The veterinary diagnostics market is projected to reach USD 4.00 billion by 2023 from USD 2.63 billion in 2018, at a CAGR of 8.8%. Factors such as growing companion animal population, growing prevalence of animal zoonotic diseases, rising demand for animal-derived food products, rising demand for pet insurance & growing animal health expenditure, and the increasing number of veterinary practitioners and income levels in developed economies are expected to drive the growth of the veterinary diagnostics market. However, the increasing pet care costs may restrain the growth of the market.
Geographically, the global veterinary diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. North America is expected to hold the largest share of this market in 2018. This is primarily due to the growing adoption of the companion animals, growing demand for animal-derived food products, and growing number of veterinary practices in the US. On the other hand, the Asia Pacific region is expected to grow at the highest CAGR during the forecast period. The large pool of livestock animals and growing awareness about animal health are driving the growth of this regional segment.
IDEXX Laboratories, Inc. (US) and Abaxis, Inc. (US) dominated the global veterinary diagnostics market in 2017. Some of the other players competing in this market are Thermo Fisher Scientific, Inc. (US), Neogen Corporation (US), Heska Corporation (US), Zoetis, Inc. (US), QIAGEN N.V. (Netherlands), IDvet (France), bioMérieux SA (France), Virbac (France), and Randox Laboratories Ltd. (UK).
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