Global Veterinary Point of Care Diagnostics Market to Grow at a CAGR of 10.45% During 2020 –2030

Veterinarian point-of-care diagnostics are medical equipment that provides clinically relevant data to the clinical practice without requiring laboratory results. Point-of-care devices are expected to increase in use during the forecast period due to the quick and affordable method of diagnosis they offer. It is anticipated that the rise of veterinary point-of-care diagnostics will be driven by veterinarians' increased embrace of quick diagnostic instruments.

Market Dynamics

Increasing Incidence of Animal Spread Diseases, Rising Cost of Animal Care, and Advancements in Veterinary Molecular Diagnosis Drives the Global Market

The frequency of interactions between wild, domestic, and human-animal populations is rising due to global urbanization, which also accelerates the spread of zoonotic diseases from wild populations. Animal husbandry, animal slaughter, food preparation, and consumption methods can spread infectious diseases affecting animals and people. Foodborne zoonotic illnesses are brought on by ingesting tainted food or water because animals also provide food for humans.

The market's primary drivers include the development of veterinary molecular diagnostics, the prevalence of animal diseases, the rising cost of veterinary care, and the number of companion animals. The demand for advanced veterinary molecular diagnostics will be driven upward by technological advancements during the forecast period. The widespread movement toward digitalization in medical treatment has affected the animal health industry, particularly the market for diagnostics used at veterinary service points.

Increasing Demand for Inexpensive and Rapid Diagnostic Equipment Creates Tremendous Opportunities

The market is anticipated to increase rapidly due to the rising need for simple, rapid point-of-care diagnostic instruments and relatively loose regulatory control. In the United States, the FDA does not require veterinary device manufacturers to identify their products or register their firms. The FDA's pre-market approval or notification process does not apply to devices designed to diagnose, treat, mitigate, or prevent animal diseases, which creates the potential for new market candidates.

Regional Analysis

Due to key market players and superior veterinary healthcare infrastructure in the U.S. and Canada, North America holds the largest share of the global veterinary point of care diagnostics market. Asia-Pacific is anticipated to grow at a CAGR of 13% during the forecast period. This results from the improving veterinary healthcare infrastructure, the growing awareness of diagnostic alternatives, the presence of local market participants, and the growing pet population.

Key Highlights

• The global veterinary point of care diagnostics market was valued at USD 1.22 billion in 2021. It is projected to reach USD 2.98 billion by 2030, growing at a CAGR of 10.45% during the forecast period (2022–2030).
• Based on sample type, the market is divided into blood/plasma/serum, urine, fecal, and others. The blood/plasma/serum sample category dominates the global veterinary point of care diagnostics market.
• Based on product, the market is divided into consumables, reagents, kits, and instruments and devices. Consumables, reagents, and kits segment are expected to lead the market.
• Based on the tests category, the market is segmented into diagnostic imaging, parasitology, bacteriology, virology, cytology, hematology, serology, clinical chemistry, and others. The parasitology segment dominates the global veterinary point of care diagnostics market.
• Based on animal type, the market is segmented into companion animals and livestock animals. The animal companion segment dominates the market.
• Based on indications, the market is segmented into infectious diseases, general ailments, and others. The infectious diseases segment leads the market due to the increasing prevalence of acute and chronic animal diseases, product innovations, and pet humanization.
• North America is the most significant shareholder in the global veterinary point of care diagnostics market.

Market Segments

1. By Animal Type
   1. Companion Animal
   2. Livestock Animals
2. By Product
   1. Consumables, Reagents, and Kits
   2. Instruments and Devices
3. By Sample Type
   1. Blood/Plasma/Serum
   2. Urine
   3. Fecal
   4. Others
4. By Testing Category
   1. Hematology
   2. Diagnostic Imaging
   3. Bacteriology
   4. Virology
   5. Cytology
   6. Clinical Chemistry
   7. Parasitology
   8. Serology
   9. Others
5. By Indications
   1. Infectious Disease
   2. General Ailments
   3. Others
6. By End-User
   1. Veterinary Hospitals and Clinics
   2. Home Care Settings
   3. Others