Market Dynamics
Global Veterinary Point of Care Diagnostics Market Drivers
Increasing Incidence of Diseases
Global urbanization is increasing the frequency of interactions between wild, human, and domestic animal populations, increasing the spread of zoonotic diseases from wild populations. Animal husbandry, killing, food preparation, and consumption practices can spread infectious animal and human diseases. Foodborne zoonotic illnesses are brought on by ingesting tainted food or water because animals also provide food for humans. Animals transmit three out of every four newly discovered or emerging infectious diseases in humans and more than six out of every ten infectious diseases in humans. Since zoonotic diseases can spread from humans to animals and vice versa, they are responsible for 61% of infectious diseases that affect humans and 75% of newly discovered or emerging diseases worldwide.
Rising Cost of Animal Care and Advancements in Veterinary Molecular Diagnosis
The progression in veterinary molecular diagnostics, the prevalence of animal diseases, the rising cost of animal care, and the rising number of companion animals are the leading contributors to the market. IDEXX Laboratories introduced the ProCyte One Hematology Analyzer. In-house complete blood counts are available through the ProCyte One Hematology Analyzer. 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.
Global Veterinary Point of Care Diagnostics Market Restraints
Logistical Challenges
The pandemic has profound effects on many facets of society, including the veterinary sector, necessitating a careful balancing act between animal welfare and public health. The market is impacted by changing regulations and restrictions on several levels, including supply chain disruptions, low demand, and operational challenges. Vet clinics and hospitals in several significant regions reported a low patient load, with some directing their resources only toward emergency patients. In addition, the market expansion has improved with time.
Global Veterinary Point of Care Diagnostics Market Opportunities
Growing Demand for Inexpensive and Rapid Point of Care Diagnostic Equipment
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. IDEXX is a market leader in point-of-care diagnostics. Additionally, the FDA exempts the company from current GMP regulations. Testing kits are used to identify infectious diseases and are licensed and regulated by the Center for Veterinary Biologics and Animal and Plant Health Inspection Service of the United States Department of Agriculture. However, the motivations for the development of novel tests vary by application. The applications are anticipated to expand to include undetected disorders or only identified in reference laboratories.
Regional Analysis
The global veterinary point of care diagnostics market is segmented into four regions, namely North America, Europe, Asia-Pacific, and LAMEA.
North America is the most significant shareholder in the global veterinary point of care diagnostics market due to the presence of leading market participants and excellent veterinary health care infrastructure in the U.S. and Canada. 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. In addition, FUJIFILM Corporation, Neogen Corporation, Heska Corporation, Thermo Fisher Scientific, Inc., Zoetis, IDEXX Laboratories, Inc., and others have considerably contributed to the revenue generation in the Asia-Pacific market.
Segmental Analysis
The global veterinary point of care diagnostics market is segmented by animal type, product, sample type, testing category, indications, and end-user.
By Sample Type
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. According to the Kirkwood Animal Hospital in the United States, routine blood testing is crucial to a companion animal's overall wellness. Additionally, blood testing is less costly and less invasive than medical treatment. On the contrary, the urine category is anticipated to increase as it gives information regarding urinary tract illnesses' incidence, duration, and severity. In addition, it gives information regarding physical health, fluid balance, systemic sickness, physiological condition, and damaging insults. It is the most effective method for diagnosing kidney insufficiency before renal failure.
By Product
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 due to the wide availability of products, the subscription-based or recurring payment sales model for reagents and consumables, and other competitive advantages held by leading corporations. For example, more than 90% of Heska Corporation's point-of-care consumables are on long-term subscriptions. The total subscriptions climbed from 2,376 in 2019 to 2,980 in 2021 and are anticipated to grow more in the forecast period. Due to rising product upgrades and demand, the instruments and devices subsegment is anticipated to expand at a CAGR of 10.2% during the forecast period. The need for animal immunodiagnostic tests is predicted to rise with the demand for animal foods. Clinical chemistry and immunodiagnostic kits are the most important in veterinary diagnostics, resulting from the rising demand for detecting general animal health profiles.
By Tests Category
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. The hematology segment is projected to grow at a CAGR of 12% during the forecast period. Imagist, a tool released by Zoetis, automates the fecal examination for endoparasitic eggs, cysts, and oocysts to help veterinarians make prompt and precise diagnoses at the point of care. The tool lets veterinarians share test findings with pet owners in less than nine minutes and present treatment alternatives during the initial consultation. Veterinarians are increasingly adopting simple kits, such as SNAP tests for infectious diseases (including tests for antibodies against parvovirus, FeLV, and tick-borne pathogens) serum progesterone test kits, due to their ease of use and rapid results. This is expected to fuel market expansion throughout the forecast period.
By Animal Type
Based on animal type, the market is segmented into companion animals and livestock animals.
The animal companion segment dominates the market due to an increase in pet ownership, associated costs, the use of pet insurance, and the requirement to protect food sources by ensuring the welfare of livestock animals. The market for livestock animals is anticipated to hold a sizeable part of the industry during the forecast period due to the rising production of animals. The escalating frequency of zoonotic illnesses and the massive livestock population are the primary forces driving the livestock animal market. The increasing number of veterinarians is a significant factor propelling industry expansion.
By Indications
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. Diagnostic imaging techniques, for example, provide extensive information about an animal's health through minimally invasive or noninvasive procedures without altering the illness process. For example, the South Devon Veterinary Hospital of Independent Vetcare Ltd. in the United Kingdom provides a comprehensive spectrum of diagnostic endoscopy services employing flexible and rigid endoscopes and video endoscopes. The hospital has acquired four flexible video endoscopes to provide high-quality imaging of patients of all sizes of patients' lungs, stomachs, mouths, and intestines.
Top Key Players
IDEXX Laboratories
Zoetis
Virbac
Heska Corporation
Thermo Fisher Scientific Inc.
Neogen Corporation
Mindray
Esaote SpA
FUJIFILM Corporation
Woodley Equipment Company Ltd
Others
