Rising demand for rapid and precise antigen testing kits is a key factor driving market revenue growth

VANCOUVER, BC, CANADA, June 12, 2023/EINPresswire.com/ -- The global veterinary diagnostics market size was USD 6.63 Billion in 2021 and is expected to register a revenue CAGR of 11.2% during the forecast period, according to latest analysis by Emergen Research. Increasing number of laboratories adopting more creative techniques owing to recent advancements in diagnostics is a major factor driving market revenue growth. Veterinary diagnostics is an important and integral component for management as well as prevention of disease outbreak among animals. A few of the unique viruses that have appeared or reemerged in recent years and had a severe impact on a variety of industries, including animal husbandry, dairy, and other sectors, are tomato yellow leaf curl virus and citrus tristeza virus. Major viral infections cannot be cured, but if they are caught early and closely watched, they can spread more slowly, therefore globally, new Point-of-Care (PoC) testing utensils and breakthroughs in virus detection are needed.

The latest market intelligence report broadly assesses this ever-evolving business sphere and simultaneously elaborates on the production and consumption aspects. The study analyzes numerous indispensable factors, including market growth drivers, opportunities, restraints, and challenges, which are presumed to impact the global market growth in the next few years. The SWOT and Porter’s Five Forces analyses performed in this report assist the reader in understanding the competitive hierarchy of the veterinary diagnostics market.  Furthermore, the latest document is furnished with the current market scenario impacted by the COVID-19 pandemic. It gradually unfolds the pandemic’s adverse economic effects on this business sector. The lethal viral outbreak has cost countless lives worldwide, alongside causing major disruptions to the global economy and this particular industry. The report highlights the leading competitors in this sector, the present financial standing of the market, the global supply chains, sales & distribution channels, and the profound impact of the COVID-19 restrictions on this market.

To Receive A PDF Sample Of The Report, Visit @https://www.emergenresearch.com/request-sample/1514

Competitive Terrain:

The global Veterinary Diagnostics industry is highly consolidated owing to the presence of renowned companies operating across several international and local segments of the market. These players dominate the industry in terms of their strong geographical reach and a large number of production facilities. The companies are intensely competitive against one another and excel in their individual technological capabilities, as well as product development, innovation, and product pricing strategies.

The Leading Market Contenders Listed In The Report Are:

Zoetis; Heska Corp., IDEXX Laboratories Inc., Agrolabo S.p.A., IDvet, Virbac, Thermo Fisher Scientific Inc., Neogen Corp., Covetrus, and iM3Vet Pty Ltd

Some Key Highlights From the Report

The consumables segment accounted for largest revenue share in 2021. Veterinary drugs are medications used to treat, prevent, or diagnose illness in animals, which are also referred to as veterinary medicinal products (VMPs), veterinary medication, or medical items for animal use. One of the primary drivers of revenue growth is rising need for secure and high-quality animal products such as meat, milk, and various other goods. Modern animal husbandry necessitates use of veterinary drugs, such antibiotics, antimicrobials, antihistamines, antiprotozoals, and hormones, to prevent and treat illnesses. Direct and indirect veterinary medicine contamination of humans is possible when they ingest meat and animal products that contain residues.

The bovine segment accounted for largest revenue share in 2021 due to rising prevalence of cow diseases such as mastitis and bovine tuberculosis. For bovine tuberculosis, a variety of diagnostic procedures are available, including blood testing and PCR. In addition, prevalence of the aforementioned diseases in cattle is predicted to rise, leading to a considerable rise in demand for test kits and a consequent rise in the market share of kit producing businesses.

The North America market accounted for largest revenue share in 2021. This is due to rising number of government programs to encourage students to work in the veterinary health industry. In addition, level of infrastructure installations at various veterinary schools has improved due to increased government and non-government support, which is expected to significantly rise demand for veterinary diagnostic faculties. Moreover, introduction of high-tech diagnostic procedures to evaluate various biological goods is also expected to drive market revenue growth.

On July 29 2022, Zoetis, a animal healthcare provider completed the acquisition of Basepaws, a company that sells kits for at-home cat DNA testing.

To Get A Discount On The Latest Report, Visit @https://www.emergenresearch.com/request-discount/1514

Emergen Research has segmented the global veterinary diagnostics market based on type, species, end-use, and region:

Type Outlook (Revenue, USD Billion; 2019-2030)

Consumables

Instruments & Devices

Reagents & Kits

Species Outlook (Revenue, USD Billion; 2019-2030)

Bovine

Canine

Avian

Others

End-use Outlook (Revenue, USD Billion; 2019-2030)

Veterinary Hospitals

Research Institutes

Others

Regional Segmentation:

 

North America

Latin America

Europe

Middle East & Africa

Asia Pacific

Browse Detailed Research Report @https://www.emergenresearch.com/industry-report/veterinary-diagnostics-market

Key Benefits of the Report:

Comprehensive analysis of the competitive scenario and its changing dynamics

Analytical data with detailed SWOT analysis and Porter’s Five Forces analysis

In-depth 8 year analysis of the Global Veterinary Diagnostics Market

Critical assessment of the key market segments

Comprehensive analysis of the drivers, restraints, trends, and opportunities

Detailed regional analysis and extensive company profiling

Extensive assessment of current and emerging trends of the market

Buy Now: @https://www.emergenresearch.com/select-license/1514

Browse More Report By Emergen Research:

Automotive Composites Market

https://www.emergenresearch.com/industry-report/automotive-composites-market

Radiofrequency-Based Devices Market

https://www.emergenresearch.com/industry-report/radiofrequency-based-devices-market

Wireless Brain Sensor Market

https://www.emergenresearch.com/industry-report/wireless-brain-sensor-market

Side-View Camera Systems Market

https://www.emergenresearch.com/industry-report/side-view-camera-systems-market

5g In Defense Market

https://www.emergenresearch.com/industry-report/5g-in-defense-market

Electric Vehicle Ecosystem Market

https://www.emergenresearch.com/industry-report/electric-vehicle-ecosystem-market

Digital Water Market

https://www.emergenresearch.com/industry-report/digital-water-market

Smart Indoor Garden Market

https://www.emergenresearch.com/industry-report/smart-indoor-garden-market

Bioreactors Market

https://www.emergenresearch.com/industry-report/bioreactors-market

Educational Robot Market

https://www.emergenresearch.com/industry-report/educational-robot-market

About Emergen Research

Emergen Research is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target, and analyze consumer behavior shifts across demographics, across industries, and help clients make smarter business decisions. We offer market intelligence studies ensuring relevant and fact-based research across multiple industries, including Healthcare, Touch Points, Chemicals, Types, and Energy. We consistently update our research offerings to ensure our clients are aware of the latest trends existent in the market. Emergen Research has a strong base of experienced analysts from varied areas of expertise. Our industry experience and ability to develop a concrete solution to any research problems provides our clients with the ability to secure an edge over their respective competitors.

Eric Lee
Emergen Research
+91 90210 91709
sales@emergenresearch.com
Visit us on social media:
Facebook
Twitter
LinkedIn

Legal Disclaimer:

EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.