Global veterinary immunodiagnostics market was valued at US$ 2.51 billion in 2021, and it is expected to attain a value of US$ 4.21 billion by 2028 with a CAGR of 9.4% over the prediction period (2022 – 2028).

 

The rising incidence of animal disease, the availability of disease-specific immunodiagnostic tests, and improvements in immunodiagnostic technology all contribute to the market's expansion. Additionally, the rise in the number of pets and the demand for foods derived from animals both contribute to the expansion of this market. Opportunities for the expansion of this market are expected to be created by emerging economies. The development of the veterinary immunodiagnostics market, however, is anticipated to face significant obstacles due to the underdeveloped veterinary diagnostics infrastructure in developing nations.

 

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Global Veterinary Immunodiagnostics Market Segmental Analysis

By Product: Analyzers, ConsumablesBy Technology: ELISA, Radioimmune Assays, Rapid Tests, OthersBy Animal type: Companion animals, LivestockBy End-User: Reference laboratories, Veterinary Hospitals, Clinics, PoC Testing

 

Global Veterinary Immunodiagnostics Market Dynamics

Driver

At least 30 serious illnesses that affect people can be spread by animals. The majority of human infections are spread by livestock and companion animals (like dogs and cats) (such as pigs, chickens, cattle, goats, and camels). Major zoonotic illnesses that spread from animals to people include rabies, leptospirosis, cysticercosis, zoonotic tuberculosis, and gastrointestinal disease.Additionally, transboundary diseases are now more common. For instance, foot-and-mouth disease (FMD), which has a 100% morbidity rate, was estimated to affect about 77% of the world's livestock in nations in Africa, the Middle East, and Asia, as well as in a small portion of South America (in susceptible cattle populations).There is a zoonotic source for the COVID-19 global outbreak brought on by the SARS-CoV-2 virus. According to phylogenetic analysis, bats seem to be the COVID-19 virus' reservoir. Since there is typically little in the way of close contact between people and bats, it is more likely that the virus was transferred from other animal species that people handled to people. Currently unknown, this intermediate animal host or zoonotic source could be a domestic animal, a wild animal, or a domesticated wild animal. Globally, the COVID-19 pandemic has resulted in a significant loss of life and is an unprecedented threat to public health.

Restraint 

The cost of caring for pets has significantly increased over the past ten years. Our research indicates that veterinary care is the second-highest expenditure category in the pet care industry. For instance, the US spent over US$ 18.11 billion on veterinary care, up 6.1%from the year before. A high-end procedure could cost anywhere between US$ 5,000 and US$ 20,000, according to PetMD, with low-to-medium pet care costs reaching US$ 250 to US$ 4,500 in veterinary offices.For example, the cost of diagnostic procedures to determine antimicrobial sensitivity or the presence of an infection using PCR or other cutting-edge technologies is higher. Treatments rely heavily on cutting-edge products and techniques, but these products and techniques come at a very high cost in terms of materials and equipment and the cost of the actual treatment. Consequently, both pet owners and veterinarians are hesitant to spend so much on diagnostic procedures.

 

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Global Veterinary Immunodiagnostics Market Competitive Landscape

Pet adoption is on the rise right now because studies show that they help people's mental health. People are willing to spend a sizable amount of money to improve the health of their pets because they are worried about it. The participants have joined forces with a number of other businesses or institutions that can offer the necessary technologies.

 

Top Players Company Profiles 

IDEXX Laboratories, Inc. (US)Zoetis Inc. (US)Thermo Fisher Scientific Inc. (US)Virbac (France)Heska Corporation (US)Randox Laboratories, Ltd (US)Neogen Corporation (US)QIAGEN N.V. (Germany)Abaxis, Inc. (US)BioMérieux S.A. (France)

Global Veterinary Immunodiagnostics Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.

 

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