Nordic Veterinary Diagnostics Market to Grow with a CAGR of 7.42% During 2021-2030; Market to Grow on Account of Growing Adoption of Companion Animals in the Region

Research Nester published a report titled Nordic Veterinary Diagnostics Market: Demand Analysis & Opportunity Outlook 2030” which delivers detailed overview of the Nordic veterinary diagnostics market in terms of market segmentation by product, technology, animal type, disease type, end-users, and by country.

Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.

The Nordic veterinary diagnostics market is anticipated to grow with a CAGR of 7.42% over the forecast period, i.e., 2021 – 2030. The market is segmented by product into consumables, reagents & kits, instruments & devices, and software & services, out of which, the consumables, reagents & kits segment is expected to generate the largest revenue of USD 86.68 Million by the end of 2030. Moreover, the segment generated a revenue of USD 41.98 Million in the year 2020. The market is also segmented on the basis of technology into hematology tests, clinical chemistry, immunodiagnostics, molecular diagnostics, diagnostic imaging, and others, out of which, the immunodiagnostics segment is projected to touch USD 43.14 Million by the end of 2030.

The Nordic veterinary diagnostics market is estimated to garner a revenue of USD 166.80 Million by the end of 2030, up from a revenue of USD 81.69 Million in the year 2020. Growing advancement in veterinary healthcare, followed by the surge in use of diagnostic apps among pet owners, increasing concern for the rising incidences of zoonotic diseases, and the growing adoption of pets are some of the major factors anticipated to drive the market growth.

The Nordic veterinary diagnostics market is segmented on the basis of country into Denmark, Finland, Iceland, Norway, and Sweden, out of which, the market in Sweden is expected to generate the largest revenue of USD 58.55 Million by the end of 2030, and further grow with the highest CAGR of 7.76% during the forecast period. Moreover, in the year 2020, the market in the country generated the largest revenue of USD 27.77 Million.

Rising Population of Companion Animals to Boost Market Growth

In Denmark, Finland, Norway, and Sweden, the total dog population, according to the statistics by The European Pet Food Industry (FEDIAF), was 607000, 755000, 480000, and 890000 numbers respectively. On the other hand, 670000, 965000, 770000, and 1480000 numbers respectively, were the cat population in these countries in the same year.

Backed by the surge in the household disposable income of the individuals in the Nordic countries, the adoption of companion animals as pets is expected to increase significantly in the coming years. Moreover, the availability of such a large number of companion animals in these countries and the rising concern for zoonotic diseases is predicted to generate numerous opportunities for market growth. Such factors are expected to drive the growth of the market during the forecast period.

However, the high cost of pet care and lack of availability of skilled veterinarians are expected to operate as key restraint to the growth of Nordic veterinary diagnostics market over the forecast period.

This report also provides the existing competitive scenario of some of the key players of the Nordic veterinary diagnostics market which includes company profiling of Zoetis Inc., IDEXX Laboratories, Inc., Thermo Fisher Scientific Inc., bioMérieux SA, LifeAssays Ab, Bio-Rad Laboratories, Inc., INDICAL BIOSCIENCE GmbH, Alertix Veterinary Diagnostics AB, Heska Corporation, scil animal care company GmbH, DiaSystem Scandinavia AB, Boule Diagnostics AB, Lifetest Vet Equipment ApS, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the Nordic veterinary diagnostics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future. 

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