The factors driving the market growth include increased animal healthcare expenditure, rising incidence of zoonotic diseases, and the growing number of veterinary practitioners as well as disposable income in the developing regions.

Globally, the COVID-19 pandemic has highlighted the adaptability and response by veterinary diagnosticians to an emerging infectious disease and their role in maintaining animal health and protecting human public health. In addition, as per the University of Glasgow, during the COVID-19 pandemic, COVID-19 has been reported in domestic cats, dogs, and non-domestic cats.

Several zoo animals have also been reported to have been infected by the virus. For instance, in May 2020, the United States Department of Agriculture’s (USDA) National Veterinary Services Laboratories confirmed SARS-CoV-2 in one tiger at a zoo in New York. This is the first instance of a tiger being infected with COVID-19. Samples from this tiger were taken and tested after several lions and tigers at the zoo showed symptoms of respiratory illness.

The diagnostic tests are generally performed by taking faeces, tissue samples, and the blood of animals. Worldwide, increasing pet ownerships and many people are shifting from towns to urban localities across developed and emerging markets which are increasing demand for veterinary diagnostics.

Also, the rise in haemorrhagic viral disease, zoonotic and foodborne diseases, have increased the responsibility of owners and animal healthcare organizations to invest more in their healthcare. For instance, according to the Center for Infectious Disease Research and Policy (CIDRAP) 2020 report, based on nasal swabbing the Chinese scientists isolated 179 swine influenza viruses from pigs across 10 Chinese provinces between 2011 and 2018.

Furthermore, in 2018, according to the data published by the American Pet Products Association (APPA), the total pet healthcare expenditure was USD 72.13 billion, as compared to USD 69.51 billion in 2017. Therefore, the rise in disposable income is another major factor influencing the animal health expenditure. Apart from the per capita animal health expenditure, industries across the world are also spending more in the field of veterinary disease diagnosis and treatment.

According to the Animal Health Institute (AHI), every year, the AHI member companies spend 10%-12% of their sales to invest in new innovations in veterinary health. Hence, numerous medical devices have been developed by scientists, as a result of which the diagnosis has improved radically, along with prevention and treatment of animal health issues.

In case of developed markets, many private insurance companies are attracting owners and companies which is boosting the growth of the market. However, high cost of pet care and imaging devices and lack of veterinarians is impeding the veterinary diagnostics market growth.

Free Sample report for this report is available :- https://www.statzyreports.com/report/sr497897/veterinary-diagnostics-market

Key Market Trends

Molecular Diagnostics is Estimated to Hold Significant Market Share Over the Forecast Period

In 2019, the molecular diagnostic segment generated revenue of around USD 514.73 million. Globally, the use of molecular diagnostics has been increasing for the detection of veterinary pathogens. It involves the detection of pathogens directly by checking the presence of RNA or DNA in the host or indirectly by prior amplification of the genome of the infectious agent. Moreover, modifications in a molecular diagnostic test like PCR have generated a vast array of fast, reliable and specific assays which have widespread applications in veterinary diagnostics.

During the COVID-19 pandemic, worldwide, animal health authorities carried out tests to understand how the virus is affecting animals. The research studies and testing show that felines are more susceptible than other animals. The most recent development in the veterinary diagnostics market is the introduction of a PCR panel for testing the COVID-19 virus in animals by IDEXX Laboratories, Inc., in April 2020, which has tested up to 6,000 specimens.

Globally, people are showing interest or importance towards rapid tests, which helps in providing results within 24 hours or during the initial examination period of an animal. Thus, molecular diagnostics are important diagnostic tools for both farm animals and pets to protects the animals from diseases.

As per World Organisation for Animal Health, as of 2020, there are approximately 117 animal diseases, infections and infestations. Adding to that, with the rising pet ownership and increasing awareness, the veterinary diagnostics market is expected to grow over the forecast period.

North America is Expected to Hold Major Market Share Over the Forecast Period

In North America region, in countries such as United States and Canada there is an increasing number of people adopting pets and several facilities provide pet care services. For instance, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 67% of households or about 85 million families in the United States own a pet.

In April 2020, the CDC and the US Department of Agriculture’s (USDA) National Veterinary Services Laboratories (NVSL) confirmed the cases of two pet cats that were infected by COVID-19. These were the first pets in the United States to test positive for the disease.

As per American Veterinary Medical Association, in April 2020, United States announced the availability of a reverse transcriptase-polymerase chain reaction (RT-PCR) test for SARS-CoV-2 in domestic animals, including cats and dogs.

Furthermore, increasing investments towards the animal as protection of their household as well as improving upon human-animal relationship driving the veterinary diagnostics market in this region. Also, the steady importance given to agricultural contribution to these countries makes the owner more responsible for better care of farm animals is expected to drive market growth over the forecast period.

Competitive Landscape

The Veterinary Diagnostics Market is moderately consolidated competitive. The major market players are focusing on improved diagnostics techniques for animal care, especially protecting the animals from diseases from changing weather conditions. For instance, In January 2018, IDEXX launched its IDEXX catalyst SDMA test to analyze kidney function in companion animals. Some of the major players in the market are Biomérieux SA, Idexx Laboratories, Virbac, Thermo Fisher Scientific and Zoetis, Inc, among others.

Reasons to Purchase this report:

The market estimate (ME) sheet in Excel format

3 months of analyst support

For sample report please visit : https://www.statzyreports.com/report/sr497897/veterinary-diagnostics-market
Contact Us:
Poojan Dogra
Public Relations Manager
Email : [email protected]
Email : [email protected]
(IN) - +918484035727
(US) - +1415-871-0483
Website : www.statzyreports.com