DALLAS, April 22, 2014 /PRNewswire-iReach/ -- Over the years, the veterinary diagnostics market has grown multi-fold, adapting various technologies from the human diagnostics segment. In the past decade, a number of new products have been launched in this market, which had a positive impact on the growth of this market.
In this report, the global veterinary diagnostics market is segmented by products, type of animals, end-users, and geography. The veterinary diagnostics market is mainly classified by product into clinical chemistry, hematology analyzers, molecular diagnostics, immunodiagnostics, diagnostic imaging, and others. The animal market covers companion animals and food-producing animals. The report also discusses the key market drivers, restraints, and opportunities of the global veterinary diagnostics market and its sub-markets.
The global veterinary diagnostics market is expected to grow at a healthy CAGR during the forecast period of 2013 to 2018 and is estimated to be worth $4,200 million by 2018. The market is mainly driven by the increasing incidences of disease outbreaks, increasing companion animal market backed by the rise in the adoption of pets, increase in the disposable incomes, and the increasing incidences of zoonotic diseases. However, economic downturn and increasing adoption of vegetarian food inhibits the growth of the market to a certain extent.
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During the forecast period the clinical chemistry segment will continue to drive and dominate the veterinary diagnostics market. A majority share of this growth can be attributed to widening applications of various clinical assays in veterinary diagnostics industry. Furthermore, rising demand for clinical diagnostics tests for food-producing animals are also expected to drive the growth of the veterinary diagnostics market. Highly organized dairy sector, increased awareness towards prevention of diseases in livestock animals in order to meet the increased demand for meat and dairy products, and increasing number of farm animals is expected to fuel the demand for diagnostic tests during the forecast period of 2013-2018.
Comprehensive Table of Contents and more for the report "Veterinary Diagnostics Market Global Forecast to 2018" is available at http://www.reportsnreports.com/reports/280982-veterinary-diagnostics-market-by-products-clinical-chemistry-hematology-analyzers-molecular-diagnostics-immunodiagnostics-diagnostics-imaging-by-animals-companion-food-producing-dog-livestock-poultry-swine-global-forecast-to-2018.html .
The global animal vaccines market is in its growth phase and is poised to cross the $8 billion mark by 2018. The factors responsible for the growth of the market include increasing incidences of zoonotic diseases in humans; growing prevalence of animal diseases; and increasing investments by government bodies, animal welfare associations, and leading players. Another factor driving the growth in this space is the continuous innovations and introduction of new products in the market. Since 2012, more than 20 new products have been launched, showing the huge potential for growth in this arena. However, increasing maintenance costs for vaccines and the shift towards vegetarian food by consumers will restrict the growth of the market to some extent. With the growing awareness of animal health in emerging economies, new entrants as well as established players have huge opportunities by introducing novel vaccines like DNA and recombinant vaccines and by entering into emerging countries. The global market for animal vaccines is estimated to be worth $5.8 billion by 2013 and is expected to grow at a healthy CAGR of 8.1% to reach $8.6 billion by 2018.
Europe accounts for the largest share of the animal vaccines market, followed by North America. Both markets are reaching the maturity phase of growth and will register mid single-digit growth rates for the next five years. Asia, parts of Africa and LATAM are poised to grow at double-digit rates owing to the increasing investment opportunities for companies in these immature markets and due to the improving healthcare facilities for animals. Countries like China, India, Australia, and Brazil will be major contributors to the growth of the market.
The market is dominated by tier I players and is fairly consolidated with the top 5 players contributing close to 70% of the share. New entrants face high barriers in entering this market as it is a capital-intensive industry with strict regulations.
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The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market which in turn would help the firms in garnering a greater market share. Firms purchasing the report could use any one or combination of the below mentioned five strategies for reaping a greater market share.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on product portfolios offered by the top players in the veterinary diagnostics market. The report analyzes the veterinary diagnostics market by products, end-users, and across all regions.
- Product Development/Innovation: Detailed insights on the upcoming trends, research and development activities, and new product launches in the veterinary diagnostics market.
- Market Development: Comprehensive information of the lucrative emerging markets by product, end user, and geography.
- Market Diversification: Exhaustive information of new products, growing regions, recent developments, and investments in the veterinary diagnostics market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, distribution networks, manufacturing capabilities, and SWOT analyses of the leading players in the veterinary diagnostics market.
Comprehensive Table of Contents and more for the report "Animal/Veterinary Vaccines Market Global Forecast to 2018" is available at http://www.reportsnreports.com/reports/267954-animal-veterinary-vaccines-market-products-livestock-bovine-companion-canine-poultry-equine-diseases-rabies-distemper-foot-mouth-gumboro-avian-influenza-strangles-technology-live-attenuated-dna-recombinant-global-forecast-to-2018.html .
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