Segmentation by Product (Consumables, Reagents & Kits, Instruments & Devices, and Software & Services); by Technology (Hematology Tests, Clinical Chemistry, Immunodiagnostics, Molecular Diagnostics, Diagnostic Imaging, and Others); by Animal Type (Livestock, and Companion Animals); by Disease Type (Infectious Diseases, Non-Infectious Diseases, and Others); and by End-Users – Demand Analysis & Opportunity Outlook 2020-2030
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Growth Drivers
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By country, the Nordic veterinary diagnostics market is segmented into Denmark, Finland, Iceland, Norway, and Sweden. Out of these, the market in Sweden is expected to generate the largest revenue of USD 58.55 Million by the end of 2030, up from a revenue of USD 27.77 Million in the year 2020. The market in the nation is also expected to grow with the highest CAGR of 7.76% during the forecast period. The growth of the market in the country can be attributed to the rising initiatives by the governmental organizations for animal and pet safety, along with the increasing pet ownership in the country. In the other statistics by the FEDIAF, the total number of households owning at least one cat and one dog was 16% and 16% respectively. The Swedish National Veterinary Institute (SVA) is the largest and only recognized veterinary medicine laboratory in the country, and is also a part of the Ministry of Agriculture. Each year, the institute publishes a report on the surveillance activities carried out in the country for zoonotic agents in humans, food, feed and animals, along with animal diseases.
The Nordic veterinary diagnostics market is segmented by product into consumables, reagents & kits, instruments & devices, and software & services. Out of these, the consumables, reagents & kits segment is expected to generate the largest revenue of USD 86.68 Million by the end of 2030, up from a revenue of USD 41.98 Million in the year 2020. Further, the market is segmented by technology into hematology tests, clinical chemistry, immunodiagnostics, molecular diagnostics, diagnostic imaging, and others. Out of these, the immunodiagnostics segment registered the largest revenue of USD 20.03 Million in the year 2020, and is further projected to touch USD 43.14 Million by the end of 2030. By animal type, the market is segmented into companion animals, and livestock animals. Out of these, the companion animals segment is expected to grow with the highest CAGR of 7.52% during the forecast period. Further, by disease type, the market is segmented into infectious diseases, non-infectious diseases, hereditary, congenital, and acquired diseases, general ailments, and structural & functional disease. Out of these, the non-infectious diseases segment is expected to generate the largest revenue of USD 55.17 Million by the end of 2030, and also grow with the highest CAGR of 7.95% during the forecast period. Moreover, the market is also segmented by end-user into laboratories, veterinary hospitals & clinics, point-of-care/in-house testing, and research institutes & universities. Out of these, the point-of-care/in-house testing segment is projected to grow with the highest CAGR of 8.23% during the forecast period.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the Nordic veterinary diagnostics market that are included in our report are 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.
Our report has covered detailed company profiling comprising company overview, business strategies, key product offerings, financial performance, key performance indicators, risk analysis, recent developments, regional presence, and SWOT analysis among other notable indicators for competitive positioning. Some of the prominent industry leaders in the Nordic veterinary diagnostics market that are included in our report are 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.
June 30th, 2021: Bio-Rad Laboratories, Inc. announced that it has partnered with the global leader in multiplex molecular diagnostics, Seegene, Inc. The partnership is aimed at the development and commercialization of products for the molecular diagnosis of infectious diseases.
June 2nd, 2021: IDEXX Laboratories, Inc. announced that it has acquired the fast-growing innovative practice information management system (PIMS) software provider ezyVet. The acquisition would allow IDEXX to expand its cloud software offerings for veterinary practitioners as the software would enable vets to have more effective communication with the pet owners.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Ans: The growing number of companion and livestock animal population and the rising incidence of zoonotic diseases, are some of the major factors estimated to boost the market growth.
Ans: The market is anticipated to attain a CAGR of 7.42% over the forecast period, i.e., 2021 – 2030.
Ans: The high cost of pet care and lack of availability of skilled veterinarians are estimated to hamper the market growth.
Ans: The market in Sweden is expected to generate the largest revenue of USD 58.55 Million by the end of 2030, and display significant business opportunities.
Ans: The major players in the market are Zoetis Inc., IDEXX Laboratories, Inc., Thermo Fisher Scientific Inc., bioMérieux SA, LifeAssays Ab, Bio-Rad Laboratories, Inc., INDICAL BIOSCIENCE GmbH, and others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by product, technology, animal type, disease type, end-users, and by country.
Ans: The consumables, reagents & kits segment is expected to generate the largest revenue of USD 86.68 Million by the end of 2030 and display significant growth opportunities.
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