Veterinary Diagnostics Market Growth Overview, Size, Future Trends, Share, Opportunities and Forecast to 2028

The global veterinary diagnostics market size valued at USD 4.4 billion in 2018 and is projected to reach USD 9.5 billion by 2026, exhibiting a CAGR of 10.0% during the forecast period.

The Veterinary Diagnostics Market report contains detailed information on factors influencing demand, growth, opportunities, challenges, and restraints. It provides detailed information about the structure and prospects for global and regional industries. In addition, the report includes data on research & development, new product launches, product responses from the global and local markets by leading players. The structured analysis offers a graphical representation and a diagrammatic breakdown of the The Veterinary Diagnostics Market by region.

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According to the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA), an estimated 68% of U.S. households and around 85 million U.S. families own pets. Also, according to Pet Supplies Plus, baby boomers are adopting pets in record numbers due to the emotional benefits and companionship offered by pets. Growing awareness about treatment of various health issues such as post-traumatic stress disorder and autism among geriatric population with the help of companion animals are likely to bolster the demand for veterinary diagnostics products in the coming years.

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Pre-Post COVID-19 Impact on Global Veterinary Diagnostics Market

COVID-19 is an infectious disease caused by the most recently discovered novel corona virus. Largely unknown before the outbreak began in Wuhan (China) in December 2019, COVID-19 has moved from a regional crisis to a global pandemic in just a matter of a few weeks.

In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the Veterinary Diagnostics Market, since end-user industries were still not operating at their full capacity.

Who are the Major Veterinary Diagnostics Market Vendors?

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

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Secondary Research:

This research study made extensive use of secondary sources, directories, and databases such as Hoover’s, Bloomberg BusinessWeek, Factiva, and OneSource to identify and collect information useful for a technical, market-oriented, and commercial study of the global market. Other secondary sources included company annual reports, press releases, and investor presentations, white papers, certified publications, articles by recognized authors, manufacturer associations, trade directories, and databases.

Primary Research:

Various sources from both the supply and demand sides were interviewed during the primary research process to obtain qualitative and quantitative information for this report. Primary sources included industry experts from the core and related industries, as well as preferred suppliers, manufacturers, distributors, technology developers, researchers, and organizations from all segments of the value chain of this industry. To obtain and verify critical qualitative and quantitative information, in-depth interviews were conducted with a variety of primary respondents, including key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants.

Estimation of Market Size

The total size of the Veterinary Diagnostics Market was estimated and validated using both top-down and bottom-up approaches. These methods were also widely used to estimate the size of various market sub segments. The following research methodologies were used to estimate market size:

Extensive secondary research was used to identify the industry’s key players.

The revenues generated by the market’s leading players in molecular diagnostics have been determined through primary and secondary research.

All percentage shares, splits, and breakdowns were calculated using secondary sources and confirmed using primary sources.

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