Veterinary Diagnostics Market
Number of pages: 100 | Report Format: PDF | Published date: September 29, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
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Report Attribute |
Details |
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Market size value in 2021 |
US$ 28.6 billion |
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Revenue forecast in 2030 |
US$ 52.57 billion |
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Growth Rate |
CAGR of 7.0% from 2022 to 2030 |
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Base year for estimation |
2021 |
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Forecast period |
2022-2030 |
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Segments covered |
Product, Technology, Animal Type, and Region |
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Regional scope |
North America, Europe, Asia Pacific, and the Rest of the World (RoW) |
The global veterinary diagnostics market was pegged at US$ 28.6 billion in 2021 and is expected to witness a CAGR of 7.0% during the forecast period.
Market Fundamentals
Veterinary diagnostics is considered as an essential feature for management and prevention of disease outbreaks in animals. The market for veterinary diagnostics is expanding at an accelerated rate due to increased focus on prevention and management of zoonotic diseases. In order to diagnose animal diseases brought on by microorganisms like viruses, fungus, bacteria, and pathogens, veterinarians need a variety of screening and diagnostic methods. Diagnostic procedures are employed for disease detection, screening for the presence of disease-causing substances, tracking the development of diseases, and delivering the best therapies.
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Market Dynamics
The surge in cattle ownership and increased number of pets are driving the global veterinary diagnostics market. Additionally, the rise in demand for animal products in the form of milk and animal proteins, and the rise in prevalence of various medical disorders in animals are essentially driving the growth of veterinary diagnostics market. Increasing expenditure on animal care corresponding to growing disposable incomes is also supporting veterinary diagnostics market expansion.
However, excessive cost of veterinary care and the lack of veterinary infrastructure in underdeveloped countries may restrain the market expansion, globally.
Market Ecosystem
The global veterinary diagnostics market has been analyzed from four perspectives: product, technology, animal type, and region.
Veterinary Diagnostics Market by Product
According to product types the global market for veterinary diagnostics is segmented into instruments and consumables & reagents. The consumables segment occupies the majority of market share. High demand for consumables and reagents segment is attributed to the commercial availability of wide range of reagents and consumables for various diseases and animal health screening, growing awareness about routine animal health checks leading to its frequent usage, and the emergence of various diagnostics tests and assays.
Veterinary Diagnostics Market by Technology
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Based on technology, the global veterinary diagnostics market is segmented into hematology, clinical biochemistry, molecular diagnostics, and immunodiagnostics. The clinical biochemistry market is defined by its significant use in disease diagnosis, disease progression monitoring, and better therapeutic response evaluation. Demand for the veterinary immunodiagnostics is therefore rising. Immunodiagnostics is one of the best methods for identifying diseases since it uses the antibody-antigen system, thereby delivering precise diagnostic outcomes.
Veterinary Diagnostics Market by Animal
Based on animal segment, the global market is segmented into canine, feline, cattle, and pigs others. The canine segment has dominated the global market for veterinary diagnostics. The increased adoption rates of dogs have augmented the pace of veterinary diagnostics market on global level. Additionally, increased disease prevalence including obesity, diabetes, cancer, and others are highly contributing to market expansion.
Veterinary Diagnostics Market by Region
Geographically, the global veterinary diagnostics market has been segmented into North America, Europe, Asia Pacific, and the rest of the world. The North America region has dominated the global veterinary diagnostics market. It is projected that the widespread presence of healthcare programs and the development in the number of efforts to enhance animal health has facilitated the overall growth in North America veterinary diagnostics market. The North American Pet Health Insurance Association, for instance, is committed to boosting public awareness of pet health insurance. Effective actions made by animal welfare organizations in case of a crisis or rapid disease outbreak have also supported market expansion in North America. During the projection period, Asia Pacific is expected to develop at the fastest rate. Increasing adoption of pets, and a strong need for animal care, paired with increasing disposable incomes are the chief drivers expected to propel market expansion in Asia Pacific.
Competitive Landscape
Some of the prominent players operating in the veterinary diagnostics market are
Phenomenal growth in cattle and pet ownership, surge in animal husbandry business die to increasing demand for animal products and proteins drive the global veterinary diagnostics market. Additionally, the rise in prevalence of various disorders in animals are driving the growth of the veterinary drugs market.
Some of the prominent players operating in the global veterinary diagnostics market are Zoetis, Inc., Thermo Fisher Scientific, Inc., Heska Corporation, Neogen Corporation, Virbac Technology Health India Pvt. Ltd, Bionote Inc., Fujifilm Holdings Corporation, Agrolabo S.P.A., Fassisi GmBH, Biomerieux SA, Idexx Laboratories, Inc., DRE Veterinary, Randox Laboratories, Shenzen Mindray Bio-Medical Electronics Co. Ltd., VCA Antech Inc., iM3Vet Pty Ltd., IDvet, among others.
High cost of veterinary care and the lack of veterinary infrastructure in underdeveloped countries may restrain market's expansion globally.
*Insights on financial performance is subject to availability of information in public domain