The global veterinary diagnostics market is expected to grow ata healthy CAGR during the forecast period of 2013 to 2018 and isestimated to be worth $4,200 million by 2018. The market is mainlydriven by the increasing incidences of disease outbreaks,increasing companion animal market backed by the rise in theadoption of pets, increase in the disposable incomes, and theincreasing incidences of zoonotic diseases. However, economicdownturn and increasing adoption of vegetarian food inhibits thegrowth of the market to a certain extent.
During the forecast period the clinical chemistry segment willcontinue to drive and dominate the veterinary diagnostics market. Amajority share of this growth can be attributed to wideningapplications of various clinical assays in veterinary diagnosticsindustry. Furthermore, rising demand for clinical diagnostics testsfor food-producing animals are also expected to drive the growth ofthe veterinary diagnostics market. Highly organized dairy sector,increased awareness towards prevention of diseases in livestockanimals in order to meet the increased demand for meat and dairyproducts, and increasing number of farm animals is expected to fuelthe demand for diagnostic tests during the forecast period of2013-2018.
By 2018, North America will continue to drive and dominate theveterinary diagnostics market. However, the market share of thisregion will decrease slightly during 2013 to 2018, primarily due tothe increase in demand for veterinary diagnostic tests in theAsia-Pacific and Latin American countries. Majority of the growthin the Asia-pacific region is primarily driven by the increasingdemand of diagnostic tests in the animal health industry in Chinaand India. The growth in the Asia-Pacific and Latin Americanregions can be attributed to the increased disposable incomesleading to growth in the per capita animal health expenditure inthese regions.
The major players in the veterinary diagnostics market includeIDEXX Laboratories (U.S.), VCA Antech Inc. (U.S.), AbaxisCorporation (U.S.), Heska Corporation (U.S.), Zoetis Inc. (U.S.),Mindray Medical (China), Neogen Corporation (U.S.), and ThermoFisher Scientific Inc. (U.S.). Collectively, the top eight playersaccounted for nearly 75% of the global veterinary diagnosticsmarket in 2012.
IDEXX Laboratories (U.S.) and VCA Antech (U.S.) are the leadingplayers, together accounting for around 45%-50% share in the globalveterinary diagnostics market in 2012. IDEXX Laboratories has adiversified product portfolio, which includes a wide range ofcompanion animal diagnostics products and livestock and poultrydiagnostic products. The company has a strong presence in over 100countries through its strong manufacturing and distributionfacilities, which enables it to cater to a large customer baseacross the globe. It focuses on strengthening and streamlining itsproduct portfolio for the veterinary diagnostics industry.