R&M: Veterinary infectious disease diagnostics to exceed $2.5B
ResearchAndMarkets.com, a market analysis company, has issued a report on the veterinary infectious disease diagnostics market forecasting growth at a CAGR of 9.0% from 2021 to 2026. The market is predicted to be worth $2.6 billion by the end of 2026, an uptick from the 2021 estimated value of $1.7 billion.
In 2020, within the diagnostics market segment, the largest share was held by companion animals in comparison to food animals. The growth in the segment was traced to the increase in the number of companion animals, increase in the use of veterinary insurance which typically broadens access to diagnostics, and growing interest in managing, preventing, and treating infectious disease in pets.
When segmented by technology, the immunodiagnostics portion is expected to take the lead globally compared to molecular diagnostics or additional methods. Immunodiagnostics is more commonly utilized by veterinarians and livestock management, are conducted within facilities, and are bolstered by increasing demand for accurate diagnosis early on in the disease.
If the market is divided by end-users of the technology, the veterinary reference laboratories are the largest segment with growth expected as the number of practices and demand on veterinary care increases. Adding to the growth, the prevalence of knowledge about the importance of screening for disease has grown among companion animal owners.
By geography, the North American market is expected to retain its top spot as the number of companion animals grow, technology is readily available, high spending rates on pets and rates of pet insurance, as well as an advanced network of veterinary reference labs.
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