(PharmaNewsWire.Com, July 10, 2019 ) The global veterinary infectious disease diagnostics market is projected to reach USD 2.2 billion by 2024 from USD 1.4 billion in 2019, at a CAGR of 8.4% from 2019 to 2024. Growing demand for advanced veterinary infectious disease diagnostic tools, increasing demand for animal-derived food products, growth in companion animal population, rising demand for pet insurance, an increasing number of veterinary practitioners in developed economies, and growing disease control & disease prevention measures are some of the key factors driving the veterinary infectious disease diagnostics market.
By technology, the immunodiagnostics segment is expected to grow at the highest rate during the forecast period
Based on technology, the veterinary infectious disease diagnostics market is segmented into immunodiagnostics, molecular diagnostics, and other technologies. The immunodiagnostics segment is expected to grow at the highest rate during the forecast period. The emergence of advanced diagnostic, new immunoassay formats, and diagnostic platforms are some of the main drivers for the growth of this segment. This segment is increasingly becoming a focus area for new product developments in the market.
By animal type, the companion animals segment was the largest contributor to the veterinary infectious disease diagnostics market in 2018
Based on animal type, the veterinary infectious disease diagnostics market is segmented into food-producing animals and companion animals. In 2018, the companion animals segment commanded the larger share of the veterinary infectious disease diagnostics market. The large share of this segment can be attributed to the increasing pet ownership (especially in developed countries), growing penetration of pet insurance, rising number of veterinary practitioners globally, and increasing animal disease control and disease prevention measures.
The reference laboratories segment was the largest contributor to the veterinary infectious disease diagnostics market, by the end-user, in 2018
Based on the end-user, the veterinary infectious disease diagnostics market is segmented into reference laboratories, veterinary hospitals & clinics, point-of-care/in-house testing, and research institutes & universities. The reference laboratories segment was the largest end-user of the market in 2018. The large share of this end-user segment is mainly due to a large number of samples received for analysis in reference laboratories from small and large animal practices.
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