The veterinary diagnostics market is expected to grow at a CAGR of 9.3% between 2017 and 2022 to reach 3.62 Billion by 2022. The growth in this market is attributed to factors such as growing animal population, rising animal healthcare expenditure, rising pet adoption, growing demand for animal-derived food products, rising awareness about zoonotic diseases, and increasing number of veterinary practitioners across the globe.

The global veterinary diagnostics market is segmented based on product, technology, animal type, end user, and region. On the basis of product, this market is segmented into instruments and consumables. Based on technology, the global market is segmented into clinical biochemistry, urinalysis, immunodiagnostics, hematology, molecular diagnostics, and other veterinary diagnostics. In 2016, the immunodiagnostics segment accounted for the largest share of the global veterinary diagnostics market. It is also expected to register the highest growth during the forecast period. The highest growth of this segment is mainly attributed to the increasing adoption of lateral flow rapid tests and ELISA tests.

On the basis of animal type, the global veterinary diagnostics market is categorized into livestock and companion animals. The livestock segment accounted for the largest share of this market, while the companion animals segment is expected to register the highest growth during the forecast period. On the basis of end user, the market is segmented into reference laboratories, veterinary hospitals & clinics, point-of-care/in-house testing, and academic institutions & universities.

In 2016, North America accounted for the largest share of the veterinary diagnostics market. The largest share of this regional segment is attributed to increasing demand for animal-derived food products, rising animal healthcare expenditure, growing animal population, and rising awareness about zoonotic diseases. However, the market in the Asia-Pacific region is expected to register the highest CAGR, owing to growing animal population, increasing demand for animal-derived food products, rising awareness regarding animal health and welfare, and growing per capita animal health expenditure, especially in India and China.

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