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Prominent factors driving the growth of this market consist of increasing number of pet insurances, increasing number of house pets, increasing in the number of veterinary practitioners, technological developments and increase in number of vendors, increasing consumption of animal food products, increasing importance of animal fluids in human healthcare are fuel the growth of veterinary diagnostics market.
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Increasing Number of Pet Insurances:
Pet insurance is defined as that category of insurance in which insurance providers covers injuries and disease condition to some degree. Pet insurance covered such as accidents injuries, illnesses, veterinary exam fees, diagnostic treatments, prescription medications, cancer treatments, dental treatments etc. As per the statistics,The first pet insurance policy was noted, in 1890, which was focused only for horses and livestock. The first pet insurance policy issued in 1982 in U.S. In the U.S. https://www.gopetplan.com/what-is-pet-insurance. According to the University of Washington (U.S.), in 2015 approximately 55.0% increase in cardiovascular disease deaths in all over world, and population growth contributed to a 25.0% increase.
- According to statistics the Pet care and medicine cover a major part of the all pet market sales. For instance: cost of incidence coverage for an 11 year old dog in New York which is come under Embrace Insurance amounted to an annual cost of 10,260 U.S. dollars per owner in 2016.
- According to the Forbes in 2014, Americans spend more than 14 billion USD on vet bills yearly. The largest key player, Veterinary Pet Insurance, sales was 239 USD million in 2013.
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Increasing in the number of veterinary practitioners:
Veterinary practices are continuously increasing due to rising number of pet owners in U.S. Based on an article published in Pet food industry, in 2016,U.S ranks is fifth for pet owners in all over world and its rank third in cat pet owners. As per the American Animal Hospital Association and the American Veterinary Medical Association (AVMA) in 2014, approximately 26,000 small animal veterinary practices in the U.S.
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Driving Key Players:
The major players operating in the U.S. veterinary diagnostics marketreport are Thermo Fisher Scientific Inc., Abaxis, Heska Corporation, Merck KGaA, Henry Schein, Shenzen Mindray Bio-Medical Electronics Co. Ltd., GENERAL ELECTRIC COMPANY, QIAGEN, Virbac, Zeotis, AgrolaboS.p.A, iM3Vet Pty Ltd., VCA Hospitals, ACON Laboratories, Sysmex Corporation, Bio-Rad Laboratories, NEOGEN Corporation, Agfa Gevart Group bioMerieux, Randox Laboratories Ltd., DRE Veterinary, and B. Braun Melsungen AG among other domestic and global players. DBMR analystsunderstand competitive strengths and provide competitive analysis for each competitor separately.
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