The factors driving the growth of the market include increasing animal population, rising demand for animal-derived food products, increasing incidence of zoonotic diseases, growing pet insurance purchases, rising animal health expenditure, and growth in the number of veterinary practitioners and their income levels in developed economies. However, increasing pet care costs may hinder the growth of this market to a certain extent.
In this report, the veterinary diagnostics market is segmented on the basis of product, technology, animal type, end user, and region. On the basis of product, the market is segmented into instruments and consumables. Based on technology, it is categorized into clinical biochemistry, immunodiagnostics, hematology, molecular diagnostics, urinalysis, and other veterinary diagnostic products. On the basis of animal type, the market is segmented into livestock and companion animals. Based on end user, it is categorized into reference laboratories, veterinary hospitals & clinics, point-of-care/in-house testing, and academic institutes & universities.
Geographically, the market is segmented into North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. In 2016, North America commanded a major share of the veterinary diagnostics market. However, Asia-Pacific is expected to register the highest growth during the forecast period. Growth in the Asia-Pacific market can be attributed to rising animal population, increase in demand for animal-derived food products, growing per capita animal health expenditure, especially in India and China, and rising awareness regarding animal health & welfare.
Some of the prominent players in the market include IDEXX Laboratories, Inc. (U.S.), Abaxis, Inc. (U.S.), Heska Corporation (U.S.), Neogen Corporation (U.S.), Zoetis, Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), QIAGEN N.V. (Netherlands), Virbac (France), and IDVet (France).
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