(EMAILWIRE.COM, August 08, 2018 ) In this research study, the veterinary diagnostics market is categorized based on product, technology, animal type, end user, and region. Based on product, this market is subsegmented into instruments and consumables. The consumables segment is expected to grow at a significant growth rate between 2018 and 2023. By technology, this market is further segmented into immunodiagnostics, clinical chemistry, molecular diagnostics, hematology, urinalysis, and other veterinary diagnostic technologies. The immunodiagnostics segment is expected to grow at the highest rate during the forecast period. The growth of this market segment can be attributed to its higher adoption of immunodiagnostic technologies in veterinary practices.
Based on animal type, the market is broadly segmented into companion animals and livestock animals. The companion animals segment is further categorized into dogs, cats, horses, and other companion animals. The dogs segment projected to grow at the fastest rate during the forecast period of 2018 and 2023. Growing adoption of dogs as companions, rising health expenditure on dogs, and growing number of health insurances purchased for dogs are responsible for the growth of the diagnostics market in this segment.

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RESTRAINTS

Increasing pet care costs

Over the last ten years, pet care costs have increased significantly. According to PetMD, the low-to-medium pet care cost is around USD 250 to USD 4,500 in veterinary practices; a high-end procedure costs anywhere between USD 5,000 and USD 20,000. According to APPA National Pet Owners Survey 2017-2018, the average household in the US spent USD 731 on routine doctor and surgical visits for dogs in 2016, an increase of 47% from a decade ago. Similarly, USD 427 is spent on routine doctor and surgical visits for cats in 2016. In Germany, the annual veterinary cost is ~USD 162.9 (EUR 140) per dog and USD 75.61 (EUR 65) per cat. In Japan, pet owners spend around USD 2,000–3,000 (JPY 200,000 to 300,000) annually on pet health.

OPPORTUNITIES:

Untapped emerging markets 

Companion animal ownership has grown significantly across the globe. This is particularly evident in emerging markets in APAC and Latin American countries, due to urbanization and increase in disposable incomes—which have expanded access to animal healthcare and also enabled owners to spend more on pet care.

Challenges:

Lack of animal healthcare awareness in emerging markets

Emerging economies such as India, China, Brazil, and some Southeast Asian countries are home to a large companion and farm animal population. However, animal health expenditure in these countries is relatively lower as compared to developed countries across North America and Europe. This is mainly due to a lack of awareness among pet owners and veterinarians about the healthcare services available for animals. In addition, farm animal health expenditure in these countries is focused on therapeutic treatment only. Animal health diagnostics are not widely used in large-animal practices in these countries.

Shortage of veterinarians in emerging markets

The global animal healthcare industry is marked by a shortage of veterinarians. This is particularly evident in emerging APAC and Latin American markets. According to the World Animal Health Information Database, there were 70,767 veterinary professionals in India in 2016. Given that at least one veterinary doctor is required for every 5,000 animals, India requires at least 110,000–120,000 professionals.


On the basis of end user, the veterinary diagnostics market is classified into veterinary reference laboratories, veterinary hospitals and clinics, point-of-care/in-house testing, and research institutes & universities. The point-of-care/in-house testing segment is expected to register the highest growth during the forecast period, due to increasing adoption of these tests by veterinarians, pet owners, and livestock producers in the coming years.

Geographically, the veterinary diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is expected to witness the highest CAGR during the forecast period, owing to factors such as large animal populations affected by zoonotic diseases, growing demand for the animal-derived food products, rising pet adoption in a majority of APAC countries, and rising focus of key players on this region. The APAC countries like India & China and Latin American countries such as Brazil & Argentina offer significant opportunities for the players to increase their business in this region.

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