Report : South & Central America Veterinary Diagnostics Market Forecast to 2030 - Regional Analysis - by Product (Instruments and Consumables), Technology (Immunodiagnostics, Clinical Biochemistry, Hematology, Molecular Diagnostics, and Other Veterinary Diagnostic Technologies), Animal Type (Livestock Animals and Companion Animals), Disease Type (Infectious Diseases and Non-Infectious Diseases), and End User (Veterinary Hospitals & Clinics, Animal Diagnostic Laboratories, and Veterinary Research Institutes & Universities)
At 6.3% CAGR, the South & Central America Veterinary Diagnostics Market is Projected to be Worth US$ 504.31 Million by 2030, Says Business Market Insights
According to Business Market Insights research, the South & Central America veterinary diagnostics market was valued at US$ 309.89 million in 2022 and is expected to reach US$ 504.31 million by 2030, registering a CAGR of 6.3% from 2022 to 2030. Advent of precision medicine in veterinary diagnostics and growing ownership of companion animals are among the critical factors attributed to the South & Central America veterinary diagnostics market expansion.
In veterinary care, precision medicine is revolutionizing the landscape, offering tailored diagnostics and treatments that may benefit animal welfare and health. Precision medicine enables veterinarians to provide more accurate diagnoses, customized treatments, and improved outcomes using genomic sequencing, personalized diagnostics, and targeted therapies. The advancement of precision medicine in veterinary care will continue to be driven by rapid advancements in technologies such as genome sequencing, gene editing, and targeted therapies. The understanding of animal genetics is expected to be enhanced by the development of more sophisticated tools and techniques to diagnose and treat animals more precisely. As a result of precision medicine in veterinary care, animals at risk for certain diseases can be identified at early stage, and targeted interventions can be implemented. As a result of this proactive approach, diseases can be prevented or detected at the initial stage when treatments are most effective. Further, nutritional strategies can be developed based on an animal's genetic profile using precision medicine. Veterinary professionals can optimize diets to support animal health, prevent diseases, and improve performance based on an animal's unique nutritional needs and genetic variations. As a result of precision medicine, selective breeding practices can be obtained by identifying genes associated with desirable traits and disease risks. With this knowledge, breeders can make better decisions about breeding, reduce the occurrence of inherited disorders, and increase the genetic diversity of animal populations. Thus, precision medicine in veterinary care could propel the growth of the South & Central America veterinary diagnostics market in the future.
On the contrary, lack of skilled professionals in veterinary research hampers the growth South & Central America veterinary diagnostics market.
Based on product, the South & Central America veterinary diagnostics market is bifurcated into instruments and consumables. The instruments segment held 65.4% share of the South & Central America veterinary diagnostics market in 2022, amassing US$ 202.56 million. It is projected to garner US$ 314.36 million by 2030 to expand at 5.6% CAGR during 2022-2030.
By technology, the South & Central America veterinary diagnostics market is segmented into immunodiagnostics, clinical biochemistry, hematology, molecular diagnostics, and other veterinary diagnostic technologies. The immunodiagnostics segment held 40.7% share of the South & Central America veterinary diagnostics market in 2022, amassing US$ 126.07 million. It is projected to garner US$ 224.58 million by 2030 to expand at 7.5% CAGR during 2022-2030. The immunodiagnostics segment held the largest share in 2022. The immunodiagnostics segment is further subsegmented into lateral flow assays, ELISA, immunoassay, allergen-specific immunodiagnostics test, and other immunodiagnostics. The clinical biochemistry segment is further subsegmented into clinical chemistry analysis, glucose monitoring, and blood gas and electrolyte.
By disease type, the South & Central America veterinary diagnostics market is segmented into infectious diseases and non-infectious diseases. The infectious diseases segment held 62.6% share of the South & Central America veterinary diagnostics market in 2022, amassing US$ 194.01 million. It is projected to garner US$ 326.49 million by 2030 to expand at 6.7% CAGR during 2022-2030.
By animal type, the South & Central America veterinary diagnostics market is bifurcated into livestock animals and companion animals. The companion animals segment held 69.7% share of the South & Central America veterinary diagnostics market in 2022, amassing US$ 215.89 million. It is projected to garner US$ 363.65 million by 2030 to expand at 6.7% CAGR during 2022-2030. The livestock animals segment is further subsegmented into cattle, pigs, poultry, and other livestock animals. The companion animals segment is further subsegmented into dogs, cats, horses, and other companion animals.
By end user, the South & Central America veterinary diagnostics market is segmented into veterinary hospitals and clinics, animal diagnostic laboratories, and veterinary research institutes and universities. The veterinary hospitals and clinics segment held 52.4% share of the South & Central America veterinary diagnostics market in 2022, amassing US$ 162.39 million. It is projected to garner US$ 274.17 million by 2030 to expand at 6.8% CAGR during 2022-2030.
Based on country, the South & Central America veterinary diagnostics market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil held 42.3% share of South & Central America veterinary diagnostics market in 2022, amassing US$ 131.11 million. It is projected to garner US$ 219.22 million by 2030 to expand at 6.6% CAGR during 2022-2030.
Key players operating in the South & Central America veterinary diagnostics market are FUJIFILM Holdings Corp, Heska Corp, Idexx Laboratories Inc, INDICAL BIOSCIENCE GmbH, Merck Animal Health, Neogen Corp, Randox Laboratories Ltd, Thermo Fisher Scientific Inc, Virbac SA, and Zoetis Inc, among others.
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