Animal Diagnostics Market is estimated to be US$ 5.41 billion by 2030 with a CAGR of 9.0% during the forecast period

Download Sample

Published Date: May 2023

Animal Diagnostics Market accounted for US$ 2.30 billion in 2020 and is estimated to be US$ 5.41 billion by 2030 and is anticipated to register a CAGR of 9.0%. The Corona virus has also affected a number of zoo animals, according to reports. For example, the National Veterinary Services Laboratories of the United States Department of Agriculture (USDA) verified SARS-CoV-2 in one tiger at a New York zoo in May 2020. This is the first time COVID-19 has been found in a tiger. After numerous lions and tigers at the zoo displayed symptoms of respiratory illness, samples from this tiger were taken and analyzed. Animal faeces, tissue samples, and blood are commonly used in diagnostic procedures. Increased pet ownership and movement of people from rural to urban areas are driving up demand for veterinary diagnostics in developed and emerging economies alike.

The report "Global Animal Diagnostics Market, By Type (Farm Animals and Companion Animals), By Application (Immunodiagnostics, Clinical Biochemistry, Hematology, Molecular Diagnostics, and Urinalysis), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2029’’

Key Highlights:

INDICAL BIOSCIENCE GmbH (Germany) bought the Svanova product portfolio from Boehringer Ingelheim in April 2021, allowing INDICAL to expand its portfolio by 25 assays for cattle.
BioChek (Netherlands) built a new office in Johannesburg, South Africa, in April 2021.
Lacuna Diagnostics (US) was acquired by Heska Corporation (US) in January 2021, bolstering the company's portfolio of point-of-care digital cytology technology and telemedicine services.
NEOGEN Corporation (US) released a preventative care DNA screening tool for detecting genetic illnesses in dogs in December 2020.
NEOGEN Corporation (US) partnered with Transnetyx Inc. (US) in November 2020, allowing NEOGEN to expand its footprint in the animal genomics and diagnostics sector.

Analyst View:

The rise in the number of companion animals, the rising incidence of transboundary and zoonotic diseases, the rise in demand for animal-derived food products, the rise in demand for pet insurance, the rise in animal health expenditure, and the rise in the number of veterinary practitioners and income levels in developed economies are all contributing to the industry's growth. Rising petcare expenditures, on the other hand, are likely to hinder overall industry growth. One of the key challenges restricting veterinarians' adoption of sophisticated diagnostic technologies is a dearth of skilled veterinarians and diagnostic infrastructure, particularly in developing countries. Another key impediment to wider adoption is the expensive cost of modern diagnostic tests.

Browse 60 market data tables and 35 figures* through 140 slides and in-depth TOC on “*Global Animal Diagnostics Market, By Type (Farm Animals and Companion Animals), By Application (Immunodiagnostics, Clinical Biochemistry, Hematology, Molecular Diagnostics, and Urinalysis), and By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa) - Market Trends, Analysis, and Forecast till 2029”

Key Market Insights from the report:

Global Animal Diagnostics Market accounted for US$ 2.30 billion in 2020 and is estimated to be US$ 5.41 billion by 2030 and is anticipated to register a CAGR of 9.0%. The global animal diagnostics market report segments the market on the basis of type, application, and region.

Based on Type, Global Animal Diagnostics Market is segmented into Farm Animals and Companion Animals.
Based on Application, Global Animal Diagnostics Market is segmented into Immunodiagnostics, Clinical Biochemistry, Hematology, Molecular Diagnostics, and Urinalysis.
By Region, the Global Animal Diagnostics Market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

Competitive Landscape & their strategies of Global Animal Diagnostics Market:

The key players operating in the animal diagnostics market are IDEXX Laboratories, Inc., Heska Corporation, Neogen Chemicals, Inc., Thermo Fisher Scientific, Randox Laboratories, Qiagen and Virbac

The market provides detailed information regarding the industrial base, productivity, strengths, manufacturers, and recent trends which will help companies enlarge the businesses and promote financial growth. Furthermore, the report exhibits dynamic factors including segments, sub-segments, regional marketplaces, competition, dominant key players, and market forecasts. In addition, the market includes recent collaborations, mergers, acquisitions, and partnerships along with regulatory frameworks across different regions impacting the market trajectory. Recent technological advances and innovations influencing the global market are included in the report.

About Prophecy Market Insights

Prophecy Market Insights is specialized market research, analytics, marketing/business strategy, and solutions that offers strategic and tactical support to clients for making well-informed business decisions and to identify and achieve high-value opportunities in the target business area. We also help our clients to address business challenges and provide the best possible solutions to overcome them and transform their business.

Some Important Points Answered in this Market Report Are Given Below:

Explains an overview of the product portfolio, including product development, planning, and positioning
Explains details about key operational strategies with a focus on R&D strategies, corporate structure, localization strategies, production capabilities, and financial performance of various companies.
Detailed analysis of the market revenue over the forecasted period.
Examining various outlooks of the market with the help of Porter’s five forces analysis, PEST & SWOT Analysis.
Study on the segments that are anticipated to dominate the market.
Study on the regional analysis that is expected to register the highest growth over the forecast period