Global Veterinary Infectious Disease Diagnostics Market to Grow at a CAGR of 8.49% during 2020-2030

Introduction

The term "veterinary infectious disease diagnostics" refers to tests that aid in diagnosing and identifying various animal illnesses. These treatments are delivered using various techniques that use patient tissue, excrement, and blood samples. Human diagnostic methods and technology are frequently used in veterinary diagnostics. In veterinary diagnostics, molecular diagnostics (PCR testing, microarrays, etc.) and immunodiagnostics (lateral flow assays, ELISA, and other methods are used. A positive attitude toward animal diagnosis encourages the expansion of species. As more companion animals contract various infectious diseases, pet insurance demand rises, and there are more companion animals and modern diagnostic tools for animals, the market for veterinary infectious disease diagnostics is expanding.

Market Dynamics

Growing Adoption of Pets Drive the Global Market

The number of pet owners is expected to grow, increasing demand for pet-related products and services. This increase in demand is likely to have an economic impact. As a result, ancillary industries everywhere will grow faster, including the veterinary infectious disease diagnostics market. According to the American Pet Products Association (APPA)'s National Pet Owners poll, 68% of all homes in North America—or approximately 84.9 million families—have at least one pet. This statistic also represents approximately 68% of all households in North America. The number of families with all three animals—a dog, a cat, or both—is 1.7 billion, increasing demand for veterinary infectious disease diagnostics and the desire for pets. In addition, 1.7 billion households have both a dog and a cat.

Increased Awareness of Animal Healthcare Creates Tremendous Opportunities 

Pet owners are becoming concerned about the health of their companion animals, resulting in a rise in animal healthcare awareness. This results in a greater understanding of animal diseases, which increases the demand for veterinary diagnostics. In addition, the presence of organizations that promote animal healthcare awareness contributes to the market's growth. For instance, the Canadian Veterinary Medical Association (CVMA) organizes and sponsors animal health week, a national public awareness campaign organized and hosted by veterinarians across Canada. The campaign's primary objective is to encourage animal health and responsible companion ownership. Increased public awareness regarding animal healthcare will generate lucrative market opportunities over the forecast period.

Regional Analysis

North America is the most significant global veterinary infectious disease diagnostics market shareholder and is estimated to exhibit a CAGR of 9.41% over the forecast period. The global veterinary infectious disease diagnostics market was fragmented, with North America accounting for most sales. This can be attributed to several factors, including how simple it is to diagnose veterinary infectious diseases. The sector is also growing due to an increase in the number of individuals in the area who own pets and a corresponding rise in awareness of companion animal health. Additionally, customer demand for better veterinary treatment alternatives is projected to fuel the market's growth. Increasing the prevalence of numerous animal-related diseases is another significant factor supporting this market's expansion.

Asia-Pacific is anticipated to exhibit a CAGR of 13.94% over the forecast period. The veterinary infectious disease diagnostics market has enormous potential in Asia-Pacific, which is predicted to grow at the fastest rate over the projected period. This is primarily due to the increased proportion of households with pets. As they are still developing, the nations of the Asia-Pacific area are regarded as emerging markets. Both China and Australia are exhibiting evidence of a rise in the number of pet owners and a rise in understanding about the early diagnosis and treatment of illnesses common in companion animals. The cost of veterinary care for animals in the area is rising, increasing the demand for veterinary infectious disease diagnostics.

Key Highlights

• The global veterinary infectious disease diagnostics market was valued at USD 93 billion in 2022. It is estimated to reach USD 3.95 billion by 2031, growing at a CAGR of 8.49% during the forecast period (2023–2031).
• Based on the product, the global veterinary infectious disease diagnostics market is bifurcated into immunodiagnostics, molecular diagnostics, and others. The immunodiagnostics segment dominates the global market and is predicted to exhibit a CAGR of 9.21% over the forecast period.
• Based on application, the global veterinary infectious disease diagnostics market is bifurcated into dogs, cats, and others. The dog segment owns the highest market share and is predicted to exhibit a CAGR of 9.0% over the forecast period.
• North America is the most significant global veterinary infectious disease diagnostics market shareholder and is estimated to exhibit a CAGR of 9.41% over the forecast period.

 

Competitive Players

Competitive Players

The key players in the global veterinary infectious disease diagnostics market are Biomerieux S.A., Heska Corporation, IDEXX Laboratories, Inc., IDVet, Indical Bioscience, Neogen Corporation, Randox Laboratories, Ltd., Thermo Fisher Scientific Inc., Virbac, and Zoetis, Inc.

Recent Developments

Market News

• In June 2022, Boehringer Ingelheim entered into a joint venture with Evotec and bioMérieux to create the next generation of antimicrobials and actionable diagnostics to fight Antimicrobial Resistance (AMR).
• In May 2022, bioMérieux stated that it received De Novo FDA authorization for its Biofire, a joint infection pane. It is the newest syndromic panel intended to aid in the diagnosis of the specific agents causing joint infections.

 

Segmentation

Global Veterinary Infectious Disease Diagnostics Market: Segmentation

By Product

• Immunodiagnostics
• Molecular Diagnostics
• Others

By Applications

• Dogs
• Cats
• Others

By Regions

• North America
• Europe
• Asia-Pacific
• LAMEA