According to the report Asia Pacific Veterinary Diagnostics Industry, published by Market Data Forecast, The Industry which is at $723.93 million in 2015 is poised to reach $1161.13 Million by 2020 at a CAGR of 9.91%. In recent years it has seen a tectonic shift with the emergence of new and technologically advanced products, which had an optimistic impact on the overall growth of the Industry.
Diagnostics provide tools for effective and rapid testing to undertake preventative or remedial measures for the health of the animal population. For instance, lateral flow and other rapid tests are used in veterinary medicine to test commercial livestock (large animals – cows, poultry, sheep, pigs, etc.) and household pets (cats, dogs, etc.) to test for the presence of a variety of medical conditions caused by bacteria, viruses, allergies, and fertility issues. Food animal diagnostics assist in livestock and production animal preventive care and complement other measures such as vaccination and selective breeding.
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Coming to the Asia Pacific Industry, animal diseases are a major and increasingly important factor reducing livestock productivity especially in developing countries like India. While in many areas traditional methods are still widely used but most of them turn out to be ineffective or too slow to have any direct influence on clinical management of a particular case, providing results after several days. Thus the focus in the development in animal disease diagnostics has been toward rapid methods that can provide a conclusive answer.
Immunodiagnostics is expected to grow at a higher CAGR due to the increase in the number of foodborne diseases affecting the animals resulting in the increasing need to perform various tests. The Industry for Molecular diagnostics is also expected to grow due to the wide scope it provides over the likes of immunodiagnostics. Increase in purchase and usage of various diagnostic instruments that are utilized in veterinary practices, in-clinic diagnostic procedures, high income households that keep pets and regularly visit veterinary laboratories are propelling the growth of this Industry. However, increasing adoption of vegetarian food due to changing food habits, the economic downturn, the increasing risk of obesity, exposure to global cuisines are some of the factors affecting the growth.
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The Asia Pacific veterinary diagnostics Industry is segmented by products, type of animals, and geography. The veterinary diagnostics Industry is mainly categorized by product into clinical chemistry, molecular diagnostics, haematology analysers, diagnostic imaging, immunodiagnostics, and others. The animal Industry covers companion animals and food-producing animals. Furthermore, on the basis of geography, the Asia Pacific Industry is analysed under various regions namely, India, China, Japan and South Korea.
Some of the key players in the industry include VCA Inc., Heska Corporation, Abaxis, Inc., VIRBAC, IDEXX Laboratories, Inc., Life Technologies Corporation, Bio-Rad Laboratories Inc., Prionics AG, and Pfizer, Inc.
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Key Points from Table of Contents
• Executive Summary
• Key Inferences
• New Developments
Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
Asia Pacific Veterinary Diagnostics Industry: Segmentation
• By Product
o Clinical Chemistry
o Molecular Diagnostics
o Diagnostic Imaging
• By Animals
o Companion Animals
o Food-Producing Animals
• South Korea
• PESTLE analysis
• Porter’s Five analysis
Industry Leaders’ Analysis
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