Veterinary Diagnostics Market : Key Growth Drivers, Restraints, Opportunities, and Challenges

“The major players in the veterinary diagnostics market are IDEXX Laboratories, Inc. (US), Abaxis, Inc. (US), Heska Corporation (US), Zoetis, Inc. (US), Neogen Corporation (US), Thermo Fisher Scientific, Inc. (US), QIAGEN N.V. (Netherlands), Virbac (France”
The veterinary diagnostics market is valued at 2.39 billion in 2017 and is expected to grow at a CAGR of 8.8% during the forecast period (2018 to 2023), to reach to USD 4.00 billion by 2023. Base year considered for the report is 2017.

Drivers- Veterinary Diagnostics Market:

-Growth in Companion animal Population

According to the APPA National Pet Owners Survey 2017-2018, the canine population in the US increased from 69.9 million in 2012 to 89.7 million in 2016, while the feline population increased from 74.05 million in 2012 to 94.2 million in 2016. According to FEDIAF, the canine population in Germany increased from 5.30 million in 2012 to 8.66 million in 2016, whereas the feline population increased from 8.20 million in 2012 to 13.40 million in 2016.

-Rising demand for pet insurance & Growing animal health expenditure

The adoption of pet insurance is expected to increase in coming years. Currently, the adoption of pet insurance in North America is very low as compared to European countries. According to the Department of Clinical Veterinary Science and the Pet Food Institute (US), 30% of pets in Sweden, 23% of pets in the UK, and only 1% of pets in the US are covered by pet insurance policies.

RESTRAINTS:

Increasing pet care costs

Over the last ten years, pet care costs have increased significantly. According to PetMD, the low-to-medium pet care cost is around USD 250 to USD 4,500 in veterinary practices; a high-end procedure costs anywhere between USD 5,000 and USD 20,000. According to APPA National Pet Owners Survey 2017-2018, the average household in the US spent USD 731 on routine doctor and surgical visits for dogs in 2016, an increase of 47% from a decade ago. Similarly, USD 427 is spent on routine doctor and surgical visits for cats in 2016. In Germany, the annual veterinary cost is ~USD 162.9 (EUR 140) per dog and USD 75.61 (EUR 65) per cat. In Japan, pet owners spend around USD 2,000–3,000 (JPY 200,000 to 300,000) annually on pet health.

OPPORTUNITIES:

Untapped emerging markets

Companion animal ownership has grown significantly across the globe. This is particularly evident in emerging markets in APAC and Latin American countries, due to urbanization and increase in disposable incomes—which have expanded access to animal healthcare and also enabled owners to spend more on pet care.

ChallengeS:

-lack of animal healthcare awareness in emerging markets

Emerging economies such as India, China, Brazil, and some Southeast Asian countries are home to a large companion and farm animal population. However, animal health expenditure in these countries is relatively lower as compared to developed countries across North America and Europe. This is mainly due to a lack of awareness among pet owners and veterinarians about the healthcare services available for animals. In addition, farm animal health expenditure in these countries is focused on therapeutic treatment only. Animal health diagnostics are not widely used in large-animal practices in these countries.

-shortage of veterinarians in emerging markets

The global animal healthcare industry is marked by a shortage of veterinarians. This is particularly evident in emerging APAC and Latin American markets. According to the World Animal Health Information Database, there were 70,767 veterinary professionals in India in 2016. Given that at least one veterinary doctor is required for every 5,000 animals, India requires at least 110,000–120,000 professionals.

Know More: https://www.marketsandmarkets.com/Market-Reports/veterinary-diagnostics-market-26017452.html

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