Veterinary Diagnostics Market Size, Competitive Landscape and Market Forecast - 2029

SKU: DMVH251 | Last Updated On: Nov 01 2022 | Available Formats

>Veterinary Diagnostics Market Expected to reach a high CAGR By 2029: DataM Intelligence

Veterinary Diagnostics Market is segmented 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), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2022-2029

 

Market Overview

[150 Pages Report] Veterinary Diagnostics market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 9.4% during the forecast period (2022-2029).

Veterinary Diagnostics Market - Strategic Insights

Metrics

Details

Market CAGR

9.4%

Segments Covered

By Product Type, By Technology, By Animal Type, By Application, By End User and By Region

Report Insights Covered

Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other key insights.

Fastest Growing Region

Asia Pacific

Largest Market Share 

North America

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Veterinarians employ a variety of veterinary instruments to diagnose disease, monitor disease progression or response to therapy, and screen for the presence of underlying disease in apparently healthy animals.

Market Dynamics

The growing number of pets adopted, increasing spending on pets’ health and well-being, a growing number of veterinary infectious diseases, and the increasing desire of millennials to have a household pet are driving the global veterinary market growth.

The growing number of pets adopted worldwide is fueling the global veterinary diagnostics market growth during the forecast period.

The growing number of pets adopted worldwide fuels the global veterinary diagnostics market. According to the Health for Animals Organization, families in the U.S., Brazil, EU and China alone make up more than half a billion dogs and cats and more than half the world has a household pet. Families in the U.S. has around 85 million dogs and 65 million cats, the EU has about 92 million dogs and 113 million cats, families from China have nearly 74 million dogs and 67 million cats, and families from Brazil have over 54.2 million dogs and 23.9 million cats.

Furthermore, the health benefits offered by pet ownership are also driving the global veterinary diagnostics market. For instance, pet ownership delivers a range of therapeutic, physiological, psychological, and psychosocial advantages to owners, such as reduced blood pressure, decreased threat of heart attacks, boosted physical activity, raised sensory stimulation, emotional support, and a powerful sense of physical and psychological well-being.

The increasing pet care costs and shortage of veterinarians will hamper the global veterinary diagnostics market growth.

However, the increasing pet care costs and shortage of veterinarians are anticipated to hinder the growth of the veterinary diagnostics market. The U.S. Bureau Of Labor Statistics Occupational Employment and Wages, in May 2021, indicated that only 77,260 veterinarians are practicing for the 90.5 million U.S households with pets. Also, the average cost of owning a pet can range from $700 to $1,100 per year, as per the type and size of pet, according to the American Society for the Prevention of Cruelty to Animals. Thus, it will slow the global veterinary diagnostics market growth in the forecast period.

COVID-19 Impact

COVID- 19 pandemic has positively impacted the global veterinary market growth. Since the pandemic, there has been an increase in pet adoption, and more attention has been paid by the pet owner to the health of their pets. For instance, a total of 3.9 million pets were insured in the U.S. at year-end 2021, showing a 28 percent rise since 2020, according to the North American Pet Health Insurance Association's State of the Industry Report 2022. As per the Pet Food Manufacturers' Association, a total of 3.2 million households in the U.K. have acquired a pet since the start of the pandemic. Thus, positively impacting the global veterinary diagnostics market growth.

Segment Analysis

Molecular diagnostics are expected to grow at the fastest CAGR during the forecast period (2022-2029).

Molecular diagnostics are expected to dominate the global veterinary diagnostics market during the forecast period (2022-2029), owing to the new molecular diagnostics product launches. For instance, in August 2021, HORIBA UK Limited introduced several new pathogen PCR tests for its POCKIT Central, an in-house veterinary PCR analyzer having the potential for rapid, accurate PCR testing in every veterinary lab. In January 2022, Ringbio introduced a website called petrapidtest.com to ease the marketing of Flexy Pet Rapid Test, which are based on the working principles of ELISA, real-time PCR  and lateral flow immunoassay detecting diseases in companion animal, helping pet owners and vet clinics. In January 2022, Antech Diagnostics rolled out a KeyScreen GI Parasite PCR. This molecular diagnostic test detects 20 parasites, such as anthelmintic drug-resistant hookworm and zoonotic Giardia, with a single, storable 0.15-gram sample. Thus, the above data estimates that molecular diagnostics will dominate the global veterinary diagnostics market throughout the forecast period.

Geographical Analysis

North America holds the largest share of the global veterinary diagnostics market.

North America dominated the global veterinary diagnostics market. It is estimated to dominate the global veterinary diagnostics market throughout the forecast period (2022-2029), owing to the growing pet adoptions and increasing spending on pet health in this region. According to the Human Society of the United States 2021-2022 American Pet Products Association Survey, out of 128.451 million households in the United States, 90.5 million have a pet accounting for 70% of total households, of which 69 million owns a dog as a pet spending $1,344 per year on a veterinary visit while over 45.4 million owns a cat spending $801 annually on an average for veterinary visits. In addition, according to the American Pet Products Association's 2021-2022 National Pet Owners Survey, total U.S. pet industry expenditures in 2020 were around $103.6 billion, which rose to $123.6 billion in 2021, showing a growth of 19 percent. Therefore, with the increasing number of pet adoptions and rising spending in the pet industry expenditures, North America is estimated to dominate the global veterinary market during the forecast period.

Competitive Landscape

The key business players 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. The key players are embracing diverse strategies like product launches, mergers & acquisitions, partnerships, and collaborations, which play a part in expanding the veterinary diagnostics market globally. For instance, in January 2022, PetDx collaborated with IDEXX Laboratories Inc. to broaden access to canine cancer liquid biopsy testing. Also, in MAY 2022, Covetrus introduced Ascend, a powerful, cloud-based Practice Management software (PMS) developed to allow veterinary practices across the United Kingdom, EMEA and the Asia Pacific.

Zoetis

Overview:

Zoetis is one of the world’s leading animal health companies. In May 2013, Pfizer split off Zoetis. Zoetis is involved in discovering, developing and manufacturing vaccines, medicines, diagnostics and other technologies for companion and livestock animals. As of December 31, 2021, around 12,100 employees were working with Zoetis. Zoetis has its products sold in over 100 countries with 30 different manufacturing facilities around the globe as of June 2022.

Product Portfolio:

Zoetis’s product portfolio for veterinary diagnostics has VETSCAN VS2 Chemistry Analyzer: An easy-to-use mobile chemistry analyzer that works on rotor technology with a highly sophisticated intelligent Quality Control (iQC) system, ensuring every test's trustworthiness. It is compact and portable, having an expansive menu that includes chemistry, electrolytes, acid-base and immunoassay tests.

Key Development:

In September 2022, Zoetis acquired Urox, a leading livestock and companion animal product provider.

The global veterinary diagnostics market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages

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FAQ

What is the Veterinary Diagnostics Market growth?

The market is growing at a CAGR of 9%.

What is Veterinary Diagnostics Market size in 2021

The Veterinary Diagnostics Market size was valued at USD YY million in 2021.

Who are the key players in Veterinary Diagnostics Market?

Pfizer, Thermo Fisher Scientific, Henry Schein, Virbac, Zoetis, IDVet, Abaxis, Heska Corporation.

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