(EMAILWIRE.COM, July 20, 2018 ) The global veterinary diagnostics market was dominated by IDEXX Laboratories, Inc. (U.S.), Abaxis, Inc. (U.S.), Neogen Corporation (U.S.), Thermo Fisher Scientific Inc. (U.S.), and Heska Corporation (U.S.), which together accounted for ~65-70 % of the global market in 2016.

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The leading position of IDEXX Laboratories, Inc. in this market is attributed to its strong product portfolio, wide geographic presence, and strong distribution and services network across the globe. The company operates in more than 175 countries across North America, Europe, Asia-Pacific, and RoW. The company focuses on expanding its manufacturing capacity to meet the growing demand for diagnostic products for companion as well as food-producing animals. It also focuses on R&D activities to develop animal health solutions that meet the customers’ demands. In this regard, in 2016, the company invested USD 101.1 million in R&D activities for the discovery and development of new veterinary diagnostic products. For instance, in April 2016, the company has launched SediVue DX, a urine sediment analyzer, as a preventive care diagnostic tool for companion animals. Similarly, it launched various diagnostic test kits for livestock between 2013 and 2016. Moreover, the company focuses on direct interaction with its customers, which gives it a competitive advantage over others.

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Abaxis, Inc. held the second-largest share of the global veterinary diagnostics market in 2016. Abaxis, Inc. operates through two major segments, namely, medical market and veterinary market. In 2016, the veterinary market segment accounted for approximately 81% of the company’s total revenue, which influenced the operational and financial conditions of the company. During the same fiscal year, the company experienced 21% increase in the sales of its veterinary instruments. The company heavily depends on the North American region for its revenue generation as around 80% of its revenue comes from this region. Strategic acquisitions and product launches offer strong growth opportunities for the company. In November 2014, Abaxis acquired Quality Clinical Reagents and Trio Diagnostics Ltd. (U.K.). This acquisition enabled the company to strengthen its product portfolio and expand its business presence. In addition, it also pursues the strategy of distribution agreements and partnerships with well-known veterinary suppliers to enhance its presence in the veterinary diagnostics market.

Industry players adopted the strategy of acquisition and product launches to achieve growth in the global veterinary diagnostics market. For instance, in February 2017, Neogen Corporation (U.S.) in partnership with International Brangus Breeders Association (IBBA) launched Igenity Brangus profiler, a DNA test for profiling and selection of commercial replacement heifers. Similarly, in July 2015, Heska Corporation (U.S.) launched the Element i immunodiagnostic analyzer. To maintain their positions and to garner larger shares in the market, the companies are acquiring other regional players. In this regards, in August 2016, Zoetis, Inc. (U.S.) acquired Scandinavian Micro Biodevices (SMB) (Denmark), a manufacturer of point-of-care (POC) solutions for use in the veterinary clinic and on the farms. Similarly, in March 2016, Thermo Fisher Scientific Inc. acquired Affymetrix, Inc. (U.S.) at a price of approximately USD 1.3 billion. These acquisitions helped the company to increase its veterinary diagnostics and genomics product portfolio and expand its geographic presence & customer base.

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