Rise in companion animal ownership, enhanced animal health expenditure, and implementation of pet insurance fuel the growth of the global veterinary infectious disease diagnostics market. Geographically, North America held the highest market share based on revenue, contributing for nearly two-fifths of the global veterinary infectious disease diagnostics market share in 2018, and is projected to maintain its lead position throughout the forecast period.

Portland, OR, March 30, 2020 (GLOBE NEWSWIRE) -- According to the research published by Allied Market Research, the global veterinary infectious disease diagnostics market garnered $1.27 billion in 2018, and is expected to garner $2.40 billion by 2026, witnessing a CAGR of 8.3% from 2019 to 2026. The report offers an extensive analysis of current market dynamics, key winning strategies, major segments, market size & estimations, and competitive landscape.

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Rise in companion animal ownership, enhanced animal health expenditure, and implementation of pet insurance fuel the growth of the global veterinary infectious disease diagnostics market. However, lack of availability of veterinary infrastructure in underdeveloped countries restrains the market growth. On the other hand, increase in animal healthcare awareness across the globe presents new opportunities in coming years.

On the basis of product type, the immunodiagnostics segment accounted for nearly half of the total share of the global market in 2018, and is projected to contribute its highest share throughout the forecast period. Moreover, this segment is estimated to witness the highest CAGR of 9.2% during the forecast period. This is attributed to benefits regarding rapid results and accurate diagnosis with usage of the tests. The research also discusses segments such as molecular diagnostics and others.

On the basis of application, the dogs segment contributed to the highest market share of the total market share, contributing to more than two-fifths of the global market in 2018, and would maintain its dominance in terms of revenue by 2026. Moreover, this segment is estimated to register the largest CAGR of 9.0% from 2019 to 2026. The report also explores segments such as cats and others.

Geographically, North America held the highest market share based on revenue, contributing for nearly two-fifths of the global veterinary infectious disease diagnostics market share in 2018, and is projected to maintain its lead position throughout the forecast period. This is due to increase in awareness related to early screening of diseases along with accessibility to better veterinary treatment options. Moreover, Asia-Pacific is expected to maintain the largest growth rate with a CAGR of 10.3% from 2019 to 2026.

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Leading market players active in the market include Biomérieux SA, IDEXX Laboratories, Inc., HESKA Corporation, Neogen Corporation, ID.Vet, Randox Laboratories Ltd., Qiagen N.V., Virbac, Thermo Fisher Scientific Inc., and Zoetis.

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