Global Veterinary Infectious Disease Diagnostics Market Foreseen to Draw a Promising Growth: Projected to Grow at a CAGR of 9.2% During the Forecast Period
Published | 27 May 2021
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the global veterinary infectious disease diagnostics market was worth USD 1.68 billion in the year 2020. The research further states that the market is estimated to grow at a CAGR of 9.2%, earning revenue of around USD 3.07 billion by the end of 2027. Rising specialist and practitioner demand for advanced veterinary infectious disease diagnostic technologies such as nucleic acid diagnostics, biosensors, PCR, and biomarkers are propelling the global veterinary infectious disease diagnostics market forward. Other primary factors propelling the market forward are an increasing number of veterinary practitioners in developed economies, as well as rising demand for pet insurance and expanding disease prevention measures.
Increasing Prevalence of Infectious Diseases in Animals Driving Market Growth
The prevalence of infectious diseases in animals is rising at an alarming rate. The researchers warn that this increase could exacerbate the occurrence of zoonotic diseases, making regulation difficult. Therefore, this inflating prevalence of such infectious diseases is proliferating the demand for faster diagnosis and effective treatment in order to keep the spread of zoonotic diseases under control. The government as well as other non-profit organizations are also taking effective initiatives to control the spread of infectious diseases in animals. For example, The Scottish Rural College (SRUC) has recently awarded over USD 500,000 to a veterinary disease surveillance center in the Scottish Borders to upgrade its infrastructure and improve animal health. These factors are expected to drive the market growth for the veterinary infectious disease diagnostics market during the forecast period.
Research and Development in Technology & Drugs Will Propel the Market Forward
Both public and private establishments are focusing on developing novel devices and technologies for faster diagnosis of infectious disease in animals due to the increasing prevalence of infectious diseases. Molecular diagnostics, immunodiagnostics, and other innovations are becoming more popular in the global veterinary infectious disease diagnostics market. Furthermore, as antibiotic drugs become more effective in treating different forms of infectious diseases in animals, the demand for such drugs is growing worldwide. Easy accessibility of these drugs also plays a crucial factor in the growth of the overall global veterinary infectious disease diagnostics market.
The Companion Animals Segment Will Lead the Market in The Forecast Period
The global veterinary infectious disease diagnostics market is divided into two categories based on animal type: companion animals and food-producing animals. The food-producing animal segment dominates the market due to the increasing demand for animal products and animal protein. However, the companion animal segment is also projected to witness a high CAGR in the forecast period owing to the increasing adoption of pets, especially cats and dogs. Pet owners are also investing in their pets' wellbeing, which is expected to drive market growth during the forecast period.
Global Veterinary Infectious Disease Diagnostics Market: Regional Insights
Geographically, the global veterinary infectious disease diagnostics market is segmented into North America, Europe, Asia-Pacific (APAC), Latin America, Middle-East & Africa. Among these regions, North America is expected to hold the largest market share followed by Europe. However, emerging economies in the APAC region, such as China, India, are creating a huge impact on the growth of veterinary infectious disease diagnostics market due to several factors such as the increasing adoption of advanced technologies, rising demand for disease diagnostics in food-producing animals.
Impact of COVID-19 on the Global Veterinary Infectious Disease Diagnostics Market
According to a report, animals are responsible for more than 75 % of human infections. Coronavirus is also the product of animal-to-human transmission. The pandemic caused by COVID-19 highlighted the importance of understanding veterinary diagnostics. To deal with the COVID-19 situation and avoid anything similar from occurring in the future, the governments of many countries are launching programs to promote infectious disease diagnostics. Furthermore, the number of veterinary diagnostics increased following the COVID-19 outbreak, which boosted consumer demand for veterinary infectious disease diagnostics.
Veterinary Infectious Disease Diagnostics Market: Competitive Landscape
The leading market players of the global veterinary infectious disease diagnostics market are Biomerieux S.A., Heska Corporation, IDEXX Laboratories, Inc., IDVet, Neogen Corporation, Boehringer Ingelheim Vetmedica, Inc., Dechra Pharmaceuticals PLC, Ceva Santé Animale, Bayer AG, Vetoquinol S.A, HESKA Corporation, Demeditec Diagnostics GmbH, and other prominent players. The industry is dense with the presence of many companies. The market players have been using a variety of growth strategies, including product launches and upgrades, alliances, partnerships, and acquisitions, to expand their product portfolios and retain a competitive position in the veterinary infectious disease diagnostics market.
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