The global veterinary diagnostics market has seen a paradigm shift in the past decade with the emergence of a number of new and technologically advanced products, which had a positive impact on the overall growth of the market. The market has seen many new technologies from the human diagnostics segment being adapted into the veterinary diagnostics segment. This trend still continues, and with the human diagnostics getting cheaper, their application into the veterinary segment is expected to grow further.
The global veterinary diagnostics market was valued at $2,859 million in 2013 and is expected to grow at a moderate CAGR during the forecast period of 2013 to 2018. The global market is segmented by product, type of animal, end user, and geography. The veterinary diagnostics market is segmented, by products, broadly into clinical chemistry, hematology analyzers, molecular diagnostics, and immunodiagnostics. The animal market is segmented into companion animal and food-producing animal. The companion animal market covers dogs, cats and horses. Food-producing animal market includes into poultry, cattle, swine, and others (fish, sheep, and goat).
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The market is further analyzed by end users. The report covers details about various end users of veterinary diagnostics in reference laboratories, hospitals and clinics, universities/research institutes, and point-of-care.
This market is mainly driven by the growing incidences of disease outbreaks, increasing companion animal market, and the increasing incidences of zoonotic diseases. Increasing awareness about animal health, increasing per capita income in emerging countries, and the antimicrobial resistance bacteria also significantly contribute in the growth of the market.
In 2013, the clinical chemistry segment commanded the largest share of the global market. Clinical chemistry segment will continue to dominate this market by 2018, growing at a moderate CAGR during the forecast period.
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North America contributes to the largest share to the global veterinary diagnostics market, followed by Europe, Asia-Pacific, and RoW. During the forecast period, the developed geographies like North America and Europe are likely to grow at a lower CAGR as compared to the Asian market. The APAC region is expected to have the fastest market growth during the forecast period, largely driven by the increasing per-capita income and the increasing awareness about the animal health in pet owners.
The major players in the veterinary diagnostics market include IDEXX Laboratories (U.S.), VCA Antech Inc. (U.S.), Abaxis Corporation (U.S.), Heska Corporation (U.S.), Zoetis Inc. (U.S.), Mindray Medical (China), Neogen Corporation (U.S.), and Thermo Fisher Scientific Inc. (U.S.).
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