The veterinary diagnostics are tests, which help in determining and detecting various disorders associated with animals. The diagnostic tests are performed by taking the blood, faeces, and tissue samples, of animals. The increased pet ownerships with improving urban lifestyle and many shifting from towns to urban localities across developed and emerging markets drive the demand for veterinary healthcare as well as its diagnostics. Also, the rise in zoonotic and foodborne diseases, have increased the responsibility of owners and animal healthcare organizations to invest more in their healthcare. Apart from that, there are many private insurance companies in developed markets that are attracting owners and companies which are propelling the growth of the veterinary diagnostics market. However, Lack of Veterinarians and High Cost of Pet Care and Imaging Devices act as among the major restraints for the veterinary diagnostics market.
Key Market Trends
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Molecular Diagnostics are Estimated to Show Better Growth Over the Forecast Period
Growing importance is now been given to rapid tests, which helps in providing results within 24 hours or during the initial examination period of an animal. Molecular diagnostics are therefore very powerful diagnostic tools for both farm animals and pets to protects the animals from infectious diseases such as influenza. There are certain programs/initiatives run by veterinary healthcare companies to improve upon animal disease control, thus, enhancing their biotechnology scope. The studies involve manipulation of DNA through facilities to improve upon protein sequencing of the target and recombinant DNA technologies. Furthermore, with the rising pet ownership and increasing awareness, the veterinary diagnostics market is expected to grow.
North America is Expected to Have the Largest Share in the Global Market
The United States and Canada have a growing number of people adopting pets and several facilities provide proper pet care services in major cities of these countries. With increasing urban nature of the societies and more investments towards the animal as protection of their household as well as improving upon human-animal relationship, drives the market of veterinary diagnostics 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. The healthcare expenditure compared to other countries, also fuels the market growth in North America. Thus, it should hold a major share of the market, over the forecast period.
Competitive Landscape
The major market players are focusing on improved diagnostics techniques for animal care, especially protecting the animals from diseases from changing weather conditions. Some of the major players in the market are Biomérieux SA, Idexx Laboratories, Virbac, Thermo Fisher Scientific and Zoetis, Inc, among others.
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