Veterinary Infectious Diseases Diagnostics Market Size Like to Hit $2 Billion by 2026
Pune, Maharashtra, India, March 1 2021 (Wiredrelease) Allied Analytics –:Infectious diseases in animals are caused by different organisms such as bacteria, viruses, and. These infections lead to serious deterioration of animal health, which can also cause death. For instance, some serious infections caused by viruses in dogs include canine distemper and infectious canine hepatitis. Similarly, some infectious diseases caused by parasites in dogs include giardiasis and coccidiosis. Various tests and procedures are carried out to detect the presence of these viruses and bacteria in animal, which include use of products called veterinary infectious disease diagnostics. In addition, these diagnostics are used to perform tests on animals such as dogs, cats, and guinea pigs.
“Veterinary Infectious Disease Diagnostics Market by Product Type, Application: Global Opportunity Analysis and Industry Forecast, 2018–2026,” The global veterinary infectious disease diagnostics market size was valued at $1 billion in 2018, and is expected to reach $2 billion by 2026, registering a CAGR of 8.3% from 2019 to 2026.
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Rise in ownership of companion animals and surge in animal health expenditure are the major factors that boost the growth of the global veterinary infectious disease diagnostics market. In addition, increase in prevalence of various infectious diseases among companion animals significantly drives the growth of the market. However, lack of awareness related to the use of veterinary infectious disease diagnostics in underdeveloped countries restricts the growth of the market. On the contrary, surge in awareness related to animal healthcare across the globe is expected to offer remunerative opportunities for market expansion during the forecast period.
The global veterinary infectious disease diagnostics market is segmented on the basis of product type, application, and region. On the basis of product type, it is segmented into immunodiagnostics, molecular diagnostics, and others. By application, it is classified into dogs, cats, and others. By region, it is analyzed across North America (the U.S, Canada, and Mexico) and Europe (Germany, France, Italy, the UK and rest of Europe), Asia-Pacific (Japan, China, India, and rest of Asia-Pacific), and LAMEA (Brazil, Saudi Arabia, South Africa, and rest of LAMEA).
By product type, the immunodiagnostics segment acquired the largest share of the veterinary infectious disease diagnostics market in 2018. Furthermore, the segment is expected to grow at the fastest rate during the forecast period due to factors such as surge in the prevalence of infectious diseases in animals. Furthermore, other factor that contribute to the growth of the market include rise in animal healthcare expenditure. In addition, benefits associated with the use of these tests is another factor that fuels the growth of the market.
For instance, lateral flow assays provide rapid results and sensitive & accurate diagnosis, which makes them a preferred choice. In addition, other benefits include low sample volume, low cost, and user-friendly operation. Therefore, aforementioned factors contribute to the growth of veterinary infectious disease diagnostics market.
On the basis of region, North America acquired a major share, owing to easy availability of veterinary infectious disease diagnostic products in the region, surge in pet ownership, and increase in animal healthcare expenditure. However, Europe is expected to grow at the highest rate during the forecast period, due to surge in awareness related to animal health among owners. In addition, presence of majority of key players in Europe boosts the growth of the veterinary infectious disease diagnostics market in this region. .
Key Findings of the Study:
• By product type, the immunodiagnostics segment accounted for a share of approximately half the share of veterinary infectious disease diagnostics market in 2018.
• Region wise, Asia-Pacific is anticipated to grow at the highest CAGR throughout the forecast period.
• Immunodiagnostics segment is anticipated to grow at the highest CAGR throughout the forecast period.
• By application, dog segment accounted for a share of approximately half the share of veterinary infectious disease diagnostics market in 2018
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The global veterinary infectious disease diagnostics market is highly competitive and the prominent players in the market have adopted various strategies for garnering maximum veterinary infectious disease diagnostics market share. These include collaboration, product type launch, partnership, and acquisition. Major players operating in the market include Biomérieux SA, HESKA Corporation, IDEXX Laboratories, Inc., ID.Vet, Neogen Corporation, Qiagen N.V., Randox Laboratories Ltd, Thermo Fisher Scientific Inc, Virbac, and Zoetis.
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