Veterinary Diagnostics Market is predicted to value over USD 4.1 billion by 2027 end with a CAGR of over 9.2% during the forecast period 2020 to 2027.

Rising expenditure on animal healthcare, increased number of vet practitioners and rising prevalence of zoonotic diseases are some of the factors driving the veterinary diagnostics market growth. Moreover, a rise in the number of pet adoptions across the world shall further boost the market proliferation. As per the APPA survey, 2017, the canine population United States increased from over 69 million in 2012 to over 89 million in 2016 while the feline population witnessed a rise of over 6 million from 2012 to 2016. Additionally, the pet industry expenditure in the United States was projected to be over USD 70 million in 2017. 
Increased usage of latest technologies like fluorometric diagnostics, wearables, biosensors, nanotechnology and biomarkers along with in vitro diagnostics has significantly boosted the market growth. Furthermore, many key players are heavily investing on expanding their manufacturing facilities which shall increase the veterinary diagnostics market demand in developing regions. For example, Henry Schein in July 2017 announced a new website that provided e-commerce solutions that are improvised with an effective process for ordering medical, animal health and dental products for improving the user online experience. 
The emerging nations like India, Brazil are highly populated with farm and companion animals. However, the expenditure assigned to animal healthcare is relatively lower than developed nations. This is primarily due to a dearth of awareness amongst veterinary practitioners and pet owners regarding healthcare services provided to animals. Furthermore, veterinary diagnostic products are manufactured considering the North America and European markets which make them expensive for pet owner from developing markets, thereby posing a steep challenge to the market growth.  

Veterinary Diagnostics Market

Market Segmentation:

By Product
• Instruments
• Consumables

By Technology
• Immunodiagnostics
  o ELISA Tests
  o Allergen-specific Immunodiagnostic Tests
  o Immunoassay Analyzers
  o Other Immunodiagnostic Products
• Clinical Biochemistry
  o Glucose Monitoring
  o Blood Gas & Electrolyte Analysis
• Molecular Diagnostics
  o Polymer Chain Reaction (PCR) Tests
  o Microarrays
  o Other Molecular Diagnostic Products
• Hematology
  o Hematology Cartridges
  o Hematology Analyzers
• Urinalysis
  o Urinalysis Clips & Cartridges/ Panels
  o Urine Analyzers
  o Urine Test Strips
• Other Veterinary Diagnostic Technologies

By Animal Type
• Companion Animals
  o Dogs
  o Cats
  o Horses
  o Other Companion Animals
• Livestock Animals
  o Cattle
  o Pigs
  o Poultry
  o Other Livestock Animals

By End User
• Veterinary Reference Laboratories
• Veterinary Hospitals and Clinics
• Point-of-care/In-house Testing
• Research Institutes and Universities

By Region
•    North America
•    Europe
•    Asia-Pacific
•    Latin America
•    Middle East and Africa

The market is classified into product, technology, animal type, end user and region. The product segment is fragmented into instruments and consumables. The consumables segment is predicted to hold the veterinary diagnostics market share owing to a rise in the usage of consumables in healthcare settings. The technology segment is categorised into clinical biochemistry, urinalysis, immunodiagnostics, molecular diagnostics and haematology. 
The animal type segment is bifurcated into livestock animals and companion animals. The livestock animals are further divided into cattle, poultry, pigs and horses while the companion animals are further classified into dogs and cats. The companion animal segment is anticipated to lead the market during the forecast period owing to a rise in the number of pet owners in developed nations like the United States where the annual expenditure for animal healthcare has escalated in recent years. The end user segment is fragmented into veterinary reference laboratories, veterinary hospitals and clinics, point of care/in-housing testing and research institutes and universities.

Regional Analysis:

The North America region is anticipated to subjugate the market during the forecast period owing to a rise in the number of companion animal owners coupled with advancements in the veterinary healthcare infrastructure. 

Competitive Landscape:                            

Some of the key market players are IDEXX Laboratories, Abaxis, Zoetis, Qiagen N.V., Thermo Fisher Scientific, Neogen Corporation, Heska Corporation, Virbac, Biomérieux SA, Idvet, Randox Laboratories.  

IDEXX announced its catalyst SDMA in January 2018 for analysing the functionality of kidney in companion animals. Furthermore, Randox Laboratories announced Vivalytic in April 2018 under the molecular diagnostics analyser division. Similarly, Zoetis in April 2018, established sustainable animal healthcare infrastructure in underdeveloped economies like Nigeria, Ethiopia and Uganda and this initiative was funded by the Bill & Melinda Gates Foundation.

FutureWise Key Takeaways:

•    Growth prospects
•    SWOT analysis 
•    Key market trends 
•    Key data-points affecting market growth

Objectives of the Study:

•    To provide with an exhaustive analysis on the global veterinary diagnostics market by product, by technology, by animal type, by end user and by region
•    To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
•    To evaluate and forecast micro-markets and the overall market 
•    To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East and Africa
•    To record, evaluate and analyze competitive landscape mapping- product launches, technological advancements, mergers and expansions 

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