Latin America Veterinary Diagnostics Market

Latin America Veterinary Diagnostics Market Size:

The Latin America veterinary diagnostics market is expected to reach USD 411.3 million by 2025 from the current market value of USD 203.6 million in 2018, at a CAGR of 10.81%, during the forecast period 2018 – 2025.

According to Research Cosmos Analysis, Global Veterinary Diagnostics Market projected to reach 4,881.0 Million USD by 2025, growing with a CAGR of 9.96%.

Veterinary Diagnostic tests are used to test commercial livestock (cows, poultry, sheep, pigs, etc.) and household pets (cats, dogs, etc.) to test for the presence of a variety of medical conditions caused by bacteria, viruses, allergies, and fertility issues. Market development for companion animal diagnostics has depended heavily upon the purchasing and usage of in-clinic analyzers or diagnostic instruments at veterinary practices. In the past few years, with the emergence of new and technologically advanced products, the market in Latin America is showing significant growth.

Growth Opportunities, Challenges and Restraints 

Latin America market for Immunodiagnostics is expected to grow at a higher CAGR due to the increase in the number of foodborne diseases affecting the animals and the increase in government regulations to maintain animal health. Especially Brazil, which is the 9th largest economy in the world is proving to be a lucrative market for investors. Adding to that, the market for molecular diagnostics is expected to grow at a higher than that of Immunodiagnostics due to the wide scope it has over the likes of the latter. 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 regular visits to veterinary laboratories are propelling the growth of this market. However, increasing the 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.

Pets live longer and are healthier because pet owners are willing to provide veterinary care, supplements and alternative treatments. The actual number of households that own pets is significantly higher than 20 years ago, as is the total number of households in the region. The increase in the number of livestock owners in recent decades can be explained for many reasons. The increasingly urban nature of our society, which has resulted in the separation of farm animals and nature, may have created the desire to introduce dogs and cats, the most appropriate domestic animals in our social life. The increase in the nuclear family has also led to an increase in the number of pets. The growing number of pet owners is increasing the number of populations who care for their health, which helps the market grow. Other factors, such as an increase in the number of zoonosis and foodborne diseases, are also feeding the veterinary diagnostic market.

Geographical Existence of Latin America Veterinary Diagnostics Market

On the basis of geography, the Latin America veterinary diagnostic market is categorized under various regions namely, Argentina, Brazil, Peru and Mexico. The growth of this region can be contributed to factors such as the rising requirement for animal-derived food products, mounting companion animal healthcare spending, increasing digit of veterinary professionals and their income levels, and expanding wakefulness about zoonotic diseases. Brazil region is anticipated to rise in the market at a significant rate due to growing pet adoption and rising need for animal-derived food products. Other regions are also anticipated to register steady growth in the future.

Prominent Companies Dominating the Market analyzed in this report are

• ABAXIS, Inc.
• Thermo fisher Scientific Inc.
• Heska Corporation VCA Inc.
• Neogen Corporation
• Zoetis, Inc.
• ID Vet.

The other prominent players

• IDEXX Laboratories
• Mindray Medical Internationals Ltd.
• Virbac
• GE Healthcare
• Agfa Healthcare

This research report includes following segmentation for the Latin America Veterinary Diagnostics Market size and forecast from 2018 - 2025

Latin America Veterinary Diagnostics Market - By Animal Type

• Pets

  • Cats
  • Dogs
  • Horses
  • Other Animals

• Food Producing Animals

Latin America Veterinary Diagnostics Market - By Product

• Instruments
• Consumables
• Services

Latin America Veterinary Diagnostics Market - By End User

• Hospitals
• Veterinary Clinics
• Research Institutes
• Reference Laboratories
• Internal Tests

Latin America Veterinary Diagnostics Market - By Technology

• Clinical Chemistry
• Electrolyte Analysis of Blood Gases
• Haematology
• Diagnostic Imaging
• Blood Glucose Monitoring
• Immunodiagnostics
• Molecular Diagnosis

Latin America Veterinary Diagnostics Market – By Region

• Brazil
• Argentina
• Mexico