Nordic Veterinary Diagnostics Market Highlights Over 2020 - 2030
The Nordic veterinary diagnostics market is estimated to garner a revenue of USD 166.80 Million by the end of 2030, by growing with a CAGR of 7.42% over the forecast period, i.e., 2021 – 2030. Moreover, in the year 2020, the market in the region generated a revenue of USD 81.69 Million. The growth of the market can primarily be attributed to the rising concern for the increasing incidences of zoonotic diseases in the region, and therefore the need for the diagnosis of the disease in animals. Besides this, the rising advancement in veterinary healthcare, followed by the growing research and development for point-of-care diagnostic devices, such as nucleic acid non-PCR techniques, biosensors, fluorescence polarization technology, whole-genome sequencing (WGS), biomarkers, nanotechnology, and others in the veterinary diagnostics space are some of the key opportunities estimated to boost the market growth. Additionally, the rising use of wearables and the surge in use of diagnostic apps are also projected to contribute to the growth of the market in the coming years.
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Moreover, rising adoption of pets in the Nordic countries, i.e., Denmark, Finland, Iceland, Norway, and Sweden, backed by the rising disposable income of the individuals, along with the surge in the number of animal population in these countries, are also expected to drive the market growth. According to the statistics by The European Pet Food Industry (FEDIAF), the total dog population in Denmark, Finland, Norway, and Sweden in the year 2020 was 607000, 755000, 480000, and 890000 numbers respectively. Moreover, cat population in these countries in the same year was 670000, 965000, 770000, and 1480000 numbers respectively.
Nordic Veterinary Diagnostics Market Regional Synopsis
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.
Growth Drivers and Challenges Impacting the Growth of the Nordic Veterinary Diagnostics Market
Growth Drivers
- Growing Number of Companion and Livestock Animal Population
- Rising Incidence of Zoonotic Diseases
Challenges
- High Cost of Pet Care
- Lack of Availability of Skilled Veterinarians
Nordic Veterinary Diagnostics Market Segmentation Synopsis
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.
Top Featured Companies Dominating the Market
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.
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