAD) reported a USD 7 million investment to extend the company's point - of - care target. This investment is geared to ward One Health's agenda of promoting animal, human, and environmental health. ï¬ ï ï In July 2020, LexaGene, a US - based molecular diagnostics company, announced the launch of a new genetic analyzer called âMiQLab. This technology can be used for performing real - time veterinary diagnostics testing at the point of care. Global Veterinary Infectious Disease Diagnostics Market Foreseen to Draw a Promising Growth: Projected to Grow at a CAGR of 9.2% During the Forecast Period Scope of the Report Attributes Details Years Considered Historical data â 2017 - 2020 Base Year â 2020 Forecast â 2021 â 2027 Facts Covered Revenue in USD Million Market Coverage North America, Europe, the Asia - Pacific, Latin America, and the Middle East and Africa Product Service/Segmentation By Technology, By Animal - Type, By End - User, By Region Key Players Biomerieux S.A., Heska Corporation, IDEXX Laboratories, Inc., IDVet, Neogen Corporation, QIAGEN N.V. (A Part of Indical Bioscience), Randox Laboratories, Ltd., Thermo Fisher Scientific, Virbac, Zoetis, Inc., Elanco, Merck & Co. Inc, Boehringer Ingelheim Vetmedica, Inc., Dechra Pharmaceuticals PLC, Ceva Santé Animale, Bayer AG, Vetoquinol S.A, HESKA Corporation, Demeditec Diagnostics GmbH, and other prominent play ers. By Technology ï ï ï Immunodiagnostics Lateral Flow Assays ELISA Tests Other Immunodiagnostic Technologies ï ï ï Molecular Diagnostics Polymerase Chain Reaction (PCR) Tests Microarrays Other Molecular Diagnostic Tests Global Veterinary Infectious Disease Diagnostics Market Foreseen to Draw a Promising Growth: Projected to Grow at a CAGR of 9.2% During the Forecast Period By Animal Type ï ï ï Companion Animals ï ï ï Food - Producing Animals By End - User ï ï ï Reference Laboratories ï ï ï Veterinary Laboratories and Clinics ï ï ï Point of Care / In House Testing ï ï ï Research Institutes and Universities By Region ï ï ï North America ï ï ï Europe ï ï ï Asia - Pacific (APAC) ï ï ï Latin America (LATAM) ï ï ï Middle - East & Africa (MEA) Global Veterinary Infectious Disease Diagnostics Market Foreseen to Draw a Promising Growth: Projected to Grow at a CAGR of 9.2% During the Forecast Period About us Blueweave Consulting offers a one - stop solution for your market intelligence needs for any service or product. 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For more information, kindly visit our Website www.blueweaveconsulting.com contact us at info@blueweaveconsulting.com Global Veterinary Infectious Disease Diagnostics Market Foreseen to Draw a Promising Growth: Projected to Grow at a CAGR of 9.2% During the Forecast Period Global Veterinary Infectious Disease Diagnostics Market Foreseen to Draw a Promising Growth: Projected to Grow at a CAGR of 9.2% During the Forecast Period