CHICAGO, Oct. 26, 2023 /PRNewswire/ -- The veterinary diagnostic industry is poised for remarkable advancements in the near future. Leveraging cutting-edge technologies like AI and genomics, this field will offer rapid, precise, and non-invasive diagnostic tools, transforming the way we care for our animal companions. From early disease detection to personalized treatment plans, veterinarians will have access to a wealth of data-driven insights, improving the overall health and well-being of animals. Additionally, telemedicine and remote monitoring will become more commonplace, enhancing accessibility to veterinary care. These innovations promise a brighter, healthier future for our furry friends and the humans who love them.
Veterinary Diagnostic Market in terms of revenue was estimated to be worth $3.3 billion in 2023 and is poised to reach $5.0 billion by 2029, growing at a CAGR of 7.1% from 2023 to 2029 according to a new report by MarketsandMarkets. Early disease detection and ease of decision-making leading to improved treatment planning are advantages of the veterinary diagnostics market. Factors such as increased diagnostic testing for animals such as dogs and cats, rise in production and consumption of food from livestock, increase in disease control and prevention measures, government initiatives to increase awareness for increased adoption of pets, rise in visits to veterinary doctors for infectious ailments, and continuous technological development in the diagnosis instruments like analyzers or test kits.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=26017452
Browse in-depth TOC on "Veterinary Diagnostic Market"
434 - Tables
23 - Figures
504 - Pages
Veterinary Diagnostic Market Scope:
Report Coverage |
Details |
Market Revenue in 2023 |
$3.3 billion |
Estimated Value by 2029 |
$5.0 billion |
Growth Rate |
Poised to grow at a CAGR of 7.1% |
Market Size Available for |
2021-2029 |
Forecast Period |
2023-2029 |
Forecast Units |
Value (USD Billion) |
Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered |
By product, application, technology, animal type, distribution channel, end user and region. |
Geographies Covered |
|
Report Highlights |
Updated financial information / product portfolio of players |
Key Market Opportunities |
Untapped markets of emerging nations |
Key Market Drivers |
Increasing incidence of transboundary and zoonotic diseases |
The companion animal segment holds the largest market share during the forecast period.
The veterinary diagnostics market is divided into companion animals and livestock in the animal type segment. The companion segment was dominated in this market. Increase in the number of households that own a pet like dogs or cats. According to the American Pet Products Association, the number of households owned 86.9 million pets in 2022 and those in Europe owned 90 million in 2022. With the growing population of companion animals, and the increasing ability to spend more on pet health the adoption of advanced diagnostic tests and treatment is expected to increase, in turn, driving the market growth. Some of the major players offering diagnostic modalities for companion animals are IDEXX Laboratories (US), Heska Corporation (US), Zoetis, Inc. (US), Thermo Fisher Scientific (US), NEOGEN Corporation (US), Virbac (France), and INDICAL BIOSCIENCE GmbH (Germany).
The online sales segment is expected to grow at the highest rate during the forecast period.
The distribution channel segment is divided into direct sales, wholesalers and distributors, and online sales. The online sales segment is growing at the highest rate due to the convenience of browsing the product, vast selection of products with comparative pricing options available, competitive pricing with other distributors and players that attract customers for adopting this platform, reading reviews, offers by sellers, and delivery can be tracked only on this platform. Thus, it improved the reliability of the seller and improved brand trust. This is a high growth market and may curb the middleman, i.e., wholesalers or distributors in the supply chain. Companies like Idexx and Zoetis have adopted this model of sales to also enhance their customer base.
In the end-user segment, the point of care or in house testing segment is growing at the fastest rate in the veterinary diagnostics market.
According to end users, point of care/ in house testing is growing at the fastest rate, followed by reference laboratories. Other end users include hospitals/ clinics and veterinary research institutes and universities. POC tests are designed for use in livestock farms outside the physical facilities of clinical laboratories. Since the demand for improved patient care and greater cost control are driving changes in the structure of animal healthcare delivery, the need for POC diagnostic testing is also growing. Technological advancements in veterinary diagnostics are making it possible for a higher number of diagnostic tests to move from clinical laboratories to the near-patient environment.
Currently, new products are being developed in the market that enables pet owners to perform basic tests at home, thereby reducing the cost of tests and enabling greater convenience. Some POC diagnostic testing products for companion animals include diagnostic kits for various diseases and infections, pregnancy test kits, glucose monitors, and portable analyzers.
North America will continue to dominate the adhesion barriers market in 2028.
On the basis of region, the microfluidics market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America has various advantages—a surge in the population of companion pets, willingness to spend high costs on pet care, rise in adoption of dogs and cats, and rise in milk production leading to adoption and care of more livestock. The APPA Biennial Survey of Pet Owners found that 66% of US households, or 86.9 million homes, owned at least one pet in 2022. The rising expenditure on companion animal healthcare is are factor expected to drive the market growth in North America. Presence of all major players like Idexx Laboratories, Zoetis, Inc., and Thermofisher Scientific Inc. are also housed in this region which fuels its market share in the market.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=26017452
Veterinary Diagnostic Market Dynamics:
Drivers:
- Increasing incidence of transboundary and zoonotic diseases
- Growth in companion animal population
- Rising demand for animal-derived food products
- Rising demand for pet insurance and growing animal health expenditure
- Growing number of veterinary practitioners and rising income levels in developed economies
- Increasing disease control and disease prevention measures
Restraints:
- Rising pet care costs
- High costs of veterinary diagnostic tests
Opportunities:
- Untapped markets of emerging nations
- Increased use of PCR testing panels to rule out COVID-19 virus in animals
Challenge:
- Developing markets are experiencing a reduction in the number of practicing veterinarians
- Lack of animal healthcare awareness in emerging countries
Key Market Players of Veterinary Diagnostic Industry:
The veterinary diagnostics market is a consolidated market with the presence of few dominant multinational market players. Some of the prominent players include IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Thermo Fisher Scientific Inc. (US), bioMérieux SA (France), Heska Corporation (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), Virbac (France), FUJIFILM Holdings Corporation (Japan), Shenzhen Mindray Animal Medical Technology Co. Ltd. (China), INDICAL BIOSCIENCE GmbH (Germany), BioNote, Inc. (South Korea), Biogal Galed Labs (Israel), Agrolabo S.p.A. (Italy), Innovative Diagnostics (France), Randox Laboratories Ltd. (Ireland), BioChek (Netherlands), Fassisi GmbH (Germany), Alvedia (France), SKYER, Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), Gold Standard Diagnostics (Germany), Precision Biosensor Inc. (South Korea), Antech Diagnsotics Inc. (US), and EUROIMMUN Medizinische Labordiagnostika AG (Germany).
Recent Developments:
- In March 2023, Zoetis, Inc. introduced two updates in the VEtscan Imagst platform. One is the AI dermatology and another for AI equine FEC analysis. These diagnostic additions broaden Vetscan Imagyst testing capabilities beyond existing AI canine and feline fecal analysis, AI blood smear analysis and digital cytology applications to include new in-clinic tests that are fully integrated into the company's cloud-based artificial intelligence capabilities.
- In July 2022, BioNote USA partnered with PSIvet. The partnership will make BioNote's Vcheck line of analyzers and tests even more affordable to PSIvet's 5,000-plus veterinary practices.
- In August 2021, INDICAL BIOSCIENCE acquired Checkpoints to expand its poultry portfolio and direct-to-producer offerings.
- In June 2021, Idexx Laboratories acquired ezyVet, a practice information management system (PIMS). The acquisition would expand Idexx's world-class cloud software offerings that support customers with technology solutions that raise the standard of care for patients, improve practice efficiency, and enable more effective communication with pet owners.
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=26017452
Veterinary Diagnostic Market Advantages:
- Early Disease Detection: Advanced diagnostic tools enable the early detection of diseases and health issues in animals, allowing for timely intervention and better treatment outcomes.
- Precision Medicine: Personalized treatment plans can be developed based on diagnostic results, ensuring that each animal receives care tailored to its specific needs.
- Non-Invasive Techniques: Many modern diagnostic methods are non-invasive, reducing stress and discomfort for animals while providing accurate results.
- Improved Animal Welfare: By identifying and addressing health concerns promptly, the veterinary diagnostic market contributes to overall animal welfare, promoting healthier and happier lives for pets and livestock.
- Rapid Testing: Quick and efficient diagnostic tests save time and resources, enabling veterinarians to make informed decisions more rapidly.
- Data-Driven Insights: The industry's use of data analytics and AI enhances diagnostic accuracy and provides valuable insights into animal health trends, ultimately improving patient care.
- Telemedicine and Remote Monitoring: The integration of telemedicine and remote monitoring technologies expands access to veterinary care, especially in remote areas, while enhancing convenience for pet owners.
- Research and Development: Ongoing innovations in diagnostic technologies contribute to the advancement of veterinary medicine and drive further research in animal health.
- Enhanced Preventive Care: Veterinary diagnostics support preventive care measures, such as vaccination and parasite control, reducing the risk of disease transmission and improving public health.
- Economic Benefits: Timely and accurate diagnostics can reduce healthcare costs and losses in livestock and agricultural settings, making the veterinary diagnostic market economically advantageous for various stakeholders.
Related Reports:
Antimicrobial Susceptibility Testing Market - Global Forecasts To 2027
Veterinary Reference Laboratory Market - Global Forecasts to 2027
Animal Wound Care Market - Global Forecasts to 2027
Veterinary Infectious Disease Diagnostics Market - Global Forecasts to 2026
Veterinary Imaging Market - Global Forecasts to 2026
About MarketsandMarkets™:
MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/veterinary-diagnostics-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/veterinary-diagnostics.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
SOURCE MarketsandMarkets
![](https://rt.prnewswire.com/rt.gif?NewsItemId=IO49695&Transmission_Id=202310261030PR_NEWS_USPR_____IO49695&DateId=20231026)
Share this article