Latin America Veterinary Diagnostics Market Size and
Growth Analysis:
Latin America
Veterinary Diagnostics Market was valued at USD 203.6 million in 2018 and is
anticipated to reach USD 411.3 million by 2025, growing at a CAGR of 10.81% in
the projected period.
Growth Drivers and Insights:
Latin America
market for veterinary diagnostics is anticipated to grow at a higher CAGR due
to the rise in the number of foodborne diseases affecting the animals and the
rise in government regulations to maintain animal health. Particularly Brazil,
which is the 9th largest economy in the world is showing to be a lucrative
market for investors. Adding to that, the demand for molecular diagnostics is
anticipated to grow at a higher rate due to its broad scope. Further in
purchase and usage of various diagnostic instruments that are used in
veterinary practices, in-clinic diagnostic procedures, high-income families
that keep pets and regular visit to veterinary laboratories are propelling the
majority of this market.
However,
increasing adoption of vegetarian food due to growing food habits, the economic
downturn, the increased risk of obesity, exposure to global cuisines, and other
disorders are some of the factors affecting the growth.
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Some of the
circumstances driving the growth of veterinary diagnostics market in Latin
America are increasing prevalence of disease eruption in animals, building
innovative veterinary diagnostics, improving per capita income in emerging
economies, and growing prevalence of zoonotic diseases. In addition, increasing
public awareness about animal diseases, and developing companion animals and
food processing animals are also feeding the growth of the market.
Technologies playing a vital role in Latin America
Veterinary Diagnostics Market Growth?
The advanced
research and extension facilities and new and innovative product improvements
by the organizations to improve their product portfolio are encouraging the
growth of the veterinary diagnostics industry. The mounting way of
nanotechnology in veterinary diagnostics, modification of human diagnostic use
into veterinary diagnostics, and growing demand for precise, and quick
molecular diagnosis are some of the main trends of the regional market.
The growth of this
market is largely associated to rising demand for animal-derived food
commodities, increasing demand for pet insurance, improving animal energy
expenditure, rising incidence of zoonotic diseases, raising awareness about
animal healthcare, an increase in the number of veterinary practitioners and their
increasing income levels. Nevertheless, rising pet care costs may hinder the
growth of this market in Latin America to a real extent.
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Some of the leading companies in this Latin America
Veterinary Diagnostics Market are: include VIRBAC, IDEXX Laboratories, Inc., Heska
Corporation, Life Technologies Corporation, VCA Inc., Abaxis, Inc., Prionics
AG, Bio-Rad Laboratories Inc., and Pfizer, Inc.
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