Animal Health Diagnosis Market Size, Share, Growth, and Industry Analysis by Type (Clinical Biochemistry, Urinalysis, Immunodiagnostics, Hematology, Molecular Diagnostics), by Application (Veterinary Hospitals, Veterinary Clinics, Research Institutes), and Regional Forecast to 2028

Updated On: 11 September 2023

Report Overview

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The global animal health diagnosis market size was 3875.1 million in 2021. As per our research, the market is expected to reach USD 7042.7 million in 2028, exhibiting a CAGR of 8.8% during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with animal health diagnosis market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market growth and demand returning to pre-pandemic levels once the pandemic is over. 

Diagnosis is an integral part of disease prevention and management as a minor outbreak of the disease can spread quickly and pose a threat to the entire population in the vicinity. Disease diagnosis of an animal forms the connecting link between the cause of the disease and the cure of the disease. Animal healthcare focuses on endorsing the health and well-being of animals worldwide. Animal healthcare involves treating medical conditions in animals with the suitable use of drugs, vaccines, medicated animal feeds and diagnostic products. Appropriate management of animal health is crucial for the welfare of individual animals and for preventing and monitoring the spread of diseases that can influence both animal and human inhabitants. The increasing demand for animal protein and the upward pet ownership rate will inspire the growth of the market during the forecast period. The growing focus on food protection and quality has enhanced the implementation of animal health products in livestock production to ensure improved and harmless food supply chains. Increasing emphasis on improvement in animal health has given rise to certain measures that are firming market progression prospects. Rising incidences of zoonotic diseases, and an increasing number of veterinary practitioners and their incomes in developed economies are also responsible for market growth. Veterinary specialists provide care and treatment while precautionary measures control disease spread. Vaccines are established to achieve and treat animal disease. Upsurge in acceptance of companion animals outstandingly contributes toward the growth of the worldwide animal diagnostics industry. Investing in research and development projects to provide better-quality product offerings as well as approval of advanced technologies by key players to modify the animal health diagnosis market. Participating are fixing their efforts on encouraging R&D. Technological development are supporting the regional market growth. Companies coming up with progressive technological solutions for firming their positions.

COVID-19 Impact: Pandemic hampered the market due to unexpected disruption in the sector

Covid 19 pandemic has extremely affected the whole world. It caused many unexpected disruption and affected the industry. Covid 19 had negative impact on the market due to economic slowdown, unpredictability in financial sector and high unstable market. The pandemic resulted in decreased demand due to a disrupted supply chain, drop in sales of products, delivery schedules. Travel bans imposed affected business collaboration and partnership. Demand had recently reduced due to travel bans and lockdown during the COVID-19 pandemic. The continuous loss in the business due to the lockdown measures is projected to directly influence the growth of the investments in the market.

Latest Trends

"Use of innovative products to boost the market growth "

Technological improvement and development will further enhance the presentation of the product, allowing it to obtain a varied range of requests in the market. Technological advancement will improve performance and propel the market growth. Technological advancement with high demand are increasingly setting a force to increase the productivity. Some players focus on product improvement to meet consumer requirements and likings. Constant innovation in manufacturing of products is anticipated to stimulate product demand.

Segmentation

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• By Type Analysis

According to type, the market can be segmented into clinical biochemistry, urinalysis, immunodiagnostics, hematology, molecular diagnostics.

Clinical biochemistry will capture the maximum market share through forecast period.

• By Application Analysis

According to application, the market can be segmented into veterinary hospitals, veterinary clinics, research institutes.

Animal health diagnosis market players cover segment as veterinary hospitals will dominate the market share during forecast period.

Driving Factors

"Growing awareness in health of animals to boost the market growth"

Growing awareness about maintain proper health of animals. Pet owners are spending in routine check-ups, vaccination, and early disease detection are generating prospect for the animal health diagnosis market.

"Technological advancement and development to upsurge the market"

Technological advancements and innovation activate unique revenue augmenting opportunity which will upsurge the animal health diagnosis market growth. Growing investment in research and development activities and growing awareness about benefits are expected to deliver profitable opportunities for the market. Constant development in are one of the trends in the market in variety of performs.

Restraining Factors

"High cost to hamper the market growth"

High cost is hampering development of animal health diagnosis market. The growing need for animal healthcare is surging and costs of veterinary services and testing are increasing. Investment cost required for the industry is not affordable. Diagnostic imaging systems are very expensive products. Lack of reimbursement for veterinary procedures and lack of knowledge and awareness is also factor depleting the market growth. Technical difficulties will reduce the industry revenue.

Regional Insights

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"Asia Pacific to dominate the region due to increased spending on animal healthcare"

Asia Pacific is further expected to witness growth in the animal health diagnosis market share. The region is dominating the market due to increased spending on animal healthcare, advanced infrastructure and expanding adoption of pets. The rising inhabitants and increasing income levels are also contributing to the development of the market. Upsurge in investments by key market players for the R&D undertakings and enlargement of their production abilities and product portfolios are projected to upsurge the growth. The expansion of regional market is being aided by technological developments.

Key Industry Players

"Key players focus on partnerships to gain competitive advantage"

The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and increasing market share by merger, partnerships and others. Key players are motivated to introduce new innovative products. They are spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market. The market changes are dynamic such as market expansion, partnership and merger.

List of Market Players Profiled

• IDEXX Laboratories (U.S.)
• Thermo Fisher Scientific (U.S.)
• Neogen (U.S.)
• Abaxis  (U.S.)
• Biomerieux  (France)

Report Coverage

The report provides scrutiny and information according to market sectors. Business overview, financial overview, product portfolio, new project launch, recent development enquiry are the factors included in the profile. The report incorporates completely examined and appraised evidence of the noticeable players and their position in the market by methods for various descriptive tools. The report covers national and regional level market size and forecast. The report gives businesses the facility to research new prospect in many areas. The report shows to be an operational tool that players can use to gain a competitive superiority over their opponents and ensure lasting achievement in the market.