Veterinary Diagnostics Market Growth in United States

 The global veterinary diagnostics market size is projected to reach USD 9.5 billion by 2026, exhibiting a CAGR of 10.0% during the forecast period. Rising prevalence of zoonotic diseases such as swine flu and rabies is the main factor driving the growth of this market. Zoonotic diseases are those which humans contract from animals, birds or insects. They pose grave danger not only to the person infected, but also to other people who might come in close contact with him or her, laying the groundwork for an epidemic. A study published by the Centers for Disease Control and Prevention (CDC) states that 75% of emerging infectious diseases affecting humans are zoonotic in origin. This was already witnessed during the recent Ebola outbreak and rapid spread of swine flu a few years earlier. Preventing the birth of such diseases is crucial for public health as they also cause huge economic losses. According to the WHO, zoonotic epidemics between 1997 and 2009 led to a loss of about USD 80 billion. Thus, veterinary diagnostic techniques are set to witness a surge in demand in the upcoming years.

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According to the Fortune Business Insights report, titled “Veterinary Diagnostics Market Size, Share & Industry Analysis, By Product Type (Instruments and Reagents & Consumables), By Technique (Hematology, Immunohistochemistry, Molecular Diagnostics, Diagnostic Imaging, Clinical Biochemistry, and Others), By Animal Type (Livestock and Companion), End-user (Veterinary Hospitals & Clinics, Veterinary Reference Laboratories, and Others) and Regional Forecast, 2019-2026”, the market value stood at USD 4.4 billion in 2018. The report also contains an exhaustive analysis of the various factors and regional and competitive dynamics that are likely to influence the market during the forecast period. Additionally, it provides businesses with sound research which can aid them in making informed decisions and forming smart strategies for the future.

Fortune Business Insights identifies some of the major players in this market:

  • DRE Veterinary
  • Randox Laboratories Ltd.
  • IDEXX
  • Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
  • VCA Antech, Inc.
  • Virbac
  • Thermo Fisher Scientific Inc.

Europe to Display Impressive Growth; North America to Dominate the Scene

Rising prevalence in veterinary disorders, especially among pet dogs, and increasing pet ownership will put North America in the driver’s seat in terms of revenue. Growing investment in veterinary research will favor growth of the market in Europe during the forecast period. The market in Asia-Pacific will be primarily driven by rising pet population in India and China along with increasing livestock numbers. In Africa, Latin America, and the Middle East, availability of affordable medical equipment will bode well for the market.

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