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Animal Diagnostics Market 2020 By Regional Statistics, CAGR, Trend & Growth Forecast To 2025

Author : Ronak Bora | Published Date : 2020-12-24 

Animal Diagnostics Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Animal diagnostics market is estimated to witness a tremendous growth over the projected time frame of 2019 to 2025, considering the rising adoption of pets along with growing awareness regarding animal care. Additionally, increasing expenditure on pet care owing to rising disposable incomes is also likely to provide positive growth aspects for the industry.

Based on Indian Pet Trade Fair data, Indian pet care sector had recorded an expenditure of USD 1.0 billion on pet care in 2014. Moreover, adoption of pets has also increased significantly from 7 million pets in 2006 to 10 million in 2014, which is anticipated to evoke the demand for pet care products and animal diagnostics for disease prevention and improving animal health.

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According to GMI report, animal diagnostics market size is projected to surpass USD 5.5 billion by 2025.

Advancements in molecular biology

Rise in advancements in molecular biology has favored the development of animal diagnostic tools. This can be illustrated by the example of PCR (polymerase chain reaction) that is widely witnessing adoption in genome sequencing of pathogens to produce elements for biological research, disease diagnosis and parasite control in animals.

Another example of technological advancement is isothermal technology which is not only reducing complexity associated with point-of-care testing but also the costs and size of the tools. Growing focus of industry players on developing advanced and cost-effective solutions will boost animal diagnostics industry expansion.

Growing pet adoption trend

Companion animal segment is set to grow at 7.5% CAGR over the next few years on account of rising adoption of pets for companionship. This has led to increased demand for veterinary care and animal healthcare spending, which in turn is favoring animal diagnostics business growth. Easy availability of diagnostic methods for detection of diseases in pet animals along with pet insurance policies may boost the market expansion.

Awareness towards animal health in India

India animal diagnostics industry size is estimated to show notable growth of 12.4% CAGR through 2025 on account of the growing awareness pertaining to animal healthcare. Positive initiatives by organizations like People for Animals and The Tata Trust are some of the kay factors influencing industry expansion.

For instance, in partnership with the People for Animals, Tata Trust announced plans to launch ultra-modern veterinary hospital in Mumbai in 2017 to fulfil healthcare need domestic and farm animals at affordable price.

Increased demand for veterinary care

In 2018, clinical biochemistry demand accounted for USD 1 billion in on account of the growing focus on preserving endangered species and value-based veterinary care. Introduction of advanced techniques in clinical laboratories is further fueling the demand for advanced veterinary care products.

In the same year, U.S. animal diagnostics market generated revenue of over USD 1.6 billion on account of developments in veterinary diagnostics along with adoption of advanced molecular diagnostic techniques across several laboratories. Several efforts undertaken by the regional governments to promote animal healthcare sector along with initiatives to control occurrence of animal diseases will favor market growth over the coming years. 

Browse full table of contents (TOC) of this report @ https://www.decresearch.com/toc/detail/animal-diagnostics-market

Partial Chapter of the Table of Content 

Chapter 2. Executive Summary

2.1. Animal diagnostics industry 3600 synopsis, 2014 - 2025

2.1.1.Business trends

2.1.2.Technology trends

2.1.3.Animal type trends

2.1.4.Regional trends

Chapter 3. Animal Diagnostics Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2014 – 2025

3.3. Industry impact forces

3.3.1.Growth drivers

3.3.1.1.Growing trend of adopting pet animals

3.3.1.2.Rising prevalence of food borne and zoonotic diseases

3.3.1.3.Favorable government initiatives

3.3.1.4.Rapidly increasing demand for animal products

3.3.1.5.Advancements in veterinary diagnostics

3.3.2.Industry pitfalls & challenges

3.3.2.1.Prohibitive cost associated with animal tests

3.3.2.2.Low out of pocket expenditure on pet healthcare in developing countries

3.4. Growth potential analysis

3.4.1.By technology

3.4.2.By animal type

3.5. Regulatory landscape

3.5.1.U.S

3.5.2.Europe

3.6. Porter’s analysis

3.7. Competitive landscape, 2018

3.7.1.Business overview

3.7.2.Revenue analysis

3.7.3.Product landscape

3.7.4.Strategy dashboard

3.8. PESTEL analysis

 

 

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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