Increasing Number of Pet Insurance Have Influenced On U.S. Veterinary Diagnostics Market and in the Forecast Period 2018-2025

U.S. Veterinary Diagnostics Market is expected register a healthy CAGR in the forecast period 2018 to 2025. The new market report contains data for historic years 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.Access Full Report: https://databridgemarketresearch.com/reports/u-s-veterinary-diagnostics-market/

Segmentation: U.S. Veterinary Diagnostics Market

By Product Type (Consumables, Instruments), Product Type (Clinical Biochemistry, Immunodiagnostics), Animal (Livestock Cattle, Domestic Pets), End User (Veterinary Hospitals and Clinics, Farms and Livestock Production Companies, Point of Care (Household), Non Profit Animal Camps, Others), Distribution Channel (Direct Tender, Retail)

Drivers: U.S. Veterinary Diagnostics Market

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.

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.

Increasing number of house pets:

As human populations have grown, so too have pet populations.  Now days continuously increasing number of house pets. As per the statistic number of pets in 2017, approximately 89.7 million dogs were accounted to live in U.S. households as pets. In 2017, some approximately 68.0% percent of Americans have the pets.

  • As per the American Pet Products Manufacturer's Association, in 2007 approximately 142 million freshwater fish, 88.3 million cats, 74.8 million dogs, 16 million birds, 24.3 million small animals, 13.8 million horses, 13.4 million reptiles, 9.6 million saltwater fish were own by American.
  • As per the American Society for the Prevention of Cruelty to Animals, in 2016 approximately 90.0% of pet owners consider pets as family members.

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.

  • According to the American Veterinary Medical Association, in 2013 approximately 90,200 working veterinarians in U.S.

Major Players: U.S. Veterinary Diagnostics Market

Some of the prominent participants operating in this market are ABAXIS, INC., HESKA CORPORATION, NEOGEN CORPORATION, QIAGEN N.V, VIRBAC, THERMOFISHER SCIENTIFIC INC., RANDOX LABORATORIES INC., IDVET, ZOETIS, INC.,IDEXX LABORATORIES, INC., VCA ANTECH, INC., MINDRAY MEDICAL INTERNATIONAL LTD., HENRY SCHEIN, INC.,NGAIO DIAGNOSTICS,CHEMBIO DIAGNOSTIC SYSTEMS, INC.,BIOMÉRIEUX SA, BIO-RAD LABORATORIES, INC.,ALVEDIA, HYTEST LTD, KYORITSU SEIYAKU CORPORATION among others.