Global Veterinary Diagnostics Market Grows Steadily at a CAGR of 9.3%

Introduction

Veterinary diagnostics is a crucial aspect of veterinary medicine that aids in identifying, diagnosing, and monitoring animal health conditions. Through various approaches and tests, veterinarians can gather essential information about an animal's overall well-being and make informed decisions regarding their care. The field of veterinary diagnostics encompasses a wide range of techniques to assess animals' health. Physical examinations allow veterinarians to evaluate an animal's general condition and detect any visible signs of illness or abnormalities. Laboratory testing, including urine and blood tests analysis, provides valuable insights into an animal's internal health, including organ function, blood cell counts, and metabolic profiles.

Veterinary diagnostics are essential for ensuring the health and well-being of animals. Through a comprehensive range of tests and procedures, veterinarians can diagnose illnesses, guide treatment decisions, and monitor an animal's progress toward recovery. By leveraging these diagnostic capabilities, Veterinary experts may give their animal patients the best treatment and enhance their quality of life.

Market Dynamics

Increasing Companion Animals Population and Pet Owners Drive the Global Market

The global population of companion animals, such as dogs and cats, is on the rise, contributing to increased demand for companion animal diagnostics. This growing trend can be attributed to various factors, including the rising adoption of pets. Many individuals and families have recognized the numerous health benefits of pet ownership, leading to a surge in pet adoptions worldwide. According to studies, having a pet can positively affect human health. Pets can help decrease cardiac arrhythmias, reduce anxiety levels, stabilize blood pressure, increase psychological stability, and improve overall well-being. These health benefits have captured the attention of people seeking ways to improve their quality of life, leading them to adopt pets as companions. In addition, companion animal diagnostics are crucial in diagnosing and monitoring pets' health, enabling veterinarians to provide appropriate care and treatment. These diagnostics encompass various tests and procedures, including physical examinations, laboratory tests, imaging techniques, and molecular diagnostics.

Advancements in technology Create Tremendous Opportunities.

Technology development has significantly influenced the field of veterinary diagnostics, opening up new possibilities for innovative diagnostic tools and platforms. One area of advancement is point-of-care testing devices, which allow veterinarians to perform diagnostic tests directly at the point of patient care. These portable devices enable a rapid and on-site analysis of blood, urine, and other samples, providing immediate results. Point-of-care testing devices are especially useful in emergencies or when quick diagnostic information is needed for critical decision-making. In addition, advanced imaging techniques have also revolutionized veterinary diagnostics. Digital radiography, ultrasound, computed tomography (CT), and magnetic resonance imaging (MRI) have enhanced the ability of veterinarians to visualize and diagnose various conditions in animals. These imaging modalities provide detailed and high-resolution images, enabling better detection and evaluation of diseases, injuries, and abnormalities.

Regional Analysis

North America is the most significant global veterinary diagnostics market shareholder and is estimated to grow at a CAGR of 9.8% over the anticipated period. North America is a significant continent in the global veterinary diagnostics market, with a strong presence of animal health and diagnostics companies. In veterinary healthcare expenditure, significant growth has been observed, indicating a growing focus on animal health and wellness. This rise in expenditure is expected to drive the demand for animal diagnostics as pet owners seek advanced diagnostic services for their beloved companions. In addition to increased healthcare spending, North America benefits from healthcare programs and initiatives promoting animal health. For example, the North American Pet Health Insurance Association is crucial in raising pet health insurance coverage awareness. This initiative encourages pet owners to seek comprehensive healthcare services, including diagnostic testing when necessary.

Europe is estimated to grow a CAGR of 8.6% over the forecast period. The second-largest market after North America for veterinary diagnostics, Europe has a sizeable share of this industry. This is primarily due to substantial players operating in the region. These companies actively develop and deliver advanced veterinary diagnostic solutions, contributing to the market's growth. The number of individuals keeping pets in the area has increased, leading to a higher demand for veterinary diagnostics. Pet ownership has become more prevalent in European countries as people recognize the importance of providing proper healthcare to their companion animals. Additionally, European livestock production has also seen substantial growth, with more than half of the land in the region being used for farming. This, in turn, raises the need for veterinary diagnostics to guarantee the health and welfare of animals used for food production.

Key Highlights

• The global veterinary diagnostics market was valued at USD 6.66 billion in 2022. It is estimated to reach USD 14.82 billion by 2031, growing at a CAGR of 9.3% during the forecast period (2023–2031).
• Based on products, the global veterinary diagnostics market is bifurcated into consumables, reagents and kits, instruments, and devices. The consumables and reagents and kits segment dominates the global market and is projected to exhibit a CAGR of 9.81% during the forecast period.
• Based on species, the global veterinary diagnostics market is bifurcated into cattle, camelid, canine, feline, caprine, equine, ovine, porcine, and avian. The canine segment owns the global market and is estimated to exhibit a CAGR of 9.2% over the forecast period.
• Based on the testing category, the global veterinary diagnostics market is bifurcated into analytical services, diagnostic imaging, bacteriology, pathology, molecular diagnosis, immunoassays, parasitology, serology, and virology. The immunoassays segment dominates the global market and is projected to exhibit a CAGR of 9.8% over the forecast period.
• Based on disease type, the global veterinary diagnostics market is bifurcated into infectious diseases, non-infectious diseases, hereditary, congenital and acquired diseases, general ailments, and structural and functional diseases. The infectious diseases segment is the highest contributor to the global market and is projected to exhibit a CAGR of 9.52% during the forecast period.
• Based on end-use, the global veterinary diagnostics market is bifurcated into laboratories, veterinary hospitals and clinics, point-of-care/in-house testing, research institutes, and universities. The veterinary hospital segment dominates the global market and is estimated to grow at a CAGR of 9.3% over the forecast period.
• North America is the most significant global veterinary diagnostics market shareholder and is estimated to grow at a CAGR of 9.8% over the anticipated period.

Competitive Players

1. IDEXX
2. Zoetis
3. Heska Corporation
4. VCA Antech diagnostics
5. Thermo Fisher Scientific
6. Qiagen
7. Virbac
8. Neogen Corporation
9. Covetrus
10. BioNote Inc.
11. Creative Diagnostics

Recent Developments

Recent Developments

• February 2023- IDEXX Laboratories, Inc. announced receiving FDA 510(k) clearance for its IDEXX Catalyst Dx system. The Catalyst Dx system is a rapid point-of-care (POC) system designed to diagnose various infectious diseases in animals.
• January 2023- Zoetis Inc. announced that it had received FDA approval for its Truforma platform. The Truforma platform is a handheld POC system designed to diagnose various animal diseases.

Segmentation

1. By Products
   1. Consumables
   2. Reagents and Kits
   3. Instrument
   4. Devices
2. By Species
   1. Cattle
   2. Camelid
   3. Canine and Feline
   4. Caprine
   5. Equine
   6. Ovine
   7. Porcine
   8. Avian
   9. Others
3. By Testing Category
   1. Analytical Services
   2. Diagnostic Imaging
   3. Bacteriology
   4. Pathology
   5. Molecular Diagnosis
   6. Immunoassays
   7. Parasitology
   8. Serology
   9. Virology
4. By Disease Type
   1. Infectious Diseases
   2. Non-Infectious Diseases
   3. Hereditary
   4. Congenital and Acquired Diseases
   5. General Ailments
   6. Structural and Functional Diseases
5. By End-User
   1. Laboratories
   2. Veterinary Hospitals and Clinics
   3. Point-Of-Care/In-House Testing
   4. Research Institutes and Universities