Europe Veterinary Diagnostics Market Overview:
According to a recent research report, Europe Veterinary Diagnostics Market size is expected to reach USD 1,298 million by 2025 from an estimated USD 725 Million in 2018, increasing at a CAGR of 8% during the forecast period 2018 - 2025
Veterinary diagnosis refers to tests that help to recognize and determine multiple diseases in animals. These tests are done using many methods using the faecal samples, blood samples and tissues.
Growth Opportunities, Challenges and Restraints:
The Europe Veterinary Diagnostics Market has seen an exemplary shift in the past few years with the emergence of new and technologically advanced products, which had an optimistic impact on the overall growth of the market. Diagnostics provide tools for effective and rapid testing to undertake preventative or remedial measures for the health of the animal population.
For instance, food animal diagnostics assist in livestock and production animal preventive care and complement other measures such as vaccination and selective breeding. Similarly, lateral flow and other rapid tests are used in veterinary medicine to test commercial livestock and household pets to test for the presence of a variety of medical conditions caused by bacteria, viruses, allergies, and fertility issues.
The European Parliament and Council adopted the Regulation on transmissible animal diseases in March 2016. The Regulation will be applicable in the next 5 years and it’ll support the EU livestock sector in its quest towards competitiveness and safe and smooth market of animals and of their products, creating growth potential for the veterinary diagnostics market. Veterinary diagnostic products are complex as they are difficult to manufacture.
Many of the poultry and livestock diagnostic products are biological products that demand materials from living organisms. Market development for companion animal diagnostic has depended heavily upon the purchasing and usage of in-clinic analyzers or diagnostic instruments at veterinary practices.
Immunodiagnostics is the segment with the highest growth owing to the increase in the number of foodborne diseases affecting the animals, and the need to perform various tests has increased gradually. In retrospect, the market for molecular diagnostics is also expected to grow at a higher rate. Increase in purchase and usage of various diagnostic instruments that are utilized in veterinary practices, in-clinic diagnostic procedures, high-income households that keep pets and a constant visit to veterinary laboratories are propelling the growth of this market. However, increasing adoption of vegetarian food due to changing food habits, the economic downturn, and the increasing risk of obesity, exposure to global cuisines, and other diseases are some of the factors affecting the growth.
The cost of healthcare, whether it is for humans or for animals, is very high. The major reason for high costs is that medical equipment is expensive to buy and run a test center. It may be possible to offer some types of veterinary care on a budget, but the cost is likely to have a poorer hit rate with accurate diagnoses, and therefore, less effective treatments, with less favorable outcomes. Few pet owners are prepared to bear the high-costs, but these owners are very limited in number.
The Europe veterinary diagnostic market can be segmented by type of animal, product, end user, technology and region. The market segment of animal type is divided into pets and food producing animals. The pet segment includes cats, dogs, horses and others. The segment of the livestock market is classified into the following categories: poultry, livestock, sheep and goats, pigs and other animals.
Geographical Insights of Europe Veterinary Diagnostics Market
On the basis of geography, the European Market is segmented into various regions namely, UK, Spain, Italy, Germany and France. The world’s second largest share of Europe can be attributed to the increasing animal population, rising demand for animal-derived food products, growth in pet insurance, and rising animal health expenditure in the region.
Few of the Key Players dominating the Europe Veterinary Diagnostics Market Profiled in the Report are:
- ABAXIS Inc.
- Thermo fisher Scientific Inc.
- Heska Corporation
- VCA Inc.
- Neogen Corporation
- Zoetis Inc.
Other prominent players in the market
- IDEXX Laboratories
- Mindray Medical Internationals Ltd.
- GE Healthcare
- Agfa Healthcare
This research report includes following segmentation for the Europe Veterinary Diagnostics Market size and forecast
Europe Veterinary Diagnostics Market - By Product
Europe Veterinary Diagnostics Market - By Technology
- Clinical Chemistry
- Electrolyte Analysis of Blood Gases
- Diagnostic Imaging
- Blood Glucose Monitoring
- Molecular Diagnosis
Europe Veterinary Diagnostics Market - By End User
- Hospitals and Veterinary Clinics
- Research Institutes
- Reference Laboratories
- Internal Tests
Europe Veterinary Diagnostics Market – By Region
- United Kingdom