NEW YORK, May 6, 2021 /PRNewswire/ — The animal health diagnostics market is expected to grow by USD 1.78 bn during 2021-2025, expanding at a CAGR of almost 10%. The report also throws light on the impact of the COVID-19 pandemic on the market and the new opportunities and challenges market players can expect. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth.
The report offers a detailed analysis of the impact of the COVID-19 pandemic on the market in optimistic, probable, and pessimistic forecast scenarios.
Animal Health Diagnostics Market: Rising awareness about zoonotic diseases to drive growth
The risk of zoonotic disease is growing due to the rising cross-continental travel and increased rate of globalization. To prevent the transmission of zoonotic diseases, WHO implemented several initiatives such as tracking, surveillance, reporting activities, and response plan development in case of epidemics. The chances of zoonotic disease transmission can be further reduced through professional and public education. The demand for animal health diagnostics will grow due to the rising awareness about zoonotic diseases, which in turn, will fuel market growth.
Is there any relief during this COVID pandemic?
As per Technavio, the increase in pet humanization will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2021-2025.
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Animal Health Diagnostics Market: Segmentation Analysis
This market research report segments the animal health diagnostics market by Type (Livestock and Companion) and Geography (North America, Europe, Asia, and ROW).
56% of the market’s growth will originate from North America during the forecast period. The US and Canada are the key markets for the animal health diagnostics market in North America. Market growth in this region will be slower than the growth of the market in Asia. The animal health diagnostics market growth in North America can be attributed to the growing humanization of dogs and cats and an increase in the adoption of pets.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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