The growing population of companion animal population coupled with the increasing demand of latest veterinary infectious disease diagnostic equipment is driving the market growth. The growing need for pet insurance alongside increasing disease control and prevention guidelines is stimulating the market. In addition, the increasing cases of food and zoonotic and foodborne diseases is leading to more efficient diagnostic options, thus propelling the market.
The market is bifurcated into technology, animal type, end-user, and by region. In terms of technology, immunodiagnostics segment dominantes the market. Increasing demand for early disease detection and diagnosis coupled with improvements in the immunoassay formats is propelling the market. Based on animal type, the companion animals are expected to dictate the market growth. Growing disease control and disease prevention and rise in the adoption of dogs and cats are driving the growth of the companion animal segment. Rising penetration of pet insurance alongside the growing number of veterinary practitioners globally is fueling the demand of the market. Based on sub segment infections type, viral infections, the growing need to prevent infections from animal to humans and animals to animals is driving the market growth. The growing need to detect diseases in animals is also driving the market growth. Based on end-users, reference laboratories are expected to dominate the growth of the market. The rise in the number of samples for analysis coupled with rise in in-house testing is bolstering the market.
In terms of regions, North America accounts for a vast share of the market. Growing animal healthcare expenditure and prevalence of multiple animal diseases and injuries is bolstering the market in the region. Additionally, rising pet adoption is positively influencing the market. Asia-Pacific region is expected to showcase exponential growth. Emerging economies like China, India, and South Korea are offering lucrative opportunities for manufacturers and key players. Rising incidences of zoonotic diseases and growing demand for infectious disease diagnostics is driving the market growth in the region.