The Latin America, Middle East and Africa Veterinary Diagnostics Market would witness market growth of 15.6% CAGR during the forecast period (2023-2030).
Rising pet ownership and disposable income, extensively invested in pet healthcare, will drive market expansion. The adoption of pets has consistently increased over the past few years. Additionally, pet adoption is gaining popularity among the general public due to the increasing prevalence of animals in advertisements and films. There has been a transition from pet owners to pet parents, indicating that pets are considered family members in modern society. In addition, because adult pets do not require special nourishment or care, they are the ideal companion for older people. It is believed that adopting a pet reduces blood pressure, loneliness, and sadness.
Recently, the incidence of zoonotic diseases in animals has increased significantly. With the increase in cases, the need to treat the disorders has increased substantially, contributing to the expansion of the market. For instance, a WHO article published in July 2022 reported that Africa faces an increasing danger of outbreaks caused by zoonotic pathogens, such as the monkeypox virus, which originated in animals and then shifted species and infected humans. In the past decade, the number of zoonotic epidemics in the region has increased by 63%.
From 1 January 2022 to 8 July 2022, the same source reported a total of 2,087 cases of monkeypox, of which only 203 were confirmed. Consequently, the rise in zoonotic diseases in animals is increasing the demand and propelling the expansion of the market in research. The rising incidence of zoonotic diseases is fueling the expansion of the market due to the increased adoption of pets and expenditures on animal healthcare. However, the high cost of pet care and imaging devices and the shortage of veterinarians are impeding the market growth.
LAMEA encompasses countries with a wide range of climates and agricultural practices. Livestock farming, including cattle, sheep, goats, and poultry, is a significant economic activity in many countries. Veterinary diagnostics are essential for monitoring and managing the health of these animals to ensure food safety and financial stability. Some areas in LAMEA, particularly rural regions, have limited access to veterinary care and diagnostics. Point-of-care testing and telemedicine solutions can help bridge this gap. Overall, the market in LAMEA plays a vital role in addressing various health, economic, and environmental challenges, making it a crucial component of the region's healthcare infrastructure and agricultural sector.
The Brazil market dominated the LAMEA Veterinary Diagnostics Market by Country in 2022 and would continue to be a dominant market till 2030; thereby, achieving a market value of $330.2 million by 2030. The Argentina market is poised to grow at a CAGR of 16.2% during (2023 - 2030). Additionally, The UAE market would register a CAGR of 15.3% during (2023 - 2030).
Based on Product, the market is segmented into Consumables, Reagents & Kits, Instruments & Devices. Based on End Use, the market is segmented into Laboratories, Veterinary Hospitals & Clinics, Point-Of-Care/In-House Testing, Research Institutes & Universities. Based on Disease Type, the market is segmented into Non-Infectious Diseases, General Ailments, Infectious Diseases, Hereditary, Congenital & Acquired Diseases, and Others. Based on Testing Type, the market is segmented into Pathology, Bacteriology & Molecular Diagnostics, Diagnostic Imaging, Immunoassays, Parasitology, Serology & Virology and Analytical Services. Based on Species, the market is segmented into Canine, Avian, Ovine, Equine, Cattle, Caprine, Feline, and Others. Based on countries, the market is segmented into Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria, and Rest of LAMEA.
Free Valuable Insights: The Worldwide Veterinary Diagnostics Market is Projected to reach USD 15.6 Billion by 2030, at a CAGR of 10.4%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Heska Corporation (Antech Diagnostics, Inc), IDEXX Laboratories Inc., Agrolabo S.p.A., Innovative Diagnostics SAS (Idvet), Virbac, Thermo Fisher Scientific, Inc., Neogen Corporation, Covetrus, Inc. (Clayton, Dubilier & Rice, LLC), and iM3 Pty Ltd
By Product
By End Use
By Disease Type
By Testing Type
By Species
By Country
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