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Global Veterinary Diagnostics Market

(2017 - 2022) Mordor Intelligence

+1 617-765-2493 | No. 30 Padma Nilaya, RT Nagar, Bengaluru, India 560 032 | [email protected]


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TABLE OF CONTENTS

1. Introduction

1.1 Report Description

1.2 Study Assumptions

1.3 Market Definitions

2. Research Approach and Methodology

2.1 Introduction

2.2 Analysis Methodology

2.3 Study Phases

2.3.1 Secondary Research

2.3.2 Discussion Guide

2.3.3 Market Engineering & Econometric Modelling

2.3.4 Expert Validation

2.4 Study Timeline

3. Key Findings of the Study

4. Market Overview

4.1 Introduction

4.2 Market Dynamics

4.2.1 Market Drivers

4.2.1.1 Increased pet ownership

4.2.1.2 Intensifying consumer focus on food safety

4.2.1.3 Increasing zoonotic and Foodborne diseases

4.2.1.4 Improved Nutrition

4.2.2 Market Restraints



4.2.2.1 Scarcity of arable land and water

4.2.2.2 Increased competition for cultivated land

4.2.4 Porter's Five Forces Analysis

4.2.4.1 Bargaining Power of Suppliers

4.2.4.2 Bargaining Power of Buyers

4.2.4.3 Threat of New Entrants

4.2.4.4 Threat of Substitute Products and Services

4.2.4.5 Degree of Competition

5. MARKET SEGMENTATION

5.1 By Type of Diagnostic Test

5.1.1 Immunodiagnostic Tests

5.1.1.1 Enzyme linked Immuno-sorbent assay (ELISA)

5.1.1.2 Rapid Immuno Migration (RIM)

5.1.1.3 Agar Gel Immuno-diffusion (AGID)

5.1.1.4 Others

5.1.2 Molecular Diagnostics

5.1.2.1 Polymerase Chain Reaction (PCR)

5.1.2.2 Microarrays

5.1.2.3 Sequencing (DNA & NGS)

5.1.2.4 In-Situ Hybridization (ISH)

5.1.2.5 Others

5.1.3 Diagnostic Imaging

5.1.3.1 Ultrasound Imaging

5.1.3.2 MRI Scanning



5.1.3.3 Others

5.1.4 Hematology Analyzers

5.1.5 Clinical Chemistry

5.1.6 Others

5.2 By Animal Type

5.2.1 Farm Animals

5.2.1.1 Cattle

5.2.1.2 Swine

5.2.1.3 Poultry

5.2.1.4 Fish

5.2.1.5 Sheep

5.2.2 Companion Animals

5.2.2.1 Dogs

5.2.2.2 Cats

5.2.2.3 Horse

5.3 By Product

5.3.1 Consumables

5.3.2 Instruments

5.4 By Geography

5.4.1 North America

5.4.1.1 US

5.4.1.2 Canada

5.4.1.3 Mexico

5.4.2 Europe



5.4.2.1 UK

5.4.2.2 France

5.4.2.3 Germany

5.4.2.4 Spain & Portugal

5.4.2.5 Italy

5.4.2.6 Scandinavia

5.4.2.7 BENELUX

5.4.3 Asia Pacific

5.4.3.1 China

5.4.3.2 Japan

5.4.3.3 India

5.4.3.4 South Korea

5.4.3.5 Australia & New Zealand

5.4.4 Latin America

5.4.4.1 Brazil

5.4.4.2 Argentina

5.4.5 Middle East & Africa

5.4.5.1 GCC

5.4.5.2 Morocco

5.4.5.3 Algeria

5.4.5.4 South Africa

6. COMPETITIVE LANDSCAPE

6.1 Mergers & Acquisitions

6.2 Agreements, Collaborations and Partnerships



6.3 New Product Launches

7. COMPANY PROFILES

7.1 Pfizer

7.2 Thermo Fisher Scientific

7.3 Henry Schein

7.4 Virbac

7.5 Zoetis

7.6 IDVet

7.7 Abaxis

7.8 Heska Corporation

7.9 Idexx

7.10 Biochek

7.11 VCA Antech

8. Appendix



1. INTRDOUCTION

1.3 MARKET DEFINITION

Animal diagnostic market is a growing industry and comprises diagnostic products and solutions for

companion and farm animals. Companion animals are those which people tame or adopt for

companionship, house/ office guards, and farm animals are raised for meat and milk related products.

Companion animals include dogs, cats and horses. Farm animals are cattle, poultry, swine, and sheep.

Leading companies in the market are actively producing and manufacturing various diagnostic

products to control and prevent animal diseases. The global animal market is growing because of the

increasing population of both the types of animals. Increasing consumption of meat and milk

products, new diseases in animals and transfer of these diseases from animals to human beings are

propelling animal healthcare market globally. This market research report provides in-depth analysis

of the global Veterinary Diagnostics Market.

The global animal diagnostic market has been segmented based on type of diagnostic types, by

animal species and products. The types of diagnostic tests has been sub segmented into

Immunodiagnostics (ELISA,RIM, AGID, and others), Molecular Diagnostics (PCR, microarrays,

sequencing, ISH and others), Diagnostic Imaging (Ultrasound, MRI and others), Hematology Analyzers

and Clinical Chemistry and others. The animal species have been sub-segmented into Farm (Cattle,

Poultry, Swine and Sheep) and Companion Animals (Cats, Dogs and Horses). The products are sub-

segmented into consumables and instruments. The global animal diagnostic market has also been

geographically segmented into North America, Europe, APAC, Latin America and Middle East & Africa.

A holistic study of the market has been carried out by incorporating various factors from country-

specific demographic conditions and business cycles to market specific microeconomic influences

that were needed to analyze the future trends of the market. The research uncovers many paradigm

shifts in the studied market, in terms of regional competitive advantage and dynamics.



2. RESEARCH METHODOLOGY

Introduction

The research process adopted for this entire study is a highly structured, two-stage process: size

estimation of the review period, and the market engineering for the forecast period of the global,

country and segment-level data that leads to the Data Generation Process (DGP) for the studied

variables. The size estimations are carried out through multiple bottom-up & top-down approaches.

The bottom-up approach includes the examining of historical revenues of key players, studying the

size of the applications, value and supply-chain analysis and end-user demand, which are then cross-

validated by secondary and primary resources. The top-down approach is an astute research process

where the global market sizing is carried out through the secondary research, validated by primary

industry experts.

In this report, for analyzing the future

trends for the studied market during the

forecast period, we have incorporated

rigorous statistical and econometric

methods, further scrutinized by secondary,

primary sources and by our in-house

experts, supported through our extensive

data intelligence repository. The market is

studied holistically from both demand and

supply-side perspectives. This is carried

out to analyze both end-user and producer

behavior patterns, in the review period, which affect price, demand and consumption trends. As the

study demands analyzing the long-term nature of the market, the identification of factors influencing

the market is based on the fundamentality of the study market. Through secondary and primary

research, endogenous & exogenous factors are identified and are transformed to quantitative data

through data extraction, and further applied for inferential purposes.

Market Engineering

Secondary Research

Primary Research

Econometric Modelling

Value-Supply Chain

Analysis

Expert Validation



Analysis Methodology

Study Structure

Data Extraction Process

Data Corroboration

Analysis(Econometric Forecast Modelling + Secondary

Research + Expert) Verification)

Inference Data Generation Process

(DGP) and Forecasts

Info-graphical and Comprehensive

Presentation of Inferences and Estimates

Technology / Market

Identification

Market Definition Segmentation

Key Countries /

Regions Mapping of Key

Players

Value / Supply Chain Analysis

Identification of Exogenous

Factors

Recent Market Developments / Competitive Landscaping

Validation of Market Size Estimates

Consumer Behavior Analysis

Market Dynamics

Market Structure Analysis

Top-Down Approach

Bottom-Up Approach

Segment and Region-wise Market

Size Forecasting

Market Share

Market Structure Company Profiles

Porter’s Five Forces Analysis

Competitive Landscape

Market Sizing



Study Phases

Secondary Research

The first phase of the research process is extensive secondary research and identification of related

intelligence from our data repository on the study market. Secondary data is compiled from various

databases such as industry bodies, associations, journals, company annual reports, white papers and

research publications by recognized industry experts, paid data sources and other published literature.

Data regarding the business plans and strategies of companies are derived from recent

annual/investor reports of key industry players for qualitative comparisons and analysis; financial

data of these companies are sourced primarily from Industry Association & Stock Exchange Filings to

maintain a standard benchmark.

Discussion Guide

The next phase is preparing an exhaustive discussion guide. The primary purpose of this phase is to

extract qualitative information regarding the market from the key industry leaders. The information

collated information is further carried out for quantitative analysis. The document helps in identifying

the major segments, market factors such as drivers, restraints, challenges, key economic factors,

interaction between market players, supply-value chain structure, bottom-up and top-down nature of

the market, competitive landscape, recent long-term and short-term strategic developments, and the

market shares of key market players. The document helps in deciding the scope and deliverables of

the study, in terms of the requirement of the market.

Secondary Research

Primary Research

Discussion Guide


Expert Validation

Data Triangulation

Report Writing




The next phase is market engineering, which involves analyzing

the collected data, market breakdown and forecasting. Macro &

micro economic indicators, which are exogenous & endogenous

in nature, are identified through causal & correlation analysis,

which are further analyzed with the study variables to derive

statistical inferences on the study market. A structural forecast

model is developed in the process, and the most statistically reliable model is considered for

forecasting. Methods such as Markov Chain and Monte Carlo simulation are used to estimate the

dynamics between the sub-segments. Such attained data points are verified by the process of data

triangulation, which includes expert opinions and primary sources, to validate the numbers and arrive

at close estimates. Following data validation, the analysts begin to write the report. They garner

insights from data and forecasts, which are then drawn to visualize the entire ecosystem in a single

report.

Expert Validation

The final phase before the report writing is the expert validation, where the estimated and projected

values through data triangulation are cross-validated through market experts or key people from the

concerned industry. They can be senior researchers, Directors, CFOs or CEOs. The cross-validated

estimates are finally approved by in-house experts.



4. MARKET OVERVIEW

4.1.1 MARKET DRIVERS

4.1.1.1 INCREASED PET OWNERSHIP

Pet Ownership around the world is increasing at a rapid rate. It is mainly because of the rise in the

disposable income and modern life style of the people. According to the American Pet Products

Association’s (APPA) new 2011-2012 National Pet Owners Survey, the number of U.S. households that

own a pet has increased by 2.1% to an all-time high of 72.9 million. The actual number of pet owning

households is significantly higher than it was 20 years ago, as is the overall number of U.S households.

Increase in total pet ownership is contributed by increase in the number of pet owning households

and those with multiple pets. According to the Survey, there are more than 78 million dogs, 86.4 million

cats, 151.1 million freshwater fish, 8.61 million saltwater fish, 16.2 million birds, 16 million small

animals, 13 million reptiles and 7.9 million equines owned in the U.S.

In China 2012, nearly one million dogs were recorded in Beijing alone and several more numbers were

added to it by other regions of the country. According to Beijing Small Animal Veterinary Association

there are 300 pet hospitals serving to more than 1 million various types of pet (largely dogs and cats).

On country level there are 27 million dogs and 11 million cats in China.

According to European Pet Food Industry federation (FEDIAF), Russia owns highest number of dogs

(12.5 million) followed by UK (8.5 million) and then by Poland and France (7.4 million). Russia also

owns highest number of cats (18 million), followed by France (11.4 million) and then by UK (8.5 million)

and Germany (8.2 million).

There are many reasons for the increase in pet ownership over the last decades. The increasingly

urban nature of our society, with our resulting separation from farm animals and from nature may

have stimulated a desire to bring dogs and cats, the most suitable domestic companion animals, into

our lives. The increasing nuclear family also triggered the increase in pet ownership.

The market for veterinary diagnostics is directly related to this factor. As the pet animals are

considered as a family member, the owners are extra cautious about their health. Regular diagnostics



check-ups and situational check-ups are increasing because of this reason. In coming years the

demand for Vet diagnostics will increase with the increase in pet ownership and awareness of the

owners about the diagnostics applications.

4.1.2 MARKET RESTRAINTS

4.1.2.1 SCARCITY OF ARABLE LAND AND WATER:

Widespread degradation and deepening scarcity of land and water resources have placed key food

production system in the country at risk. Decrease in arable land and water is creating problem in

providing resources for animal health. Competition for water between food production and other uses

such as animal husbandry is intensifying pressure on the resources allocations in the country.

This happens to be a major restraining factor in the developing countries. For example in China

Scarcity of Arable land and water is one of the major animal healthcare market restraining factors in

China. The country accounts for more than 20% of the world’s population but has less than 10% arable

farmland. More than 65% of the water in China is directed towards farming leaving a lesser percent

share for the industrial and household use. Use of water other than these three purposes is a major

concern for Chinese government. Arable land scarcity is the result of a range of human and climatic

factors including degradation, climate change, soil constraints, urban encroachment and unequal land

distribution.

----------- (Detailed Analysis Available in the Full Report) ----------



5. GLOBAL VETERINARY DIAGNOSTICS MARKET SEGMENTATION

5.1.2.2 MICROARRAYS

The global market for Microarrays is estimated to be worth US$ XX million for the year 2017 and is

expected to reach US$ XX million by the end of 2022. During this period of forecast the market is

expected to grow at a CAGR of XX%.

Table: Global Veterinary Diagnostic test - Segmentation by Molecular Diagnostic tests -

Microarrays- Geographic Segmentation (USD million) (2017 - 2022)

Years 2014 2015 2016 2017 2022 CAGR %

North America XX XX XX XX XX XX%

Europe XX XX XX XX XX XX%

Asia-Pacific XX XX XX XX XX XX%

South America XX XX XX XX XX XX%

Middle East & Africa XX XX XX XX XX XX%

Total XX XX XX XX XX XX%

Microarrays are a powerful tool among the latest molecular technologies for the high-throughput

parallel detection of many nucleic acid molecules. The availability of appropriate probe sets aids in

potentially creating an all-in-one diagnostic assay with the ability to speed up screening for individual

pathogen with similar symptoms or multiple pathogens in co-infection. A limitation to most of the

microarray detection is the requirement of PCR amplification of the target sequences which usually

overcome through non-specific universal primers.

It has been used successfully to detect pathogens that are associated with the outbreak and is used

mainly to detect the presence of pathogen before the onset of the disease. Microarrays are a suitable

means for typing and multiplexed detection of various pathogens. Currently, these techniques are

mainly employed for improving animal therapeutics research by identifying resistant genes in the

infectious agents and detecting pathogens in food samples, rather than an animal diagnostic

technique. However, the microarray technology in veterinary diagnostics is in the stage of dynamic

development, with many alternatives and choices available as it has the potential to identify and



detect agents of interest at the serotype or subspecies level, or to differentiate agents that cause

similar or particular lesions or signs.

5.4 BY GEOGRAPHY

5.4.2.2 FRANCE

France Diagnostics market in the year 2016 valued to US$ XX million and is estimated to reach a

market value of US$ XX million by the end of 2022, growing at a CAGR of XX% during the forecast

period 2017 to 2022

France Veterinary Diagnostics- Segmentation by type of Diagnostics (USD million) (2017 - 2022)

Years 2014 2015 2016 2017 2022 CAGR %

Immuno-diagnostics XX XX XX XX XX XX%

Molecular Diagnostics XX XX XX XX XX XX%

Diagnostic Imaging XX XX XX XX XX XX%

Hematology Analyzer XX XX XX XX XX XX%

Clinical Chemistry XX XX XX XX XX XX%

Others XX XX XX XX XX XX%

Total XX XX XX XX XX XX%

The market for overall animal healthcare got a boost more than a decade ago in France. A European

technology platform for animal health was created in 2004, to bring together representatives from the

veterinary medicinal product industry, researchers in the field of animal health and European

regulatory authorities. It undertakes work with the aim of defining a joint research program focused

on priority diseases in order to accelerate the development of medicinal products, vaccines and

diagnostic tests.

Within the network, the French National Institute for Agricultural Research (INRA), ANSES, the Centre

for Agricultural Research for Development (CIRAD), veterinary schools, the French Union for the

Veterinary Medicinal Product and Reagent Industry (SIMV) and professional operators work together

to define a joint research program focused on priority diseases and thereby accelerate the



development of medicinal products, vaccines and diagnostic tests. Development of various

diagnostics tests started since then which steadily created a market for the same.

Recently factors such as livestock farming are contributing the market growth. About 25% of the land

in France is pasture land which is been used for livestock farming. Such practices have given rise to

demand for various animal healthcare products and services, diagnostics being one of them.

Moreover, increasing number of pet ownership is also fueling the market growth in the country. There

are more than 11 million pet cats and 7 million pet dogs across the nation. The pet owners with high

disposable incomes prefer diagnosis their pets first rather than curing them later.

In 2016, the market veterinary diagnostic market amounted to US$ XX million and is estimated to

reach a market value of US$ XX million by the end of 2017. Further, it is estimated to value US$ XX

million by the end of 2022, growing with a CAGR of XX% during the forecast period of 2017-2022.


------------- (Detailed Analysis will be available in report) -------------



7. COMPANY PROFILES

7.7 HESKA CORPORATION

7.7.1 BUSINESS OVERVIEW

Heska Corporation (Heska), develops, manufactures, markets, sells and supports veterinary products.

The Company is focused on the canine and feline companion animal health markets. It operates in

two segments namely Core Companion Animal Health and Other Vaccines, Pharmaceuticals and

Products. The Core Companion Animal Health segment (CCA) includes diagnostic instruments and

supplies, as well as single use diagnostic and other tests, vaccines and pharmaceuticals, primarily for

canine and feline use. The Other Vaccines, Pharmaceuticals and Products segment (OVP) includes

private label vaccine and pharmaceutical production, primarily for cattle but also for other animals,

including small mammals and fish. These products are sold directly by the company as well as

through independent third-party distributors and through other distribution relationships to customers

around the world. Heska is headquartered in Loveland, Colorado, the US.

7.7.2 PRODUCTS & SERVICES

Products/Services Description

ALLERCEPT®

Serum IgE Testing

Heska’s ALLERCEPT® IgE testing can accurately identify offending allergens

and point the way to immunotherapy treatment. All this is done using a simple

blood draw.

Solo Step

Heartworm

Testing

Solo Step CH and Solo Step FH Heartworm Tests are lateral flow

immunoassays for the detection of heartworm antigens and the detection of

antibodies to heartworm in serum, plasma or anti-coagulated whole blood.



7.7.3 FINANCIAL OVERVIEW

USD Thousands 2015 2014 % Change (+/-)

Total Revenue 104.5 89.83 (+)16.33%

Gross Profit 44.21 35.71 (+)23.80%

Operating Income or Loss 8.55 2.91 (+)193.81%

Research & Development Expenses 5.23 2.60 (+)101.15%


------------- (Detailed Analysis will be available in report) -------------



PORTER’S FIVE FORCES FRAMEWORK (MODEL SAMPLE)

Competitive Rivalry between Existing Players

Sustainable competitive advantage through innovationCompetition between online and offline companies

Level of advertising expense

Powerful competitive strategyFirm concentration ratio

Degree of transparency

Threat of New EntrantsGovernment policy

Capital requirements

Economies of scaleEconomies of product differences

Product differentiation

Switching costs or sunk costsAccess to distribution

Industry profitability (Market CAGR)

Bargaining power of Buyers

Buyer concentration to firm concentration ratio

Degree of dependency upon existing channels of distributionBargaining leverage, particularly in industries with high fixed costsBuyer switching costs relative to firm switching costs

Buyer information availability

Force down pricesAvailability of existing substitute products

Threat of SubstitutesBuyer propensity to substitute

Relative price performance of substituteBuyer switching costs

Perceived level of product differentiation

Number of substitute products available in the marketQuality depreciation

Availability of close substitute

Bargaining Power of SuppliersSupplier switching costs relative to firm switching costs

Degree of differentiation of inputsImpact of inputs on cost or differentiation

Presence of substitute inputs

Strength of distribution channelSupplier concentration to firm concentration ratio



Porter’s Five Forces model studies the five identified competitive forces that shape every industry &

every market to determine the intensity of competition, and hence the profitability & attractiveness of

the industry. The objective of growth strategy should be to adapt to these competitive forces in a way

that improves the position of the organization. This study includes an exhaustive Porter’s Five Forces

framework incorporating the factors influencing each force to analyze the market from a

microeconomic perspective.

In the study, the Porter’s five forces is analyzed considering the factors influencing each force and

quantifying the factors through primaries and quantitative analysis. The quantified factors are further

mapped to derive the impact of each force on competitive dynamics.

0

2

4

6

8

10Government policy

Capital requirements

Economies of scale

Economies of productdifferences

Product differentiation

Switching costs or sunkcosts

Access to distribution

Industry profitability(Market CAGR)

*Threat of New Entrants: The analysis for this force is carried out by considering several influencing

factors such as government policy, capital requirements, economies of scale, economies of product

differences, product differentiation, switching costs, sunk costs, access to distribution and industry

profitability. Following the quantification and rating of each factor, the data is scrutinized to derive the

impact of the force on the market dynamics on a scale of low-high-medium.

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