Humans depend on food for their livelihood. Without the cows, pigs, chickens, and other animals that supply our food, we would cease to exist. This is why the veterinary diagnostics market is so important. Without the veterinary diagnostics market, ailments like neosporosis, swine fever, and foot-and-mouth disease have the opportunity to wipe out masses of animals (or endanger the humans who are next in line on the food chain).
The veterinary diagnostics market and food safety testing analysis sector are designed to pinpoint the signs of illness early on, diagnose and treat it, before it becomes an epidemic.
Read on an in-depth look into the veterinary diagnostics market:
- The veterinary diagnostics market is a rapidly growing industry.
Tools and tests for human diagnostics are subject to heavy regulations, which stifles growth and development. On the other hand, the veterinary diagnostics market is less regulated, which gives researchers ample space for advancement, and investors lots of opportunity for high profit margins.
The veterinary diagnostics market can mostly be boiled down to two umbrella categories: pet diagnostics and food animal diagnostics. The outlook of both is favorable, but it is estimated that the food veterinary diagnostics market is going to be the driving force behind growth in the industry. After all, the fallout of a food animal epidemic is far more profound than that of a pet getting ill.
Food veterinary diagnostics market looks at predicting disease in animals who supply food and control disease before they interrupt the food chain. This is particularly valuable in developing countries who have little alternative resources if their food market is threatened.
- But Companion Animal Diagnostics Still Hold a Valuable Place
For many people, the health and well being of their pet is important, but not critical. The cost-to-need ratio limited development of diagnostics in the pet health sector. However, recent pet testing technologies have made it more affordable and convenient for companion animals to get tests that were out of reach financially before. This has given the pet veterinary diagnostics market a greater foothold and solidified their place in the market.
There are tests available now for distemper and heartworms for canines, and for West Nile virus. These tests weren’t available prior to 2012. In fact, of the diagnostic tests that have been introduced since 2012, nearly half of them were for companion animals. While the livestock diagnostic tests still hold a majority of the market, they aren’t proportionally growing as fast as pet diagnostics.
- Food Animal Diagnostics Could be Stronger in the U.S.
The food veterinary diagnostics market in Europe is so well-established and efficient that that the many once common diseases are now only mild threats. On the other hand, the development of tests in the U.S. veterinary diagnostics market is not growing as fast or as stable. As of last year, the United States gain nine new test targeting food animals in the veterinary diagnostics market. At the same time, it lost 14 livestock infectious disease tests as the result of companies withdrawing them from the market. If the trend continues, and the American veterinary diagnostics market continues to lose more drugs than they gain, the livestock veterinary diagnostics market will continue to dwindle until valuable tests are unavailable to farmers and ranchers who raise the food we eat.
While that might seem alarming, we should add that of the 14 tests that were removed from the U.S. veterinary diagnostics market, three of them were replaced with tests that target the same disease by the same vendor, which is actually a mark of innovation and development more than downsizing. When you remove those from the equation, there is more of a flat rate of growth rather than a downward trend in the livestock veterinary diagnostics market.
Another factor that looks bad on paper but is actually favorable is that the veterinary diagnostics market grows the most when there is an outbreak. The U.S. has not had a significant livestock outbreak in many years. This is both a sign of the strong industry practices, such as animal vaccination, and a positive signal of the future of the livestock veterinary diagnostics market, since the market is stable while the demand has diminished.
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