According to DataM Intelligence's latest report on Global “Veterinary Diagnostics Market”, the market would develop at a CAGR of 9.4% between 2023 and 2030.
The identification and quantification of substances in nonhuman animal source materials are known as veterinary diagnostics. Clinical examination is an important part of the veterinary diagnosis. It gives the veterinarian the information to diagnose the ailment or diseases causing the clinical anomalies. The clinical examination results should help the veterinarian determine the severity of the pathophysiological processes. Veterinarians employ various veterinary technology to diagnose illnesses, track disease progression or drug response, and test for underlying disorders in otherwise healthy animals.
Market Drivers:
Pet ownership quickly expands worldwide as disposable incomes rise and contemporary lifestyles become more popular. Moreover, the availability of new techniques for detecting illnesses in animals and greater knowledge about animal health care is likely to boost the global market for veterinary diagnosis products even further. Because of the increasing occurrence of zoonotic and foodborne infections, there is now a chance for early identification and prevention. Additionally, growing demand for livestock-derived food items, favorable government efforts, rising animal health spending, and technological advances in veterinary diagnostics are expected to drive the worldwide market.
Veterinary Diagnostics Market Trends:
Growing income levels, increased demand for pet insurance, and rising animal health spending are some of the primary drivers driving the industry's expansion. Pet adoption is also predicted to surge during the pandemic, propelling market growth throughout the projection period. Some governments are under pressure to construct cutting-edge veterinary clinics and healthcare facilities.
Consequently, the worldwide veterinary diagnostics market is expected to expand considerably in the coming years. Animal activists have also persuaded governments to construct new veterinary care, diagnostic, and therapeutic facilities. This is just another significant factor propelling the veterinary diagnostics business ahead. In developed economies, numerous private insurance providers are luring owners and businesses, encouraging market development. Rising spending on companion animals to safeguard them and increase the human-animal bond is also propelling the veterinary diagnostics industry.
Opportunities in Veterinary Diagnostics Market:
The rising pet ownership and awareness of the importance of animal health are one of the key drivers of growth in the veterinary diagnostics industry. Furthermore, there is a rising trend in veterinary care towards personalized medicine, with more pet owners wanting individualized treatment alternatives for their dogs. This has increased the demand for molecular diagnostics and genetic testing in veterinary medicine.
Another opportunity for companies in the veterinary diagnostics market is the increasing use of point-of-care testing. Point-of-care testing allows for rapid diagnosis and treatment of animals, which can lead to improved outcomes and reduced costs for pet owners. As a consequence, there is an expanding market for portable, user-friendly diagnostic instruments used in veterinary clinics, animal shelters, and other settings.
Market Challenges:
Despite the opportunities in the veterinary diagnostics market, several challenges are facing the industry. One of the primary challenges is regulatory hurdles, as veterinary diagnostics products must meet strict regulatory requirements to be marketed and sold. This can lead to increased costs and delays in product development and approval.
Another challenge facing the veterinary diagnostics market is pricing pressures. As more companies enter the market and competition increases, pricing pressure can become a significant issue. This can be especially difficult for smaller businesses that may lack the capacity to compete on pricing.
Geographical Analysis:
North America holds the largest share of the global Veterinary Diagnostics Market.
North America accounts for half of the Veterinary Diagnostics market and is likely to maintain its dominance by the conclusion of the forecast period. The region's veterinary healthcare expenditure has greatly expanded, projected to drive market expansion. Similarly, the availability of healthcare programs and increased efforts to promote animal health are predicted to boost the region's growth potential. For example, the North American Pet Health Insurance Association is attempting to improve pet health insurance coverage awareness. The rising frequency of chronic illnesses in animals and increased pet adoption in North America are propelling the North American market forward over the projected period.
Competitive Landscape:
The major companies in the global veterinary diagnostics market are Zoetis, Thermo Fisher Scientific, Covetrus, Inc., PetDx, HORIBA UK Limited, Ringbio, Virbac, Zoetis, IDVet, Abaxis, Heska Corporation, IdeYY, Biochem, and VCA Antech.
Segmentation Analysis:
The veterinary diagnostics market can be segmented by product type, technology, animal type, application, end-user, and region.
By Product Type:
- Analyzers
- Consumables
By Technology:
- Elisa
- Radioimmunoassay
- Rapid test
- Others
By Animal Type:
- Livestock
- Cattle
- Pigs
- Poultry
- Others
- Companion
- Feline
- Canine
- Equine
- Others
By Application:
- Infectious disease
- Autoimmune disorder
- Endocrinology& oncology
- bone and mineral diseases
- Others
By End User:
- Reference laboratories
- Academic and research institutes
- Veterinary hospitals & clinics
- Point of care/ in-house testing
By Region:
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
Animal Type Insights:
"The companion animal segment dominated the veterinary diagnostics market." In the veterinary diagnostics industry, animal types are divided into livestock and companion. The companion animal segment is likely to dominate among them, owing to the vast number of companion animals present in developed areas such as North America and Europe and the significant expenditure on companion animal diagnostics in these regions. Nevertheless, the livestock animal segment is expected to rise more quicker globally due to increased awareness of livestock animal illnesses and diagnostic kits in emerging markets.
Key Developments:
- Heska Corporation announced an agreement to complete the acquisition of Lacuna Diagnostics, Inc. in January 2021. Heska will be able to boost its production and simplify its revenue due to this transaction.
- September 2020 – Zoetis announced the release of their new diagnostic platform, Vetscan Imagyst, to identify intestinal parasites in dogs during veterinary clinic visits. This platform uses picture recognition technologies, algorithms, and cloud-based artificial intelligence to provide reliable test results.
- Heska Corporation announced the acquisition of Scil animal care firm GmbH from Covetrus, Inc. in April 2020. This purchase would help Heska Company become a leading veterinary point-of-care diagnostic firm.
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