Veterinary Infectious Disease Diagnostics Market is projected to grow at a 9.0% CAGR through 2032

[330 Pages Report] From US$ 1.5 billion in 2021 to US$ 3.8 billion in 2032, the veterinary infectious disease diagnostics market is predicted to grow at a 9.0% CAGR through 2032, finds an exclusive report by Future Market Insights.

As per veterinary infectious disease diagnostics market study, there is a rise in the number of pets, the rising incidence of zoonotic diseases, the growing adoption for animal-derived food products, the rising demands for pet insurance, the upsurge in animal health expenditure, and the surge in the number of veterinary practitioners and income levels in developed economies which are contributing to the veterinary infectious disease diagnostics market growth.

The overall veterinary infectious disease diagnostics market growth is projected to be hindered by rising pet care expenses. One of the critical challenges restricting veterinarians’ adoption of veterinary infectious disease diagnostics is a dearth of skilled veterinarians and diagnostic infrastructure, particularly in developing countries. Another key hindrance to broader adoption is the expensive cost of modern diagnostic tests.

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The COVID-19 pandemic is predicted to have a temporary and moderate effect on the veterinary infectious disease diagnostics market during the forecast period.

On a global scale, there has been an increase in the overall companion animal population and adoption rate. As a result, demand for pet care products and services are predicted to rise as the pet population grows, supporting the growth of related sectors such as veterinary infectious disease diagnostics.

Although the pet insurance industry is growing, the number of animals covered for treatment remains low. As a result, the animal's owner usually bears the majority of the cost of treatment. Along with the rising cost of pet insurance, the cost of veterinary diagnostic lab treatment is also rising at a rapid pace.

The majority of veterinary clinics have basic veterinary laboratory testing capabilities.

Veterinary practitioners are under pressure to raise their fees due to the lower pay in this sector compared to other advanced-degree professions such as dentistry and law. In addition, high pet care expenses directly impact the number of visits pet owners make to veterinary lab facilities, limiting the veterinary infectious disease diagnostics market growth.

In the present COVID-19 pandemic, testing has shown that the virus travels more from animal diagnostics to the animal than from human to human or human to animal. Therefore, the demand for PCR panels for virus testing is projected to rise as more pet owners begin testing their animals for the absence of these diseases. This will unlock the veterinary infectious disease diagnostics opportunity for new molecular diagnostics panels to enter the vet lab market.

There is a significant imbalance between veterinary diagnostics demand and supply for veterinary specialists in developing economies such as Brazil, China, and Southeast Asia. The majority of veterinarians operate in private vet labs dedicated to companion animals around the world, resulting in a scarcity of resources for agricultural or food-producing animals.

According to end-users, reference laboratories are likely to dominate veterinary infectious disease diagnostics market growth. The veterinary diagnostics market is being bolstered by an increase in the number of samples for examination and an increase in in-house testing.

The Asia-Pacific area is set to grow lab for vets at a breakneck pace. Veterinary Infectious Disease Diagnostics manufacturers and important players will find attractive prospects in emerging economies like China, India, and South Korea. The region's market is developing due to rising zoonotic disease occurrences and demand for infectious disease diagnostics.

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Key Takeaways

Competitive LandscapeThe veterinary infectious disease diagnostics market is competitive, with only a few leading competitors.

Due to their significant regional footprint in many locations, these critical veterinary infectious disease diagnostics manufacturers had a strong market position. Biomerieux S.A., Heska Corporation, IDVet, IDEXX veterinary Laboratories, Inc., and Indical Bioscience are some market leaders.

Recent Developments in the Veterinary Infectious Disease Diagnostics Market

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Veterinary Infectious Disease Diagnostics Market Key Segments By Technology:

By Animal Type:

By End User:

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