Veterinary Diagnostics Market Anticipated to Hit USD 12.9 Billion by 2032, Signifying Impressive Growth
Marketresearch.biz states that the Veterinary Diagnostics Market is evolving with the adoption of innovative technologies like point-of-care testing, telemedicine, and animal wearables, driving the need for advanced diagnostic equipment.
New York, Oct. 11, 2023 (GLOBE NEWSWIRE) -- The Veterinary Diagnostics Market is set to exhibit a CAGR of 8.2% from 2023 to 2032, leading to an estimated value of USD 12.9 billion by 2032, up from USD 6 billion in 2022.
This market is essential to the care of animals since it offers vital information about their health and happiness. It includes a wide range of diagnostic techniques that veterinarians use to identify, track, and treat numerous illnesses and problems in animals, assuring both their welfare and the security of human contact.
Two significant occurrences in the Veterinary Diagnostics market in 2023 are changing the landscape of the sector. First, a business specializing in veterinary diagnostic goods, Abaxis, was bought by Zoetis, a major player in the veterinary pharmaceutical and diagnostics industry. By enabling the business to provide veterinarians with a wide range of diagnostic goods and services, this strategic move has significantly expanded Zoetis' existing portfolio and strengthened its position in the market.
In addition, IDEXX Laboratories, Inc. made history by releasing the IDEXX Catalyst One, a blood analyser that can perform over 100 tests on a single sample in under 20 minutes. This unmatched speed and thoroughness signify a substantial development in veterinary diagnostic technology. With IDEXX's invention, veterinarians may quickly and reliably detect a variety of illnesses, improving the effectiveness and efficiency of veterinary care.
The veterinary diagnostics market has grown due to increased pet ownership, technological advancements, and the shift toward preventive care. Convergence with human health, AI, and machine learning is expected to drive further growth. This sector plays a crucial role in promoting the health of both animals and humans.
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Key Takeaways
By Type, Companion animals, including pets like dogs and cats, dominate this market due to increased pet ownership, and advancements in veterinary medicine.
By End-User, Veterinary hospitals and clinics represent the largest share of the market. These facilities rely on diagnostic services and tools to provide accurate assessments and treatment plans for pets and animals.
By Product, Instruments are the leading segment in the veterinary diagnostics market, driven by the increasing prevalence of zoonotic diseases, rising animal health examinations, and demand for early diagnosis and preventative healthcare.
North America is expected to dominate the veterinary diagnostics market.
The growing trend of pet ownership in North America is expected to continue, with over 67% of U.S. households already owning companion animals.
Driving Factors
Growing Incidence of Zoonotic Diseases
The emergence of zoonotic diseases, or illnesses that can spread from animals to people, calls for the creation and application of sophisticated diagnostic techniques. This pattern highlights the value of veterinary diagnostics in locating and treating illnesses that endanger public health.
Increased Impact of Innovative Technologies in Animal Healthcare
The Veterinary Diagnostics Market is affected by the increased uptake of innovative technologies. Innovative approaches like as point-of-care testing, telemedicine, and wearable gadgets for animals are just a few instances of how the field of animal healthcare is changing and how much more advanced diagnostic equipment is required.
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Restraining Factors
Lack of Qualified Experts
One of the main obstacles to progress in the field of veterinary diagnostics is the lack of qualified personnel. Diagnostic testing demands particular knowledge and experience to conduct and interpret. Diagnostic services are not provided as effectively as they may be because of a lack of skilled veterinary diagnosticians and laboratory workers. Due to a lack of qualified workers, veterinary medicine is unable to implement innovative diagnostic methods, which has an impact on both the effectiveness and accuracy of diagnostics.
Growth Opportunities
Veterinary Molecular Diagnostics Advances
Due to major developments in veterinary molecular diagnostics, the market for veterinary diagnostics is expanding. These innovations improve veterinary medicine's overall diagnostic skills by enabling the quick and precise detection of infections and genetic markers.
Diagnostics at the Point of Care (POC)
One major driving force is the introduction of Point-of-Care (POC) diagnostics in veterinary practice. POC diagnostics provide instant test findings, shortening the time it takes to make a diagnosis and choose a course of treatment. Both clinicians and pet owners increasingly value this quickness and convenience.
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Report Attribute | Details |
Market Value (2022) | US$ 6 Billion |
Market Size (2032) | US$ 12.9 Billion |
CAGR (from 2023 to 2032) | 8.2% from 2023 to 2032 |
Historic Period | 2016 to 2022 |
Base Year | 2022 |
Forecast Year | 2023 to 2032 |
Regional Analysis
Due to rising healthcare costs, increased pet ownership, and an increase in veterinary disorders, North America is poised to lead the veterinary diagnostics industry. This expansion is being fueled by increased public awareness of animal health and positive government efforts. Rising investment on animal healthcare is a driving force, as owners increasingly seek excellent medical treatment. Diagnostics are being transformed by advanced technologies such as molecular testing and imaging, which enable quick and accurate disease detection. The region has seen an increase in veterinary diseases, highlighting the need for diagnostic services. With over 67% of US households keeping pets, the demand for diagnostics is expected to expand in tandem.
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Segment Analysis
By Type
The two main subsectors of the veterinary diagnostics industry are companion animals and food-producing animals. Pets like dogs, cats, and smaller animals that are often regarded as beloved members of households fall under the companion animal group. Due to rising pet ownership, elevated pet welfare awareness, and developments in veterinary medicine, there is a continual demand for diagnostic services. On the other hand, livestock like cattle, poultry, and swine are crucial to the world's food supply and fall under the category of food-producing animals. To protect their health, identify problems early, and maintain the standard of products made from them, diagnostic tools are essential.
By End User
Leading the industry with cutting-edge diagnostic services for pets and animals are veterinary hospitals and clinics. The demand is brought on by the critical need for prompt and precise diagnostics to ensure animal welfare. In-house testing facilities, reference labs, and research facilities are all included in this category and are essential to the advancement of veterinary medicine. Particularly important in providing complete diagnostic solutions, reference labs are expected to experience significant development.
By Product Analysis
The market for veterinary diagnostics, which provides specialized products for animal healthcare, is being led by the instruments sector due to an increase in zoonotic infections and health screenings. Early diagnosis relies heavily on analysers, test kits, reagents, and consumables. The significance of quick detection is becoming more and more appreciated by pet owners, increasing demand. Technology developments in precise and effective diagnostic devices are expected to drive the instruments sub segment’s strong expansion. In the upcoming years, this industry is expected to grow rapidly because to the increased attention on animal healthcare.
Segments Covered in the Report
By Type
Companion animals
Food-producing animals.
By End-User
Veterinary hospitals & clinics
Research institutions
Reference laboratories
Point-of-care testing/in-house testing
By Product
Instruments
Consumables
Services
By Food-producing animals
Poultry
Cattle
Sheep & goat
Pigs
Other food-producing animals
By Geography
North America
Europe
Asia-Pacific
Latin America
Middle East & Africa
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Competitive Landscape Analysis
Leading players' investments in R&D for cutting-edge products are expected to drive the veterinary diagnostics market's considerable rise. These developments are made with the intention of providing prompt and precise outcomes in order to satisfy growing market demand. Important players in this market include IDEXX Laboratories, Zoetis, and Abaxis, among others. Market leader Zoetis is distinguished by its wide selection of products and superior services. The U.S. industry leader IDEXX Laboratories is growing internationally and providing a range of diagnostic options for pets, cattle, and poultry. The Heska Corporation is renowned for its cutting-edge diagnostic products that focus on raising the bar for veterinary care.
Key Market Players
ABAXIS Inc.
Thermo Fisher Scientific Inc.
Heska Corporation
VCA Inc.
Neogen Corporation
Zoetis Inc.
Vet.
IDEXX Laboratories Inc
Mindray Medical International Ltd.
Virbac
GE Healthcare
Agfa Healthcare
Randox Laboratories Ltd.
Agrolabo S.P.A
Recent Development
The Veterinary Diagnostic Laboratory at Iowa State University will introduce a 384-sample automated system in 2023. The effectiveness and throughput of diagnostic tests are considerably increased by this automation.
In 2023, IDEXX Laboratories, a leading provider of veterinary diagnostics, creates a novel Cystatin B Test that can identify kidney damage in cats and dogs sooner, enhancing treatment options.
The Cystatin B Test will be introduced by IDEXX Laboratories in 2023 in North America and 2024 in Europe. Veterinarians and pet owners in numerous places now have access to improved kidney diagnostics thanks to this well-planned deployment.
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