Meticulous Research®—a leading global market research company, published a research report titled, ‘Veterinary Immunodiagnostics Market by Product (Analyzers, Consumables {Leukemia, Influenza, BTV, FMD, BTB, BHV}), Animal (Livestock, Companion), Technology (ELISA, Radioimmunoassay, Rapid Tests), End User (Hospitals, Point of care)—Global Forecast to 2029.’
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In the latest publication by Meticulous Research®, the veterinary immunodiagnostics market is poised to witness robust growth, projecting a Compound Annual Growth Rate (CAGR) of 9.3% from 2022, reaching an estimated value of $2.71 billion by 2029. This surge is primarily fueled by several factors including the escalating prevalence of animal diseases, the availability of specialized immunodiagnostic tests, and notable technological advancements in immunodiagnostics. Furthermore, the burgeoning pet population and the growing demand for animal-derived products further propel market expansion. Notably, emerging economies globally are expected to present promising growth avenues for the global veterinary immunodiagnostics market. However, inadequate diagnostic infrastructure in developing nations remains a significant impediment to market growth.
The veterinary immunodiagnostics market is meticulously segmented based on Product (Analyzers and Consumables), Animal Type (Companion Animals and Livestock), Technology (ELISA, Radioimmunoassay, Rapid Tests, and Others), End User (Reference Laboratories, Veterinary Hospitals & Clinics, and Point of Care Testing), and Geography. Through this comprehensive segmentation, industry competitors are thoroughly evaluated, and the market is analyzed at regional and country levels.
In 2022, the consumables segment is anticipated to dominate the veterinary immunodiagnostics market, attributed to its attributes such as higher sensitivity, accuracy, swift diagnosis, cost-effectiveness, and the availability of disease-specific immunoassays.
Technologically, the ELISA segment is projected to hold the largest share of the veterinary immunodiagnostics market in 2022. This dominance is credited to the continuous development of novel biomarkers, cost-effectiveness, and the increasing adoption of automated ELISA platforms.
The livestock segment is expected to claim the lion's share of the veterinary immunodiagnostics market in 2022, propelled by the soaring demand for food production worldwide and heightened awareness regarding animal health.
Furthermore, the reference laboratories segment is forecasted to capture the largest share of the veterinary immunodiagnostics market in 2022, propelled by the escalating outsourcing of diagnostic testing by hospitals & clinics to reference laboratories.
Geographic Overview:
In terms of geographical analysis, North America is positioned to spearhead the veterinary immunodiagnostics market in 2022, followed closely by Europe and Asia-Pacific. Factors such as heightened awareness regarding animal health, well-established veterinary diagnostics infrastructure, and substantial investments in pet health in the region are poised to uphold North America's dominant market share.
Key Players:
The key market players include IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Virbac (France), Heska Corporation (U.S.), Randox Laboratories, Ltd (U.S.), Neogen Corporation (U.S.), QIAGEN N.V. (Germany), Abaxis, Inc. (U.S.), and bioMérieux S.A. (France).
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Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.
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