Veterinary diagnostics market worth $4.4 billion by 2027 –

Chicago, Sept. 16, 2022 (GLOBE NEWSWIRE) — The veterinary diagnostics market is expected to grow from USD 2.8 billion in 2022 to USD 4.4 billion by 2027, at a CAGR of 9.2% from 2022 to 2027, according to a new report by MarketsandMarkets™. This growth can be largely attributed to the growth in the pet population, the increasing incidence of transboundary and zoonotic diseases, and the growing demand for food products of animal origin. An increase in the overall pet population and adoption rate has been observed globally. According to several studies, having a pet is associated with positive health benefits, such as a reduction in cardiac arrhythmias, normalization of blood pressure, reduced anxiety, greater psychological stability and a good health. -be improved. The growing pet population is expected to drive the demand for pet care products and services, which in turn will support the growth of dependent industries such as veterinary diagnostics.

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The consumables segment accounted for the largest share of the global veterinary diagnostics market

Based on product, the veterinary diagnostics market is segmented into consumables and instruments. In 2021, the consumables segment accounted for the largest share of the global market. The large share of the consumables segment can be attributed to the growing awareness of animal health and increasing veterinary expenses.

In 2021, the clinical biochemistry segment accounted for the largest share of the global veterinary diagnostics market

Based on technology, the veterinary diagnostics market is segmented into clinical biochemistry, immunodiagnostics, molecular diagnostics, hematology, urinalysis, and other veterinary diagnostic technologies (including microbiology and histopathology testing). In 2021, the clinical biochemistry segment accounted for the largest share of the global market. Applications for this technology can range from studying kidney and liver function, managing diabetes, and assessing electrolyte and hormone levels, to monitoring and treating systemic inflammation caused by agents infectious such as bacteria, viruses and parasites.

Companion animal segment accounted for the largest market share in 2021

Based on animal type, the veterinary diagnostics market is segmented into companion animals and livestock. The companion animal segment accounted for the largest market share in 2021. This can be attributed to the growing number of pets globally, growing adoption of pet insurance, and availability of Less expensive and easy to use POC diagnostic tests for pets.

Veterinary reference laboratories are the main end-users of the veterinary diagnostics market, accounting for a share in 2021

On the basis of end users, the global veterinary diagnostics 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 are the major end-users of the market, accounting for a share in 2021. The significant share of this segment can mainly be the growing awareness among pet owners about routine and preventive care and the increasing number of specimens received by reference laboratories from small and large animal practices.

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Asia-Pacific Market is estimated to witness the Highest CAGR during the forecast period

The Asia-Pacific region is expected to register the highest CAGR during the forecast period. Growing adoption of pets, rising animal health awareness, and rising animal health spending per capita, especially in India and China, are driving the growth of the APAC market.

The key players in the veterinary diagnostics market

Major players in the veterinary diagnostics market are IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Heska Corporation (US), Thermo Fisher Scientific Inc. (US), NEOGEN Corporation (United States), Bio-Rad Laboratories Inc. (United States), bioMérieux SA (France), Virbac (France), FUJIFILM Holdings Corporation (Japan), Shenzhen Mindray Animal Medical Technology Co. Ltd. (China), INDICAL BIOSCIENCE GmbH (Germany), BioNote, Inc. (South Korea), Biogal Galed Labs (Israel), Agrolabo SpA (Italy), IDvet (France), Randox Laboratories Ltd. (Ireland), BioChek (Netherlands), Fassisi GmbH (Germany), Alvedia (France), SKYER, Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), Biopanda Reagents (UK), Precision Biosensor Inc. (South Korea), Skyla Corporation (China) and EUROIMMUN Medizinische Labordiagnostika AG (Germany).

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