Veterinary Diagnostics Market to grow at a CAGR of 9.3% – Report by MarketsandMarkets™

The veterinary diagnostics market is expected to grow at a CAGR of 9.3% between 2017 and 2022 to reach 3.62 Billion by 2022. The growth in this market is attributed to factors such as growing animal population, rising animal healthcare expenditure, rising pet adoption, growing demand for animal-derived food products, rising awareness about zoonotic diseases, and increasing number of veterinary practitioners across the globe.
The veterinary diagnostics market is expected to grow at a CAGR of 9.3% between 2017 and 2022 to reach 3.62 Billion by 2022. The growth in this market is attributed to factors such as growing animal population, rising animal healthcare expenditure, rising pet adoption, growing demand for animal-derived food products, rising awareness about zoonotic diseases, and increasing number of veterinary practitioners across the globe.

According to a market research report “Veterinary Diagnostics Market by Product (Instruments and Consumables), Technology (Clinical Biochemistry, Urinalysis, Immunodiagnostics, Hematology, and Molecular Diagnostics), Animal Type (Dogs, Cats, Horses, Cattle, Pigs, and Poultry), and End User – Global Forecast to 2022”, published by MarketsandMarkets™, defines, describes, and segments the global market. The report also analyses growth trends, prospects, and their contribution to the overall market. 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.

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On the basis of animal type, the global veterinary diagnostics market is categorized into livestock and companion animals. The livestock segment accounted for the largest share of this market, while the companion animals segment is expected to register the highest growth during the forecast period. On the basis of end user, the market is segmented into reference laboratories, veterinary hospitals & clinics, point-of-care/in-house testing, and academic institutions & universities.

Geographic analysis of Veterinary Diagnostics Market:

In 2016, North America accounted for the largest share of the veterinary diagnostics market. The largest share of this regional segment is attributed to increasing demand for animal-derived food products, rising animal healthcare expenditure, growing animal population, and rising awareness about zoonotic diseases. However, the market in the Asia-Pacific region is expected to register the highest CAGR, owing to growing animal population, increasing demand for animal-derived food products, rising awareness regarding animal health and welfare, and growing per capita animal health expenditure, especially in India and China.

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