The animal diagnostics market is expected to cross USD 14 billion by 2030 at a CAGR of 10.62% from 2023 to 2030; High prevalence of zoonotic diseases and technological innovations in animal diagnostics to complement market growth

SkyQuest Technology Consulting Pvt. Ltd

By leveraging the insights from the SkyQuest report, businesses and investors can gain a competitive edge in the Animal Diagnostics market. They can stay abreast of the latest developments and trends, identify new growth opportunities and make strategic decisions to help them succeed in this fast-moving industry. It can also help companies and investors make informed decisions about product development, marketing strategies and investment opportunities.

Westford, USA, March 24, 2023 (GLOBE NEWSWIRE) — The animal diagnostics market is experiencing a significant shift in its global landscape, with North America emerging as the dominant player in the industry. This trend is closely followed by the Asia-Pacific region, which has seen the fastest growth in this sector. This growth can be attributed to the increase in transboundary and zoonotic diseases among animals, which is driving the demand for effective diagnostic tools. Furthermore, as consumers become increasingly conscious of the quality and safety of their food, the need for effective veterinary diagnostics becomes even more important. This has led to an increase in veterinary practitioners, particularly in developed economies where rising income levels have allowed greater investment in this sector.

According to a report by SkyQuest, pet ownership in the United States continues to be a popular trend. In 2021-2022, approximately 70% of households, which equates to approximately 90.5 million families, owned at least one pet. The report states that in 2021, 3.9 million pets in the US were insured, representing a 28% increase over the previous year. The growing trend in pet insurance is also likely to positively impact the animal diagnostics market. As more pets are insured, pet owners will have greater access to diagnostic tests aiding in the early detection and treatment of various diseases.

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Animal diagnostics refers to the use of medical and technological tools to identify and diagnose diseases or health conditions in animals. Animal diagnostics plays a critical role in veterinary medicine as it helps veterinarians make accurate and timely diagnoses, ultimately leading to better health outcomes for animals. Additionally, animal diagnostics can help identify emerging diseases or infectious agents that may threaten both animal and human health.

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Immunodiagnostics will emerge as a key revenue contributing segment as it offers fast turnaround time and can be easily automated

In the animal diagnostics market, the immunodiagnostics segment held a significant market share in 2022 and this trend is expected to continue from 2023 to 2030. With the increasing adoption of advanced technologies such as ELISA, lateral flow assays, and rapid tests, the immunodiagnostics the segment is expected to grow significantly in the coming years. Additionally, according to SkyQuest research, there has been a significant increase in the number of infectious diseases, with nearly 55% of disease cases between 2018 and 2022 found to be of animal origin, i.e. zoonotic in nature. This indicates a crucial need for animal diagnostics in the future that can provide early detection and timely treatment of these diseases.

In 2022, the animal diagnostics market saw a significant increase in revenue, with North America emerging as a key player. This region is at the forefront of technological advancements in the animal health sector, driving industry growth. North America has significantly contributed to this growth with the presence of leading players in the market and the widespread adoption of new technologies. In addition, the region is home to some of the largest veterinary research institutes, diagnostic laboratories and animal health companies that invest heavily in research and development to improve diagnostic accuracy and speed.

The pet segment will drive huge sales growth thanks to a surge in demand for preventive medicines for pets

The animal diagnostics market has experienced significant growth in recent years, with the pet animal segment taking the lead in 2022. The pet animal segment is projected to register a high CAGR from 2023 to 2030. This growth will be driven by increasing ownership of pets and the growing demand for advanced diagnostic and pet health services. In addition, advanced diagnostic technologies such as molecular diagnostics are expected to drive the growth of the pet segment.

The animal diagnostics market in Asia Pacific is expected to witness a remarkable growth till 2030. According to industry experts, this growth can be attributed to several factors such as increasing demand for animal proteins, increasing prevalence of zoonotic diseases and increasing pets accepted. In addition, the recent outbreak of the COVID-19 pandemic has further highlighted the importance of animal diagnostics for the prevention and control of such diseases. As a result, governments in the region are increasing their investment in animal health and diagnostics.

SkyQuest, a leading market research firm, has recently published an extremely informative report on the animal diagnostics market. This detailed research report provides valuable information on the current state of the industry, including analysis of the latest market trends, consumer behavior, and the competitive landscape. The report also provides insight into how companies are responding to changing market dynamics. This includes discussing companies’ strategies to address emerging trends and stay ahead of the competition. By providing this level of detail, the report offers a road map for organizations looking to navigate the market and capitalize on its growth potential.

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Key Developments in the Animal Diagnostics Market Report

  • Assure Tech, a leading technology company, has launched a new platform – Comprehensive Health Solution – to revolutionize the healthcare industry. The platform provides a one-stop service for all healthcare needs by integrating various services including telemedicine, health insurance and wellness programs.

  • Zoetis, a leading animal healthcare company, recently expanded its diagnostic expertise by adding two new features to its Vetscan Imagyst™ platform: AI Dermatology and AI Equine Fecal Egg Count Analysis. The AI ​​function for equine faecal egg analysis is a non-invasive method of analyzing equine faecal samples.

  • Ainos, a leading manufacturer of animal health supplements, has signed a new agreement with Topmed to establish them as the exclusive distributor of VELDONA products in Taiwan. This partnership marks a significant step for Ainos in expanding its global reach and promoting high-quality animal health supplements in Taiwan.

Key Questions Answered in the Animal Diagnostics Market Report

  • What metrics can businesses use to track and analyze growth trends in identified market segments and regions, and how can they use this information to inform their business strategies?

  • How can businesses identify and prioritize the most impactful technologies and product improvements to incorporate into their operations and offerings, and what resources are available to support them?

  • What regulatory and legal challenges might firms face as they enter and expand into the identified market segments and regions, and what steps can they take to ensure compliance and mitigate risks?

  • How can businesses adapt marketing approaches to reach and engage consumers in identified market segments and regions?

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