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Veterinary Diagnostics Market


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Title: Veterinary Diagnostics Market

MarketsandMarkets Presents
  • Veterinary Diagnostics Market 

  • The global veterinary diagnostics market has seen
    a paradigm shift in the past decade with the
    emergence of a number of new and technologically
    advanced products, which had a positive impact on
    the overall growth of the market. The market has
    seen many new technologies from the human
    diagnostics segment being adapted into the
    veterinary diagnostics segment. This trend still
    continues, and with the human diagnostics getting
    cheaper, their application into the veterinary
    segment is expected to grow further.
  • The market has a high growth potential mainly due
    to the increasing incidences of animal disease
    outbreaks, increasing number of both companion
    animals and food producing animals globally, and
    rising public awareness about animal diseases.
    However, the economic downturn and increasing
    adoption of vegetarian food appear to dampen the
    overall market growth to a certain extent. 

In addition to the structural market drivers,
there are strong geographic drivers as well for
the growth of the veterinary diagnostics market.
The emerging markets across the Asia-Pacific and
Latin American region are increasingly becoming
the growth centers for the global market. This
market across developing countries such as India
and China is slated to show a significant growth
during the forecast period of 2013 to 2018. 
  • A higher CAGR of these markets is mainly
    attributed to the growing demand for veterinary
    diagnostics product in this region mainly due to
    the rise in the number of companion animals due
    to the growing urbanization, along with the
    increase in the per capita income which leads to
    greater spending on the overall animal health.
  • The global market is consolidated in nature,
    wherein the top five players account for more
    than 6570 of the market share. However, there
    are many new entrants coming in the market,
    leading to growing competition and thereby
    threatening the market share of the existing
    players. In order to maintain their market share,
    leading players in the market are continuously
    adopting new technologies to enhance their
    product portfolio. 

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