Animal Diagnostics Market is Anticipated to Cross USD 14 Billion by 2030 at a CAGR of 10.62% from 2023 to 2030; High Prevalence of Zoonotic Diseases and Technological Innovation in Animal Diagnostics to Complement Market Growth
By leveraging the insights from the SkyQuest report, businesses and investors can gain a competitive edge in the animal diagnostics market. They can stay informed about the latest developments and trends, identify new growth opportunities, and make strategic decisions to help them succeed in this rapidly evolving industry. In addition, it can help companies and investors make informed decisions about product development, marketing strategies, and investment opportunities.
Westford, USA, March 24, 2023 (GLOBE NEWSWIRE) — The animal diagnostics market is experiencing a significant shift in its global landscape, with North America emerging as a dominant player in the industry. This trend is closely followed by the Asia Pacific region, which is witnessing the fastest growth in this sector. This growth can be attributed to the rise in transboundary and zoonotic diseases among animals, which has propelled the demand for effective diagnostics tools. In addition, as consumers become more conscious about the quality and safety of their food, the need for efficient veterinary diagnostics becomes all the more crucial. This has led to an uptick in veterinary practitioners, especially in developed economies, where rising income levels have allowed for greater investment in this sector.
According to a report by SkyQuest, the ownership of pets in the United States continues to be a popular trend. In 2021-2022, an estimated 70% of households, equivalent to approximately 90.5 million families, owned at least one pet. The report stated that in 2021, 3.9 million US pets were insured, representing a 28% increase from the previous year. The rising trend in pet insurance is also likely to impact the animal diagnostics market positively. As more pets are insured, pet owners will have greater access to diagnostic tests, aiding in the early detection and treatment of various illnesses.
Browse in-depth TOC on “Animal Diagnostics Market”
- Pages – 272
- Tables – 87
- Figures – 76
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Animal diagnostics refers to using medical and technological tools to identify and diagnose animal diseases or health conditions. Animal diagnostics play a critical role in veterinary medicine, as they help veterinarians make accurate and timely diagnoses, ultimately leading to better health outcomes for animals. In addition, animal diagnostics can help identify emerging diseases or infectious agents that may threaten both animal and human health.
Prominent Players in Animal Diagnostics Market Report
- Zoetis Inc.
- QIAGEN
- IDEXX Laboratories
- Virbac
- Thermo Fisher Scientific
- Heska Corporation
- IDvet
- Abaxis, Inc.
- Eurofins Scientific
- Neogen Corporation
- Agrolabo S.p.A.
- BioNote, Inc.
- Fujifilm Holdings Corporation
- Randox Laboratories
- Creative Diagnostics
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Immunodiagnostics to Emerge as Key Revenue Contributing Segment as It Offers a Rapid Turnaround Time and can be Easily Automated
In the animal diagnostics market, the immunodiagnostics segment had a significant market share in 2022, and this trend is expected to continue from 2023 to 2030. With the increasing adoption of advanced technologies such as ELISA, lateral flow assays, and rapid tests, the immunodiagnostics segment is projected to grow significantly in the coming years. In addition, according to research by SkyQuest, there has been a significant increase in infectious disease numbers, with nearly 55% of the disease cases between 2018 to 2022 found to have originated from animals, i.e., of zoonotic nature. This indicates a crucial need for animal diagnostics in the future, which can provide early detection and timely treatment for these diseases.
In 2022, the animal diagnostics market saw a significant boost in revenue, with North America emerging as a key contributor. This region has been at the forefront of technological advancements in the animal healthcare sector, driving the industry’s growth. North America has significantly contributed to this growth, with the presence of leading players in the market and the high adoption of new technologies. In addition, the region is home to some of the largest veterinary research institutes, diagnostic laboratories, and animal health companies, which have been investing heavily in research and development to improve diagnostic accuracy and speed.
Companion Animal Segment to Drive Huge Sales Growth owing to Surge in Demand for Preventive Medicine for Pets
The animal diagnostics market has been experiencing significant growth in recent years, with the companion animal segment taking the lead in 2022. The companion animal segment is projected to register a high CAGR from 2023 to 2030. This growth will be attributed to the increasing pet ownership and the growing demand for advanced diagnostic and healthcare services for companion animals. Furthermore, advanced diagnostic technologies, such as molecular diagnostics, are expected to fuel the growth of the companion animal segment.
The animal diagnostics market in the Asia Pacific region is expected to witness remarkable growth by 2030. As per industry experts, this growth can be attributed to several factors, such as the increasing demand for animal protein, the rising prevalence of zoonotic diseases, and the growing adoption of companion animals. In addition, the recent outbreak of the COVID-19 pandemic has further highlighted the importance of animal diagnostics in preventing and controlling such diseases. As a result, governments across the region have been increasing their investments in animal health and diagnostics.
SkyQuest, a leading market research firm, has recently released a highly informative report on the animal diagnostics market. This detailed research report provides valuable insights into the industry’s current state, including an analysis of the latest market trends, consumer behavior, and competitive landscape. The report also provides insights into how companies respond to changing market dynamics. This includes discussing companies’ strategies to address emerging trends and stay ahead of the competition. By providing this level of detail, the report offers a roadmap for organizations seeking to navigate the market and capitalize on its growth potential.
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Key Developments in Animal Diagnostics Market Report
- Assure Tech, a leading technology company, has launched a new platform – Comprehensive Health Solution – to revolutionize the healthcare industry. The platform provides a one-stop shop for all healthcare needs, integrating various services, including telemedicine, health insurance, and wellness programs.
- Zoetis, a leading animal health company, has recently expanded its diagnostic expertise by adding two new features to its Vetscan Imagyst™ platform: AI Dermatology and AI Equine Fecal Egg Count Analysis. The AI Equine Fecal Egg Count Analysis feature is a non-invasive method for analyzing horse fecal samples.
- Ainos, a leading producer of animal health supplements, has signed a new agreement with Topmed to establish them as the exclusive distributor of VELDONA products in Taiwan. This partnership marks a significant step for Ainos in expanding its global reach and promoting its high-quality animal health supplements in Taiwan.
Key Questions Answered in Animal Diagnostics Market Report
- What metrics can businesses use to track and analyze growth trends in the identified market segments and regions, and how can they use this information to inform their business strategies?
- How can businesses identify and prioritize the most impactful technologies and product advancements to incorporate into their operations and offerings, and what resources are available to support them?
- What regulatory and legal challenges might businesses encounter when entering and expanding into the identified market segments and regions, and what steps can they take to ensure compliance and mitigate risks?
- How can businesses tailor marketing approaches to reach and engage consumers in the identified market segments and regions?
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