Veterinary Diagnostics Market

Veterinary Diagnostics Market Research,2032

Veterinary Diagnostics Market to surpass USD 15.0 billion by 2032 from USD 5.04 billion in 2021 at a CAGR of 10.4% throughout the forecast period 2022-32

‘Veterinary Diagnostics’ refers to numerous tests performed to identify the existence of diseases in animals. They are carried out by examining tissue, blood samples, and excrement from farm, domestic and wild animals. This diagnosis employs a wide range of veterinary instruments to identify diseases, device an animal's reaction to a treatment, track the disease progression, and check for hidden illnesses the healthy animals. They help to identify the disease status in an animal with a clinical illness. These tests are based on a variety of methods, like gene sequencing, immunohistochemistry, in situ hybridization, (RT-PCR) real-time polymerase chain reaction, and (PCR) polymerase chain reaction. Pathology, toxicology, bacteriology, virology, and nutrition testing facilities frequently perform these tests.

Market Highlights

The Veterinary Diagnostics Market is expected to project a notable CAGR of 10.4% in 2032.

Veterinary Diagnostics Market to surpass USD 15.0 billion by 2032 from USD 5.04 billion in 2021 at a CAGR of 10.4% in the coming years, i.e., 2022-32. The rising prevalence of zoonotic diseases, the increasing number of veterinarians in developing regions, and the increasing cost of veterinary care are majorly driving the Veterinary Diagnostics Market. Also, the rising demand for pet insurance and growing disposable income in developed countries, are contributing to the growth of the market.

Figure - Market Analysis of Veterinary Diagnostics Market

Veterinary Diagnostics Market: Segments

The Reagents & Consumables segment is expected to grow with a higher CAGR during 2022-32

Veterinary Diagnostics Market is categorized on the basis of Product Type into Instruments and Reagents & Consumables. The Reagents & Consumables sector accounted for the higher market share, and it is anticipated to grow at a higher CAGR during the forecast period. The development of sophisticated reagents & kits and the rising expectation for quick & precise results are projected to fuel the reagents & consumables segment growth. These cutting-edge reagents and kits can be used with a variety of veterinary diagnostic tools, which will increase their market share in the future.

The Reference Laboratories segment is expected to grow with a higher CAGR during 2022-32

Veterinary Diagnostics Market is categorized on the basis of End User into Hospitals & Clinics, Reference Laboratories, and Others. In the Veterinary Diagnostics Market, the veterinary reference laboratories segment has dominated and is predicted to continue its dominance during the forecast period as well. This growth is attributed to the improved facilities and cutting-edge technology found in veterinary laboratories, the rise in the number of products being introduced for use in veterinary reference laboratories, and increasing the number of trained specialists in the field of veterinary diagnostics.

Figure - Market Analysis of Global Veterinary Diagnostics Market

Market Dynamics

Growth Drivers

Availability of Improved Diagnostic Technologies and Constant Research Activities

The rising frequency and growing prevalence of animal diseases are predicted to increase, increasing the need for cutting-edge diagnostic tools to identify, track, and contain disease outbreaks. The global Veterinary Diagnostics Market will be driven by the availability of sophisticated diagnostic technologies that assist veterinarians in providing better diagnoses and treatments. Moreover, ongoing research, innovation, and education initiatives will help market participants establish sustainable competitive advantages, bolstering their positions in the Veterinary Diagnostics Market.

Governments Developing Advanced Hospitals and Healthcare Centers

Modern veterinary hospitals and healthcare facilities must be built by governments in many areas. As a result, the global Veterinary Diagnostics Market would grow significantly during the next several years. Governments have created new veterinary care, treatment, and diagnostic facilities due to pressure from animal rights advocates. This is a significant driver of the global Veterinary Diagnostics Market.

Restraint

High Costs Associated with Animal Diagnostics and Growing Pet Care Expenses

The rising pet care costs and the high cost of animal diagnostics are expected to limit the market growth. Moreover, another challenge for the market is the expected shortage of veterinarians in a few regions throughout the projection period. Systems for veterinary diagnostic imaging are expensive tools or devices. Small portable machines usually cost between US$2,000 and US$50,000, with backup transducer probes costing up to US$1,000 and printers costing up to US$2,000. Small to medium-sized veterinary operations are the standard, and financial restrictions are comparatively high. Therefore, high cost of these tests and systems is one of the main market restraints.

Recent Developments

• Heska Corporation declared in January 2021 that they have finished acquiring Lacuna Diagnostics Inc. Heska will be able to increase output and streamline revenue due to this acquisition.
• With the acquisition of DMV Imaging in November 2021, FUJIFILM Europe now hopes to increase the range of goods and services it offers to veterinary diagnostic clients.
• The first TRUFORMA’s veterinarian sale was listed by Zomedica Corp. in March 2021, marking the company's official entry into commercialization. Zomedica Corp. is an animal health company that procudes point-of-care diagnostics medications or treatments for dogs and cats.

Veterinary Diagnostics Market: Key Players

• Thermo Fisher Scientific Inc.

Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis

• VCA Antech Inc.
• bioMérieux S.A.
• Zoetis
• IDEXX Laboratories Inc.
• Bio-Rad Laboratories Inc.
• Covetrus
• Virbac
• Neogen Corporation
• Heska Corp.
• GD Animal Health
• INDICAL BIOSCIENCE GmbH
• Agrolabo SpA
• IDvet
• Other Prominent Players

Veterinary Diagnostics Market: Regions

Veterinary Diagnostics Market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. In terms of revenue share, North America led the market in 2021. The cost of veterinary treatment has significantly increased in the area, which is predicted to spur the market growth. Moreover, the presence of healthcare programs and the development in the number of efforts to enhance animal health are expected to boost the region's growth potential.

During the projection period, the Asia Pacific regional market is expected to develop at the faster rate. Increasing numbers of middle-class families, more disposable money, adoption of pets, and a strong need for animal proteins are a few major drivers anticipated to propel regional market growth.

Veterinary Diagnostics Market is further segmented by region into:

• North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United States and Canada
• Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – Mexico, Argentina, Brazil, and Rest of Latin America
• Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
• Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
• Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR – North Africa, Israel, GCC, South Africa, and Rest of MENA

Veterinary Diagnostics Market report also contains analysis on:

Veterinary Diagnostics Market Segments:

• By Product Type
  • Instruments
  • Reagents & Consumables
• By Technology 
  • Hematology
  • Immunohistochemistry
  • Molecular Diagnostics
  • Diagnostic Imaging
  • Clinical Biochemistry
  • Others
• By Animal Type
  • Livestock
  • Companion
• By End User
  • Hospitals & Clinics
  • Reference Laboratories
  • Others 
• Veterinary Diagnostics Market Dynamics
• Veterinary Diagnostics Market Size
• Supply & Demand
• Current Trends/Issues/Challenges
• Competition & Companies Involved in the Market
• Value Chain of the Market
• Market Drivers and Restraints

Veterinary Diagnostics Market Report Scope and Segmentation

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