Veterinary Diagnostics Market

Market Overview

The global veterinary diagnostics market size 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). Factors such as increasing companion animals population and pet owners, significantly drives the veterinary diagnostics market demand by 2031.

Veterinary diagnosis is a field of veterinary medicine that uses several different approaches and tests to diagnose and monitor the health of animals. It plays an important role in certain the well-being of animals by providing an accurate and timely diagnosis of diseases, infections, and other health conditions. The field of veterinary diagnostics encompasses a wide range of tests and procedures. These include physical examinations, laboratory tests, imaging techniques, and molecular diagnostics. Veterinary professionals use these tools to gather information about an animal's health, identify the presence of diseases or abnormalities, and monitor the progress of treatments.

Common veterinary diagnostic tests include blood tests, urine analysis, fecal examinations, microbiological cultures, imaging (such as X-rays, ultrasounds, and MRI scans), and genetic testing. These tests help veterinarians detect and diagnose various conditions, including infectious diseases, metabolic disorders, cancer, hormonal imbalances, organ dysfunctions, and genetic abnormalities. Veterinary diagnostics are essential for guiding treatment decisions and developing effective treatment plans. They provide valuable information about the underlying causes of an animal's symptoms, enabling doctors of veterinary medicine to customize care to meet the unique requirements of each patient. Diagnostic tests also help monitor treatments' effectiveness and track the progress of an animal's recovery.

Highlights

• Consumables and reagents and kits dominate the products segment.
• Canine dominates the species segment.
• Immunoassays dominate the Testing Category segment.
• Infectious Diseases dominate the Disease Type segment.
• North America is the highest shareholder in the global market.

Market Dynamics

Global Veterinary Diagnostics Market Drivers

Increasing Companion Animals Population and Pet Owners

The population of companion animals is increasing globally, boosting the demand for companion animal diagnostics for efficient diagnosis of pets. The increase in the companion animal population can also be attributed to the increasing adoption of pets due to their health benefits. These benefits include decreased cardiac arrhythmias, reduced anxiety, stabilization of blood pressure, increased psychological stability, and improved overall well-being.

One of the primary elements causing the growth in the companion animal population is the rising trend of pet adoption. Many individuals and families recognize the health benefits of owning a pet. According to studies, owning a pet can lead to decreased cardiac arrhythmias, reduced anxiety, blood pressure stabilization, increased psychological stability, and an overall improvement in well-being. These health benefits have prompted more people to adopt pets, driving the demand for companion animal diagnostics. This is expected to drive the market over the forecast period.

Rising Numbers of Veterinarians and Veterinary Visits

The rising number of veterinarians and veterinary visits is indeed a driver of the global market. As mentioned earlier, the increased awareness of the importance of veterinary care has led to a higher demand for veterinary services, which includes diagnostic procedures. With more veterinarians available, there is an increased capacity to perform diagnostic tests and interpret the results accurately. Veterinary diagnostics are crucial in diagnosing and monitoring various animal health conditions, including infectious diseases, metabolic disorders, cancer, and genetic abnormalities.

Additionally, the availability of skilled veterinarians who can perform these tests and interpret the results effectively is vital for accurate diagnosis and appropriate treatment of animals. Moreover, the growing number of veterinary visits means more opportunities for conducting diagnostic tests. Routine check-ups and preventive care often involve diagnostic tools to assess the overall health of animals and identify any underlying health issues. Diagnostic procedures include blood testing and imaging methods (X-rays, ultrasound), and microbiology assays are commonly performed during veterinary visits to aid in diagnosing and managing diseases.

Global Veterinary Diagnostics Market Restraint

Economic Differences in Developed and Developing Markets

A significant living standard and earnings gap exist between individuals from developed and developing economies. Developed regions have a higher adoption rate of companion animals as more individuals can afford pet healthcare expenditures. While this was contrary to the scenario in emerging economies, the pet healthcare landscape is changing due to improved living standards, health awareness, and overall economic growth in these regions. This can restrict the overall veterinary diagnostics market growth.

In these developed regions, companion animals have a higher adoption rate, and pet owners are more likely to invest in their pets' healthcare needs. This includes regular veterinary visits, vaccinations, preventive treatments, and diagnostics. The higher living standards and earnings in these regions make pet healthcare expenditures more manageable for individuals and families.

Global Veterinary Diagnostics Market Opportunities

Advancements in technology

Technological advancements are revolutionizing the field of veterinary diagnostics, offering opportunities for innovative diagnostic tools and platforms. New diagnostic technologies, such as point-of-care testing devices, advanced imaging techniques, molecular diagnostics, and next-generation sequencing, enhance diagnostics' accuracy, speed, and efficiency. Manufacturers can capitalize on these advancements to develop cutting-edge diagnostic products and services.

Another area of technological advancement in veterinary diagnostics is advanced imaging techniques. Digital radiography, ultrasound, computed tomography (CT), and magnetic resonance imaging (MRI) have revolutionized how veterinarians visualize and diagnose various animal conditions. These imaging modalities provide detailed and high-resolution images, enabling better detection and evaluation of diseases, injuries, and abnormalities. Advanced imaging techniques enable veterinarians to diagnose accurately and develop appropriate treatment plans.

Regional Analysis

Based on region, the global veterinary diagnostics market share is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global market shareholder and is estimated to grow at a CAGR of 9.8% over the anticipated period. North America has numerous animal health and diagnostics companies. There has been a significant rise in veterinary healthcare expenditure in the region, which is expected to accelerate the growth of the animal diagnostics market. Furthermore, the presence of healthcare programs and the number of initiatives to promote animal health are anticipated to increase this region's growth potential. For instance, the North American Pet Health Insurance Association is focused on increasing pet health insurance coverage awareness. Efficient measures undertaken by animal welfare organizations in case of an emergency or sudden disease outbreak are also expected to contribute toward market growth across North America. Moreover, the region's well-developed infrastructure and high R&D spending are anticipated to boost North America's veterinary animal diagnostics market.

Europe is estimated to exhibit a CAGR of 8.6% over the forecast period. Considering that Europe has the second-largest market share as substantial players operating in the region. The number of people who keep pets and livestock production in the region has significantly increased. More than half of the land in Europe is used for farming, which helps generate a high number of food-producing animals. Moreover, in 2016, the European Parliament and the Council adopted the Regulation by EU Animal Health Law on transmissible animal diseases, intended to support the livestock segment's mission for a safe and competitive European animal market regarding animal health and their products. Thus, the abovementioned factors are expected to raise the market in the region.

In Asia-Pacific, the market is anticipated to increase and expand more quickly during the forecast period. The rise in middle-class households, increased disposable income, acceptance of pet animals, and high demand for animal proteins are some of the key factors expected to raise the growth of the market in the region.

Latin America continues to build momentum, with growing herds, expanding market access, and underrated currency favoring exports. These factors support animal protein export globally. The livestock sector in Latin America has grown rapidly over the years; the total demand for animal proteins is increasing, and so is the export of these products. Increasing livestock, rising export of animal proteins, and Increasing demand are one of the variables anticipated to propel market expansion.

The Middle East and Africa market is witnessing growth due to several factors. The increasing demand for pet food indicates a growing population of companion animals in the region, leading to a higher need for veterinary diagnostics. The rising adoption of pets, such as cats and dogs, in countries like South Africa reflects the increasing interest in pet ownership and the subsequent demand for veterinary services.

Segmental Analysis

The global veterinary diagnostics market is bifurcated into products, species, testing categories, disease types, and end-user.

Based on products, the global 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. Consumables held the largest share of the diagnostics segment. This can be attributed to repeat usage and the short life cycle of these products. For animal diagnostics, the consumables consisted of reagent clips, immunodiagnostic kits, cartridges, PCR/ELISA test kits, blood glucose strips, urine glucose strips, blood collection tubes, stool sample containers, egg counting slides, and others. In addition, the rate of consumption and usage of consumables and reagents in diagnosis is growing owing to veterinary diagnostics. This can be attributed to a growth in pet adoptions, concern for pet health, and increased zoonotic disease knowledge worldwide.

Furthermore, the growing number of pet adoptions and the increasing concern for pet health has also fueled the demand for consumables in veterinary diagnostics. Pet owners are becoming more proactive in seeking routine check-ups, preventive care, and timely diagnosis of illnesses in their pets. This trend has translated into a higher consumption rate and usage of consumables and reagents in veterinary diagnostics.

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. Canines accounted for the largest share of the animal type segment in 2020. The dominant share captured by dogs is a consequence of increasing animal healthcare spending on pets, specifically in developed regions. The increasing incidence of obesity, diabetes, cancer, and other major diseases is one of the major drivers for the market. According to an APOP report in 2017, 56% of dogs were recorded as obese in U.S. Obesity further raises the chance of cancer, diabetes, cancer, and other chronic disorders in addition to joint ailments. The increasing concern of pet owners resulted in the regular diagnosis of glucose levels, thus boosting the market for glucose monitors.

Moreover, the increasing demand for advanced diagnostic tests and point-of-care treatment further propels the market. Dermatological tests are available for detecting dermatophytes, ELISA, and PCR for detecting parasites and viruses such as leishmania, parvovirus, coronavirus, hepatitis, etc. Companies are constantly investing companies continually make R&D investments in developing innovative diagnostics tests for dogs to gain more market share.

Based on the testing category, the global 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. Chemical tests are used to determine the presence of any pathogen in body fluid or blood samples via an immunological reaction. The immune system of an affected animal produces particular antibodies for particular diseases. Therefore, the antibodies can be used for the detection, quantification, and monitoring of the immunity of animals. Further, ELISA is a highly specific, reproducible, and specific test. It is fully automatic or semi-automatic in many commercial test kits. Immunoassays are economical and highly specific, sensitive, and accurate tests. However, complex procedures and limitations of immunoassays may impede segment growth.

Based on disease type, the global 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. Zoonotic diseases are highly infectious and can spread through ticks, mosquitoes, and fleas or by contact with animals. Zoonotic diseases like alveolar echinococcosis and cystic echinococcosis are prominent causes of surgeries. As per WHO, an average of 2.2% of postsurgical deaths occur due to cystic echinococcosis, and approximately 6.5% of cases relapse after a mediation, hence needing prolonged recovery time. The WHO is undertaking numerous activities focused on animal health and the human-animal ecosystem, which includes food-borne zoonosis, food safety, and antimicrobial resistance.

Based on end-use, the global 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. Several factors are driving the strong growth of the veterinary hospital segment. Firstly, the increasing pet population and the growing awareness about the importance of animal health are leading to a higher demand for veterinary services. In addition, pet owners increasingly seek comprehensive healthcare services for their animals, including diagnostic tests, preventive care, surgeries, and treatments. Veterinary hospitals, with their specialized facilities and skilled veterinary professionals, are well-equipped to meet these demands.

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.