Europe Veterinary Diagnostics Market Overview:
Europe Veterinary Diagnostics
Market was estimated at USD 725 million
in 2018 and is expected to reach USD 1,298 million
by 2025, growing at a compound annual growth rate of 8% over the 2018-2025 forecast period. Veterinary diagnosis is a
non-invasive method used to identify and research the cause of an animal's
disease. Several new technologies in the field of human diagnosis are currently
being applied in the veterinary field. Other methods used for this purpose
include ELISA analysis, lateral flow analysis, indirect immunofluorescence
analysis, complement fixation, coagulation, Western blotting, and polymerase
chain reaction.
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Drivers, Challenges
and Opportunities:
The European veterinary diagnostics market is growing
strongly due to the need to control antimicrobial resistant bacteria, increased
awareness of animal health in emerging economies and increasing investments in
the developing economies of the sector. The growth of this market depends on
several market factors such as increasing number of diagnostic procedures in
the clinic, increasing purchase and use of various diagnostic tools in
veterinary practices. In addition, the increase in the number of high-income
households that own pets and regular visit to veterinary laboratories will also
stimulate growth in this regional market.
The limiting high costs in this market are mainly due to the
cost of the medical equipment needed to purchase and manage a test center, from
blood analyzers to physiological monitors (electrocardiograms, anesthesia
monitors, etc.), to imaging technology (ultrasonic X-rays and magnetic
resonance). The growing number of new and state-of-the-art products provides
the European veterinary diagnostic market with sufficient opportunities to grow
at a steady pace over the forecast period. In addition, the unexplored market
in the developing economies offers many opportunities for veterinary
diagnostics to grow at a considerable pace in the coming years.
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Geographic
Segmentation:
Europe is the second most dominant region because of the
high rate of pet adoption and the use of high quality diagnoses and treatments.
Growth in this region may be linked to factors such as the growing need for
animal-derived food products, increased pet health expenditures, the increase
in the number of professional veterinarians and their level of income from the
vigil on zoonoses.
Key market players:
The main players in the European veterinary diagnostic
market are ABAXIS, Inc., Thermo Fisher Scientific, Inc., Heska Corporation,
VCA, Inc., Neogen Corporation, Zoetis, Inc. and ID.Vet. Other important players
in the market are IDEXX, Mindray Medical International Ltd., Virbac, GE
Healthcare and Agfa Healthcare.
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