Veterinary Immunodiagnostics Market
Number of pages: 100 | Report Format: PDF | Published date: April 14, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 1.3 billion |
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Market Size Value in 2031 |
US$ 3.2 billion |
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CAGR |
9.10% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Product Type, Technology, Application, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global veterinary immunodiagnostics market was valued at US$ 1.3 billion in 2022 and is expected to register a revenue CAGR of 9.10% to reach US$ 3.2 billion by 2031.
Veterinary Immunodiagnostics Market Fundamentals
Veterinary diagnostics are crucial for animal health, detecting health concerns before they become serious and allowing for fast diagnosis and treatment planning. Diagnostics have a lot of untapped promise in the global animal health outlook. These technologies may play a critical part in any preventative plan by enabling disease surveillance, tracing, and interventions such as surge vaccination. Early detection can minimize treatment length and severity while protecting other farm cattle. In the house, this helps limit the danger of zoonotic infection transmission between pets and the surrounding people.
The veterinary immunodiagnostic laboratory's diagnostic test requirements can be divided into three groups. The first and most crucial requirement is the necessity to diagnose disease. This generally involves searching for viral or bacterial antigens and antibodies against them. Following that, it is necessary to examine the immunological state of certain illnesses due to vaccination or past exposure. Tests should identify the presence of antibodies to viral or bacterial antigens and offer semi-quantitative results for this assessment. The final category is the requirement to evaluate reproductive and metabolic states. This area of diagnostics mostly consists of quantitative assays for different hormones.
For many years, conventional approaches such as viral isolation, virus neutralization, plate agglutination, hemagglutination inhibition (HI), immunodiffusion, classical microbiological culture techniques, high-pressure liquid chromatography, and thin-layer chromatography were used to perform these tests. However, over the last 25 years, new immunoassay-based technologies have advanced to the point that they have largely superseded older traditional approaches, resulting in greater accuracy and precision while requiring less time and labor. Enzymes, fluorescence, and colloidal particle-based immunoassay systems replace Radioimmunoassays, agglutination, and tissue culture approaches. Monoclonal antibodies and recombinant and synthetic peptide antigens have improved sensitivity, specificity, and simplicity of usage. The emergence of low-cost, visually readable single-use delivery methods has enabled veterinarians to undertake tests in clinics or farms that were previously only performed in reference laboratories.
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Veterinary Immunodiagnostics Market Dynamics
Rising pet ownership is one of the primary reasons driving the market revenue growth. Having a companion animal has been linked to improved health, and the growing pet population will likely stimulate demand for immunodiagnostics. According to the American Pet Products Association's (APPA) National Pet Owners Survey (2019-2020), about 67% (84.9 million families) of US homes had a pet. This factor is expected to boost the growth of the market revenue. Additionally, introducing sophisticated diagnostic immunoassay technologies and diagnostic systems to improve immunoassay-based diagnostic assays provides more accuracy in less time and effort.
The increasing prevalence of animal diseases, such as the SARS-CoV-2 (COVID-19) pandemic, is also expected to drive market revenue. Several research investigations have demonstrated the link between zoonotic illnesses and global human epidemics, the most recent being the SARS-CoV-2 (COVID-19) pandemic. Early illness detection and treatment in animals is critical to prevent the spread of similar diseases in the future. Foodborne zoonotic illnesses are caused by eating food or water infected by pathogenic bacteria. According to the CDC, about 18,462 instances of foodborne illness infections were reported in the United States in 2020, with 4,788 hospitalizations and 118 fatalities.
Other revenue growth factors include technological improvements such as developing enhanced immunoassays, biosensors, non-polymerase chain reaction methods for nucleic acid detection, and proteomics for disease diagnosis. Veterinarians also use rapid testing and portable tools to diagnose illnesses effectively. Other factors, such as considerable expansion in the poultry and agriculture industries and increased expenditure capacity for animal health management, are expected to boost the market revenue even more.
Veterinary Immunodiagnostics Market Ecosystem
The global veterinary immunodiagnostics market is analyzed from five perspectives: product type, technology, application, end-user, and region.
Veterinary Immunodiagnostics Market by Product Type
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Based on product type, the global veterinary immunodiagnostics market is segmented into analyzers and consumables.
The consumables segment is likely to dominate the market during the forecast period. The rising frequency of zoonotic illnesses among animals and the possibility of infections crossing the species barrier and infecting people are driving the expansion of this market.
Veterinary Immunodiagnostics Market by Technology
Based on technology, the global veterinary immunodiagnostics market is segmented into Enzyme-Linked Immunosorbent Assay (ELISA), chemiluminescence immunoassay, fluorescent immunoassay, colorimetric immunoassay, radioimmunoassay, rapid tests, and others.
The Enzyme-Linked Immunosorbent Assay (ELISA) segment will likely dominate the market during the forecast period. This segment's substantial market revenue share may be attributable to the continual discovery of novel biomarkers, cost-benefit analysis, and the increased deployment of automated ELISA platforms.
However, the rapid testing segment, on the other hand, is expected to increase at the fastest revenue CAGR during the forecast period. The high expansion of this segment may be attributed to farmers' and pet owners' increased demand for rapid test results and their cost-effectiveness. Furthermore, organizations are focusing on producing fast animal tests to address the increased need for rapid testing among animal owners. Fast Labs Ltd (UK) introduced numerous fast tests for companion animals in 2019. The tests were designed to identify common pet infections, such as feline leukemia, canine parvovirus, heartworm, and infectious peritonitis.
Veterinary Immunodiagnostics Market by Application
Based on application, the global veterinary immunodiagnostics market is segmented into infectious disease, autoimmune disorders, endocrinology, oncology, bone and mineral diseases, and others.
The infectious disease segment is likely to dominate the market with the largest revenue share during the forecast period due to the medical capabilities of companion animals have increased in developed nations. Furthermore, market demand for technologically improved diagnostic technologies like RT-PCR has surpassed traditional diagnostic methods.
Veterinary Immunodiagnostics Market by End User
Based on end-user, the global veterinary immunodiagnostics market is segmented into reference laboratories, academic and research institutes, veterinary hospitals & clinics, and point of care/in-house testing.
The reference laboratories segment showed substantial revenue growth during the forecast period because of the growing number of veterinary practitioners, the high number of samples received for analysis in reference laboratories from small and large animal practices, rising pet adoption rates, and the rapid expansion of the veterinary reference laboratory market. Furthermore, veterinary infectious disease diagnostic technologies have evolved into appropriate solutions for identifying and detecting various animal illnesses. Adopting these extremely successful diagnostics aids end users in the early diagnosis of animal illnesses, allowing for prompt treatment.
Veterinary Immunodiagnostics Market by Region
Based on region, the global veterinary immunodiagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Veterinary diagnostics refers to the techniques and testing used to determine the presence of infectious illnesses. These procedures are carried out in various ways, including using blood, excrement, and tissue samples. Furthermore, pet owners and farmers have made animal health a key focus. Any neglection might have disastrous consequences ranging from economic losses to disease transmission to human mortality. As a result, pet owners and farmers spend a lot of money on veterinary immunodiagnostic procedures for early disease detection in animals. This increases the popularity of rapid diagnostic tests for infectious disorders, propelling the veterinary immunodiagnostics market forward. Furthermore, according to the North American Pet Products Association study 2019-2020, around 42.7 million households own cats, 5.4 million own small animals, and 1.6 million own horses, among other things. More diagnostic tests are needed in the region as zoonotic illnesses might spread swiftly owing to increased human-animal contact. Total pet industry expenditures in the United States are estimated to be over US$ 75.38 billion in 2019-2020, up from US$ 60.28 billion in 2015. As a result, these factors are propelling the region's veterinary immunodiagnostics market forward.
During the forecast period, the Asia Pacific market is expected to have the highest revenue growth of the global veterinary immunodiagnostics market. This is due to a rise in the number of people adopting pets and an increase in the style of life, which has boosted the need for veterinary diagnostics. Additionally, government programs and investments in animal healthcare are likely to fuel revenue development in this region.
Europe is estimated to account for a sizable revenue share of the global veterinary immunodiagnostics market during the forecast period. This is attributable to the presence of numerous large market participants and the increased frequency of zoonotic illnesses and pet adoption in this area. Moreover, multiple academic institutions and veterinary research organizations in the area are expected to boost the local economy.
Competitive Landscape of the Veterinary Immunodiagnostics Market
The prominent market players operating in the global veterinary immunodiagnostics market include:
Several growth factors, including product launches/enhancements, partnerships, and acquisitions, are used by market players to improve their product portfolio and obtain a competitive advantage in the market. Partnerships and agreements were the most often used growth methods among these company strategies. Idexx Laboratories, Inc. (US) controlled the market in 2021. The company's wide selection of products is essential to the market.
Strategic Developments in Veterinary Immunodiagnostics Market
Veterinary diagnostics are crucial for animal health, detecting health concerns before they become serious and allowing for fast diagnosis and treatment planning. Diagnostics have a lot of untapped promise in the global animal health outlook.
The expected size of the veterinary immunodiagnostics market in 2031 will be 3.2 billion.
The expected revenue CAGR of the global veterinary immunodiagnostics market during the forecast period is 9.1%.
Some prominent global veterinary immunodiagnostics market players include IDEXX Laboratories, Inc., Thermo Fisher Scientific, Inc., and Zoetis, Inc.
The ELISA segment leads the global veterinary immunodiagnostics market with the largest revenue share.
*Insights on financial performance are subject to the availability of information in the public domain