The global veterinary diagnostics devices market size is poised to grow by USD 815.28 million during 2020-2024, progressing at a CAGR of almost 9% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.
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Technavio has announced its latest market research report titled Global Veterinary Diagnostic Devices Market 2020-2024 (Graphic: Business Wire)
The rising demand for pet insurance with growing animal health expenditure is one of the significant veterinary diagnostics market drivers. The rising costs of animal healthcare have increased the need for pet insurance policies. Currently, most insurance companies have reimbursement-based programs that help pet owners in covering unplanned healthcare costs. As a result, pet owners and livestock caretakers are increasingly availing healthcare services for animals. The pet insurance industry is rapidly growing in regions such as North America. These factors are contributing to the growth of the veterinary diagnostics market.
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The major veterinary diagnostics devices market growth came from the companion animals segment. The increasing pet ownership and the rising healthcare expenditure associated with companion animals are increasing the demand for veterinary diagnostics devices. This will drive the growth of the veterinary diagnostics market over the forecast period.
North America was the largest market for veterinary diagnostics in 2019. The rising animal healthcare expenditure, expansion of veterinary clinics and hospitals, and the presence of prominent vendors are fueling the growth of veterinary diagnostics market size in North America.
The global veterinary diagnostics devices market is fragmented. AMETEK Inc., bioMérieux SA, EKF Diagnostics Holdings Plc, Halma Plc, Heska Corp., HORIBA Ltd., IDEXX Laboratories Inc., Revenio Group Oyj, Virbac SA, and Zoetis Inc. are some of the major market participants. To help clients improve their market position, these veterinary diagnostics devices market forecast report provides a detailed analysis of the market leaders.
As the business impact of COVID-19 spreads, the global veterinary diagnostics devices market 2020-2024 is expected to have Positive and Superior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
Read the full report here: https://www.technavio.com/report/report/veterinary-diagnostic-devices-market-industry-analysis
High Prevalence of Infectious Diseases among Animals will be a Key Market Trend
The prevalence of infectious diseases such as rabies, foot and mouth disease, brucellosis, and bluetongue is high among companion and livestock animals. This drives the need for effective management and control measures to prevent the spread of zoonotic diseases. As a result, there is a significant scope of growth for veterinary clinics and hospitals. This, in turn, has been increasing the demand for various diagnostic devices, such as hematology analyzers, blood glucose monitors, centrifuges, and laryngoscopes among veterinary facilities.
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Veterinary diagnostics devices Market 2020-2024: Key Highlights
CAGR of the market during the forecast period 2020-2024
Detailed information on factors that will assist veterinary diagnostics devices market growth during the next five years
Estimation of the veterinary diagnostics devices market size and its contribution to the parent market
Predictions on upcoming trends and changes in consumer behavior
The growth of the veterinary diagnostics devices market
Analysis of the market’s competitive landscape and detailed information on vendors
Comprehensive details of factors that will challenge the growth of veterinary diagnostics devices market vendors
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PART 01: EXECUTIVE SUMMARY
PART 02: SCOPE OF THE REPORT
PART 03: MARKET LANDSCAPE
PART 04: MARKET SIZING
PART 05: FIVE FORCES ANALYSIS
PART 06: MARKET SEGMENTATION BY TYPE
Market segmentation by type
Comparison by type
Companion animals – Market size and forecast 2019-2024
Livestock – Market size and forecast 2019-2024
Market opportunity by type
PART 07: CUSTOMER LANDSCAPE
PART 08: GEOGRAPHIC LANDSCAPE
North America – Market size and forecast 2019-2024
Europe – Market size and forecast 2019-2024
Asia – Market size and forecast 2019-2024
ROW – Market size and forecast 2019-2024
Key leading countries
PART 09: DECISION FRAMEWORK
PART 10: DRIVERS AND CHALLENGES
PART 11: MARKET TRENDS
Growth in adoption of companion animals
Growing awareness about animal health and welfare
Rising demand for pet insurance with growing animal health expenditure
PART 12: VENDOR LANDSCAPE
PART 13: VENDOR ANALYSIS
PART 14: APPENDIX
PART 15: EXPLORE TECHNAVIO
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View source version on businesswire.com: https://www.businesswire.com/news/home/20201009005389/en/
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