Veterinary Diagnostics Market worth $4.4 billion by 2027 - Exclusive Report by MarketsandMarkets™

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Sep 06, 2022, 07:30 ET

CHICAGO, Sept. 6, 2022 /PRNewswire/ -- Veterinary Diagnostics Market is projected to grow from USD 2.8 billion in 2022 to USD 4.4 billion by 2027, at a CAGR of 9.2% from 2022 to 2027, according to a new report by MarketsandMarkets™. The growth can largely be attributed to the growth in the companion animal population, the increasing incidence of transboundary and zoonotic diseases and the rising demand for animal-derived food products. A surge in the overall companion animal population and adoption rate has been witnessed on a global scale. According to several studies, having a companion animal is associated with positive health benefits, such as reduced cardiac arrhythmias, normalization of blood pressure, decreased anxiety, greater psychological stability, and improved well-being. The increasing pet population is expected to drive the demand for pet care products and services, which, in turn, will support the growth of dependent industries such as veterinary diagnostics.

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The consumables segment accounted for the larger share of the global veterinary diagnostics market

Based on products, the veterinary diagnostic market is segmented into consumables and instruments. In 2021, the consumables segment accounted for the larger share of the global market. The large share of the consumables segment can be attributed to the increasing awareness on animal healthcare and increasing veterinary expenditures.

In 2021, the clinical biochemistry segment accounted for the largest share of the global veterinary diagnostic market

Based on technology, the veterinary diagnostics market is segmented into clinical biochemistry, immunodiagnostics, molecular diagnostics, hematology, urinalysis, and other veterinary diagnostic technologies (includes microbiology and histopathology tests). In 2021, the clinical biochemistry segment accounted for the largest share of the global market. Applications of this technology can range from studying the kidney and liver function, managing diabetes, and evaluating electrolyte & hormone levels to monitoring and treating systemic inflammation caused by infectious agents such as bacteria, viruses, and parasites.

The companion animals segment accounted for the larger market share in 2021

Based on animal type, the veterinary diagnostics market is segmented into companion animals and livestock. The companion animals segment accounted for the larger market share in 2021. This can be attributed to the rising number of companion animals across the globe, the rising adoption of pet insurance, and the availability of cheaper and easy-to-use POC diagnostic tests for companion animals.

Veterinary reference laboratories are the major end users in the veterinary diagnostics market, accounting for a share in 2021

Based on end users, the global veterinary diagnostic market is segmented into veterinary reference laboratories, veterinary hospitals & clinics, point-of-care testing/in-house testing, and veterinary research institutes & universities. Veterinary reference laboratories are the major end users in the market, accounting for a share in 2021. The large share of this segment can primarily be rising awareness among pet owners regarding routine and preventive care and the rising number of samples received by reference laboratories from small and large animal practices.

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The Asia Pacific market is estimated to witness the highest CAGR during the forecast period

The Asia Pacific region is expected to register the highest CAGR during the forecast period. Growth in pet adoption, increasing awareness about animal health, and growing per capita animal health expenditure, especially in India and China, are contributing to the growth of the APAC market.

Key players in the veterinary diagnostics market

The prominent players in the veterinary diagnostic market are IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Heska Corporation (US), Thermo Fisher Scientific Inc. (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), 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), IDvet (France), Randox Laboratories Ltd. (Ireland), BioChek (Netherlands), Fassisi GmbH (Germany), Alvedia (France), SKYER, Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), Biopanda Reagents (UK), Precision Biosensor Inc. (South Korea), Skyla Corporation (China), and EUROIMMUN Medizinische Labordiagnostika AG (Germany).

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