(PharmaNewsWire.Com, January 28, 2021 ) According to the new market research report "Veterinary Infectious Disease Diagnostics Market by Technology (Immunodiagnostics (Lateral Flow Assays, ELISA), Molecular Diagnostics), Animal (Companion, Farm), Pathogen (Bacteria, Viral, Parasite), Enduser (Lab, Hospital, Clinics, PoC) - Forecast to 2024", published by MarketsandMarkets™, the Veterinary Infectious Disease Diagnostics Industry is projected to reach USD 2.2 billion by 2024 from USD 1.4 billion in 2019, at a CAGR of 8.4%
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, 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 growth.
Immunodiagnostics was the most extensively used technology in the Veterinary Infectious Disease Diagnostics Market
Based on technology, the Veterinary Infectious Disease Diagnostics Industry is segmented into immunodiagnostics, molecular diagnostics, and other technologies. In 2018, the immunodiagnostics segment accounted for the largest market share in the majorly due to the advancements in immunoassay formats, growing demand for early disease detection & diagnosis, increasing demand for rapid diagnosis, rising preference for in-house testing, and the increasing applications of immunodiagnostics.
Browse in-depth TOC on "Veterinary Infectious Disease Diagnostics Market"
196 – Tables 31 – Figures 238 – Pages
Reference laboratories to register the highest CAGR in the Veterinary Infectious Disease Diagnostics Market, by the end-user, during the forecast period
Based on the end-user, the Veterinary Infectious Disease Diagnostics Industry is segmented into reference laboratories, veterinary hospitals & clinics, point of care (POC) / in-house testing, and research institutes & universities. Reference laboratories are likely to be the largest end-user due to a large number of samples received for analysis as well as the growing demand for point-of-care (POC) / in-house testing. Due to the advantages of rapid detection and need for early diagnosis, the point of care (POC) / in-house testing is expected to register the highest CAGR in the market.
North America accounted for the largest share of the Veterinary Infectious Disease Diagnostics Market in 2018
The Veterinary Infectious Disease Diagnostics Industry is segmented into five regional segments, namely, North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the Market in 2018 owing to factors such as the presence of key market players in the region, increasing product offerings, greater affordability, and rising demand for early diagnosis.
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