With 9.3% CAGR, Veterinary Immunodiagnostics Market to Reach USD 2.71 Billion by 2029

Posted February 20, 2023 by shitalt

The Veterinary Immunodiagnostics Market is expected to record a CAGR of 9.3% during the forecast period 2022–2029 to reach $2.71 billion by 2029.
The high growth of the veterinary immunodiagnostics market is mainly attributed to the increasing prevalence of diseases in animals, the availability of disease-specific immunodiagnostic tests, and technological advancements in immunodiagnostics. Moreover, the increasing pet population and the rising demand for animal-derived foods drive the growth of this market. The Emerging economies worldwide are expected to create growth opportunities for the global veterinary immunodiagnostics market. However, inadequate diagnostics infrastructure in developing countries is a major challenge to the growth of this market.

The Veterinary Immunodiagnostics Market is expected to record a CAGR of 9.3% during the forecast period 2022–2029 to reach $2.71 billion by 2029.

The pandemic had a mixed impact on the veterinary immunodiagnostics market. On one hand, it opened new opportunities for the development and research of tests for diagnosing COVID-19 infections in animals and increased awareness among people regarding the importance of animal diagnostics and health.

On the other hand, the pandemic disrupted the supply chain leading to decreased consumption of animal-derived products. Travel restrictions further made it difficult for the companies and laboratories to procure, dispatch, and ship laboratory tools and equipment. However, this negative impact is expected to last for a short duration as the world is recovering from the pandemic and consuming animal-derived food products is resumed.

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Asia-Pacific to Be the Fastest Growing Regional Market

In 2022, North America is expected to dominate the veterinary immunodiagnostics market, while Asia-Pacific is expected to record the highest CAGR during the forecast period. The high growth of the Asia-Pacific veterinary immunodiagnostics market is attributed to a large population of livestock and the rising incidence of various zoonotic diseases in the region.

Key Players

The report includes a competitive landscape based on the extensive assessment of the product portfolios, geographic presence, and key strategic developments of leading market players over the last four years. The key players profiled in the veterinary immunodiagnostics market are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Virbac (France), Heska Corporation (U.S.) Randox Laboratories, Ltd (U.S.), Neogen Corporation (U.S.), QIAGEN N.V. (Germany), Abaxis, Inc. (U.S.), and bioMérieux S.A. (France).

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Scope of the Report:

Veterinary Immunodiagnostics Market, by Product

Bovine Viral Diarrhea
Foot & Mouth Disease
Blue Tongue
Bovine Tuberculosis
Bovine Herpes Virus
New Castle Disease
Avian Mycoplasma
Other Diseases
(Other Diseases include Equine Piroplasmosis, Infectious Bronchitis Virus, Bovine Spongiform Encephalopathy, Porcine Respiratory & Reproductive Syndrome, Leptospirosis, Parvovirus, and Others)
Veterinary Immunodiagnostics Market, by Technology

Chemiluminescence Immunoassays
Fluorescent Immunoassays
Colorimetric Immunoassays
Radioimmuno Assays
Rapid tests
Other Technologies
(Other Technologies include Virus neutralization, hemagglutination inhibition, and HPLC)
Veterinary Immunodiagnostics Market, by Animal Type

Companion Animals
Other Companion Animals
Veterinary Immunodiagnostics Market, by End User

Reference Laboratories
Veterinary Hospitals & Clinics
PoC Testing
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Increasing Prevalence of Diseases in Animals

Zoonotic Tuberculosis (TB) remains a poorly addressed and monitored disease in developing and underdeveloped countries. For instance, according to the WHO, in 2019, 140,000 new cases of zoonotic TB occurred globally, resulting in approximately 11,400 deaths. Africa carries the heaviest burden of disease and death due to zoonotic TB, followed by Southeast Asia.

Diabetes mellitus & heartworm disease are the most common diseases diagnosed in canines and felines. Diabetes Mellitus is a chronic disease that requires long-term monitoring and management. According to the 2019 Banfield Pet Hospital Report, there was a 79.7% increase in dogs with diabetes between 2006 and 2018, with 23.6 cases per 10,000 dogs. Similarly, the incidence of feline diabetes increased by 18.1% from 2006 to 2018, which is 67.6 cases per 10,000 cats.

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Issued By Shital Thakare
Country United States
Categories Blogging
Tags veterinary immunodiagnostics market
Last Updated February 20, 2023