Market research shows veterinary diagnostics market poised for continued growth
According to new market research from Kalorama Information, a division of marketresearch.com, the $2 billion veterinary diagnostics sector is projected to see faster revenue growth than the overall $55 billion in vitro diagnostics (IVD) market.
The report titled “The World Market for Veterinary Diagnostics” explained that the U.S. veterinary diagnostics market grew by about 5 percent in 2013, compared to the estimated 3 percent growth the overall IVD market experienced in the same year.
Kalorama Information attributed the higher growth to several advantages the veterinary diagnostics market appears to hold over the larger IVD market, including lower regulatory demands, ready applications of medical diagnostic product platforms, and generally greater opportunities for revenue growth.
Kalorama also said that while veterinary office visits might fluctuate over the years, veterinary diagnostics should continue to grow because tests costs are increasing substantially with greater product complexity, and because of growing reliance on IVD products during veterinary visits.
“Future veterinary diagnostics market growth will depend upon the development of markets for more sophisticated products such as molecular diagnostic tests and increasing testing intensity as instrument placements decline in saturated markets,” said Emil Salazar, Kalorama Information analyst.