Veterinary Diagnostics Market worth $4,200 Million by 2018

Monday 12 May 2014, Amsterdam

The “Veterinary Diagnostics Market by Products (Clinical Chemistry, Hematology Analyzers, Molecular Diagnostics, Immunodiagnostics, Diagnostics Imaging), by Animals (Companion, Food-producing, Dog, Livestock, Poultry, Swine) - Global Forecast to 2018”analyzes and studies the major market drivers, restraints, and opportunities in North America, Europe, Asia-Pacific, and Rest of the World.

This report studies the global veterinary diagnostics market over the forecast period of 2013-2018.

The market has experienced upright growth in the past few years mainly attributed to the growing incidences of disease outbreaks, increasing incidences of zoonotic diseases, the increasing companion animal market, and the advancements in the veterinary diagnostics industry. However, the economic downturn, increasing adoption of vegetarian food due to changing food habits, increasing exposure to global cuisines, and the increasing risk of obesity and other diseases are some of the major challenges to the growth of the market.

In this report, the global market is segmented by products, species, end-users, geographic regions, and countries. It also discusses the key market drivers, restraints, and opportunities of this market and its sub-markets. The market was valued at $2,859.1 million in 2013 and is expected to grow at a CAGR of 8.0% from 2013 to 2018.

In 2013, North America was the major leader with nearly 45% share of the global market, followed by Europe with nearly 30% share. Increasing companion animal population coupled with the positive trend towards animal health spending has led to the large market share of the North American and European veterinary diagnostics market. However, the Asia-Pacific region represents the highest growth opportunity for the market during the forecast period of 2013 to 2018. The APAC market is expected to grow at a CAGR of 11.7% during the forecast period. The growth in this market is driven by increasing livestock and companion animal population in the region, growing awareness about animal health, and rising per capita expenditure on animal health.

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.).