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San Francisco, January 12, 2022 /PR Newswire/ — Worldwide Veterinary Diagnostics Market Estimated size arrive $2.69 billion By 2028, according to a new report from Grand View Research, Inc. market expectation To expand at a CAGR of 11.3% from 2021 to 2028The key factors driving the market include growing demand for easy-to-use and rapid diagnostic products, strategic initiatives by market players, and growing animal health concerns.
Key insights and findings from the report:
- By product, instruments and equipment are expected to witness the fastest growth over the forecast period as they are readily available, offer a broader testing menu, and are affordable in the long run.Growing R&D programs to improve point-of-care diagnostic products are expected to drive market growth in the coming years
- By sample type, the blood/plasma/serum segment dominated the market in 2020.This is due to an increasing number of blood tests being recommended as part of routine testing, annual check-ups, and as an initial test before further testing of animals is recommended
- The general disease indication segment is expected to witness the highest growth over the forecast period as pets live longer and the need to improve pet quality of life increases over time
- The end-use segment of veterinary hospitals and clinics accounted for the largest revenue share at over 50.0% in 2020, as they were the first point of care to treat pets.Additionally, pet owners with pet insurance can get reimbursed for veterinary visits, diagnostic services, and treatments, thereby contributing to the growth of the segment
Read the 150-page market research report, “Veterinary Point-of-Care Diagnostics Market Size, Share & Trends Analysis Report By Animal Type (Companion, Livestock), By Sample Type, By Product, Test Category, Indication, By End-use, By Region, And Segment Forecasts, 2021 – 2028, by Grand View Research
The COVID-19 pandemic has created several challenges for the animal health industry, including point-of-care diagnosis. These include reduced visits to veterinary clinics and hospitals, suppressed sales by some market players, supply chain hurdles and sluggish consumer demand. Market players have gradually adapted to the changing situation by adopting various strategies such as optimizing production, implementing work-from-home, and adopting curbside services. As the government eased travel restrictions, market demand and passenger traffic gradually recovered. Pandemic uncertainty and changing government…
The full story is available on Benzinga.com
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