Veterinary Infectious Disease Diagnostics Market worth $2.6 billion by 2026 - Exclusive Report by MarketsandMarkets™

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Feb 07, 2022, 06:30 ET

CHICAGO, Feb. 7, 2022 /PRNewswire/ -- According to the new market research report "Veterinary Infectious Disease Diagnostics Market by Technology (Immunodiagnostics, Molecular Diagnostics (PCR)), Animal (Companion, Food-producing animals), End User (Reference Labs, Hospital, Clinics, Universities) - Global Forecast to 2026", published by MarketsandMarkets™, the global market is expected to reach USD 2.6 billion by 2026 from an estimated USD 1.7 billion in 2021, at a CAGR of 9.0%.

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The major factors driving the growth of the veterinary infectious disease diagnostics include the growing demand for rapid tests, rising technological advancements, growth in companion animal population, rising demand for pet insurance, increasing incidence of transboundary and zoonotic diseases, rising number of veterinary practitioners in developed economies, increasing disease control & disease prevention measures, and growing animal health expenditure. However, increasing pet care costs are expected to restrain the market growth to a certain extent. Additionally, the lack of animal healthcare awareness in emerging markets, coupled with a shortage of veterinarians in these regions, poses a challenge to the growth of this market.

The impact of the COVID-19 pandemic and the lockdowns it triggered is visible on various markets, including the veterinary infectious disease diagnostics market. A person with COVID-19 might transmit the virus that causes this disease to pet cats and dogs (and perhaps pet ferrets) in the same way we might transmit it to another person. Since the initial outbreak of COVID-19, multiple countries have reported infections of SARS-CoV-2 in mammals. Further, the global number of naturally infected animals is far less than the number of people with COVID-19, indicating that animals, including pets, are not a driver of the COVID-19 pandemic—the pandemic continues to be driven by human-to-human transmission. Due to an increase in the prevalence of COVID-19 across the globe, testing volumes on humans and animals continue to rise. At the height of the pandemic, many countries stipulated that only urgent or emergency procedures necessary for the veterinary healthcare of companion animals could take place. COVID-19 pandemic is expected to have a temporary and minimal impact on the market during the forecast period.

Immunodiagnostics segment occupies the largest share in the global veterinary infectious disease diagnostics market in the 2020

Based on technology, the global veterinary disease diagnostics market is segmented into immunodiagnostics, molecular diagnostics, and other technologies. In 2020, the immunodiagnostics segment occupied the largest share in the global market. The higher preference for this technology by veterinarians, pet owners, and livestock producers contributes to the large share of the immunodiagnostics segment. The growing demand for early & accurate diagnosis; increasing preference for in-house testing; and the increasing applications of immunodiagnostics are supporting the growth of this application segment.

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The companion animal segment dominated the global veterinary infectious disease diagnostics market in 2020

Based on the animal type, the global market is segmented into companion animal and food-producing animals. In 2020, the companion animals segment accounted for the largest share of the global market. The growth in this segment is attributed to the increasing pet ownership (especially in developed countries), rising penetration of pet insurance, a growing number of veterinary practitioners globally, and increasing animal disease control and disease prevention measures.

Veterinary reference laboratories are the major end users in the veterinary infectious disease diagnostics market in 2020

Based on end users, the global veterinary infectious disease diagnostic market is segmented into veterinary reference laboratories, veterinary hospitals and clinics, point-of-care testing/in-house testing, and veterinary research institutes and universities. Veterinary reference laboratories were the major end users in the market in 2020. The large share of this segment can primarily be attributed to the growing number of veterinarians, the increasing number of veterinary practices, and the rising number of samples received for diagnostics in reference laboratories from small and large animal practices. Rising awareness among pet owners regarding routine and preventive care is further expected to propel market growth.

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Asia Pacific is expected to grow at the highest CAGR in the veterinary infectious disease diagnostics market

Asia Pacific is expected to grow at the highest CAGR in the market during the forecast period. In 2020, the China accounted for the largest share of the Asia Pacific market. In the past few years, the market in the Asia Pacific region has witnessed significant changes owing to factors such as growth in pet adoption, increasing awareness regarding animal health, and growing per capita animal health expenditure, especially in India and China.

Some of the major players in the veterinary infectious disease diagnostics market include IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Thermo Fisher Scientific, Inc. (US), Virbac (France), bioMérieux SA (France), Heska Corporation (US), IDvet (France), NEOGEN Corporation (US), QIAGEN N.V. (a part of INDICAL Bioscience) (Europe), Randox Laboratories Ltd. (UK), Agrolabo S.p.A. (Italy), Bio-Rad Laboratories (US), Bionote, Inc. (South Korea), Biogal Galed Labs (Israel), BioChek (Netherlands), (UK), Biopanda Reagents (UK), URIT Medical Electronic Co. Ltd. (China), MEGACOR Diagnostik GmbH (Austria), LIVET (UK), INDICAL BIOSCIENCE GmbH (Germany), Fassisi GmbH (Germany), Alvedia (France), SKYER, Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), and Precision Biosensor (US).

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