CHICAGO, June 8, 2021 /PRNewswire/ — According to the new market research report “Veterinary Diagnostics Market by Product (Instruments, Consumables), Technology (Immunodiagnostics (Lateral Flow, ELISA), Clinical Biochemistry, PCR, Hematology, Urinalysis), Animal (Dog, Cat, Cattle, Pig, Poultry, Horse), End User – Global Forecast to 2026″, published by MarketsandMarkets™, the global market is expected to reach USD 3.9 billion by 2026 from an estimated USD 2.5 billion in 2021, at a CAGR of 9.4%.
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464 – Tables
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The Market growth can largely be attributed to the growth in the companion animal population, increasing incidence of transboundary and zoonotic diseases, rising demand for animal-derived food products, rising demand for pet insurance, growing animal health expenditure, and growth in the number of veterinary practitioners and income levels in developed economies. On the other hand, rising petcare costs is expected to restrain the overall veterinary diagnostics market growth. Currently, the lack of skilled veterinarians and diagnostic infrastructure, especially in developing countries, is one of the major factors limiting the uptake of advanced diagnostic solutions among veterinarians. The high cost of advanced diagnostic tests is another major barrier to its widespread adoption.
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