Description

The global veterinary diagnostics market was valued at USD 2.7 billion in 2021 and is anticipated to grow at USD 4.1 billion by 2027 recording a CAGR of 9.5% during the forecast period 2021-2027. Veterinary diagnostics are noninvasive ways for identifying and investigating the origins of animal ailments. Several novel technologies from the human diagnostics sector are being developed for use in the veterinary field. This pattern is projected to continue in the future, contributing to the market’s expansion. The expansion of this market is being driven by an increase in the number of disease outbreaks in animals and zootonic diseases affecting humans. In addition, the growing quantity of food-producing and companion animals is fueling market expansion. The growing trend toward a vegetarian diet, as well as economic uncertainties, are important obstacles for this sector. Companion animals such as cats, dogs, horses have to play an important part in the lives of many people. The animals provide companionship, demand care and attention and respond with affection. Increasing various zoonotic diseases, rapid expansion of swine flu, bird flu is expected to create potential opportunities for the animal diagnostics market. Increasing adoption of advanced technologies to diagnose the diseases enables create demand for veterinary diagnostics market over the forecast period. Moreover, increased demand for meat and dairy products are expected to attract the demand for veterinary diagnostics. Rising demand for minimally invasive diagnostic methods coupled with availability of novel products expected to fuel the market revenue for veterinary diagnostics devices over the forecast period. Surge in the companion animal adoption coupled with rising disposable income expected to boost the veterinary vaccines market. However, stringent regulations such as prohibit the veterinary OTC medicine,  higher cost of the products are expected to acts as major road blocks for the market revenue growth over the forecast period. In April 2017, BioCheck has launched two new PCR test kits. These are new castle disease virus multiplex RNA test kit, and multispecies campylobacter multiplex DNA test kit.

 

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