Veterinary Immunodiagnostics Market Forecast to Reach $2.71 Billion by 2029
Meticulous Research®—a leading global market
research company, published a research report titled, ‘Veterinary Immunodiagnostics Market by Product (Analyzers, Consumables {Leukemia, Influenza,
BTV, FMD, BTB, BHV}), Animal (Livestock, Companion), Technology (ELISA,
Radioimmunoassay, Rapid Tests), End User (Hospitals, Point of care)—Global
Forecast to 2029.’
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In its
latest publication, Meticulous Research® reveals that the veterinary
immunodiagnostics market is set to experience significant growth, with a
projected Compound Annual Growth Rate (CAGR) of 9.3% from 2022, reaching an
estimated value of $2.71 billion by 2029. This growth is driven by factors such
as the rising prevalence of animal diseases, the availability of specialized
immunodiagnostic tests, and significant technological advancements in
immunodiagnostics. Additionally, the increasing pet population and demand for
animal-derived products are further fueling market expansion. Emerging
economies globally are expected to offer promising growth opportunities for the
market, although the lack of adequate diagnostic infrastructure in developing
nations remains a considerable challenge.
The
veterinary immunodiagnostics market is comprehensively segmented by Product
(Analyzers and Consumables), Animal Type (Companion Animals and Livestock),
Technology (ELISA, Radioimmunoassay, Rapid Tests, and Others), End User
(Reference Laboratories, Veterinary Hospitals & Clinics, and Point of Care
Testing), and Geography. This segmentation allows for a detailed analysis of
industry competitors and market dynamics at regional and country levels.
In
2022, the consumables segment is expected to dominate the market due to its
high sensitivity, accuracy, rapid diagnosis, cost-effectiveness, and the
availability of disease-specific immunoassays.
Technologically,
the ELISA segment is projected to hold the largest market share in 2022, driven
by the ongoing development of novel biomarkers, cost-effectiveness, and the
increasing adoption of automated ELISA platforms.
The
livestock segment is anticipated to capture the largest share of the market in
2022, fueled by the growing demand for food production and heightened awareness
of animal health.The reference laboratories segment is forecasted to account
for the largest share of the market in 2022, owing to the rising outsourcing of
diagnostic testing by hospitals and clinics to reference laboratories.
Geographically,
North America is expected to lead the veterinary immunodiagnostics market in
2022, followed by Europe and Asia-Pacific. Factors such as increased awareness
of animal health, well-established veterinary diagnostics infrastructure, and
significant investments in pet health are expected to maintain North America's
dominant market position.
Key
players in the market include IDEXX Laboratories, Inc. (U.S.), Zoetis Inc.
(U.S.), Thermo Fisher Scientific Inc. (U.S.), Virbac (France), Heska
Corporation (U.S.), Randox Laboratories, Ltd. (U.S.), Neogen Corporation
(U.S.), QIAGEN N.V. (Germany), Abaxis, Inc. (U.S.), and bioMérieux S.A.
(France).
About Meticulous
Research®:
Meticulous Research® was founded
in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a
private limited company under the Companies Act, 1956. Since its incorporation,
the company has become the leading provider of premium market intelligence in
North America, Europe, Asia-Pacific, Latin America, and the Middle East &
Africa.
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