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(MoneyNewsWire.Net, February 15, 2018 ) The report "Veterinary Diagnostics Market by Product (Clinical chemistry, Molecular diagnostics, Haematology, Diagnostic imaging, Immunodiagnostics), by Animals (Companion animals and Food producing animals)- Forecast to 2022", The Veterinary Diagnostics market is expected to reach USD 61.783 Billion by 2022 at a CAGR of 14%. The key factors such as a rise in the number of foodborne diseases that affect animals, increase in disposable incomes of households and the high growth of immunodiagnostics are the major drivers of market growth.
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By product, the clinical chemistry segment accounted for the largest share of the market in 2017
On the basis of product, the Veterinary Diagnostics market has been segmented into clinical chemistry, molecular diagnostics, haematology analysers, diagnostic imaging, immunodiagnostics, and others. Growth in this segment is mainly driven by the increase in the R&D of immunodiagnostics which has led to a boom in the growth of the veterinary diagnostics market. The clinical chemistry segment accounts for the largest share of the global market as it is the oldest segment of veterinary diagnostics from where it all started.
By Animals, the food-producing animals segment accounted for the largest share of the market in 2017
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On the basis of Animals, the Veterinary Diagnostics market has been segmented into companion animals and food producing animals. The food-producing animals segment accounts for the major share of the market owing to the higher demand, whereas the companion animals segment is growing at a robust CAGR.
North America dominated the market in 2017
North America accounted for the largest share of the Veterinary Diagnostics market in 2017, followed by Europe. The large share of the North American Veterinary Diagnostics market can be attributed to the growth in application of Veterinary Diagnostics primarily for food-producing animals, which was boosted by the rapid growth in demand for companion animals.
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The various players in the Veterinary Diagnostics market include VCA Inc., Heska Corporation, Abaxis, Inc., VIRBAC, IDEXX Laboratories, Inc., Life Technologies Corporation, Bio-Rad Laboratories Inc., Prionics AG, and Pfizer, Inc.
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