Polaris Market Research recently published [115+ Pages] research report on “Veterinary Diagnostic Market Share, Size, Trends, Industry Analysis Report, By Product (Consumables, Reagents & Kits, Instruments & Devices); By Species; By Testing Type; By Disease Type; By End-Use; By Region; Segment Forecast, 2022 – 2030” in its research database.
According to the research report, the global veterinary diagnostics market size value was valued at USD 2,260.6 million in 2021 and is expected to reach USD 4,757.7 Million by 2030, growing at a CAGR of 8.7% during the forecast period.
What is Veterinary Diagnostics? How Big is Veterinary Diagnostics Market Size?
Veterinary diagnostics play an elemental role in disease management and prevention. A minuscule upsurge of disease can be detrimental to the entire animal community. Therefore, to ensure the holistic welfare of animals, the procedure of veterinary diagnostics becomes crucial. The rapidly rising demand for the veterinary diagnostics market can be attributed to contemporary molecular approaches that have enabled veterinarians to utilize tools for speedy and distinct diagnosis of animal disease in real time.
The development in the market is credited to growing spending on animal health, increasing prevalence of zoonotic diseases, and rising disposable income levels in advancing regions. The escalating cases of infectious animal illnesses are further certain to augment the market demand. Additionally, progression in diagnostics, along with the increasing acquisition of innovative methodologies in the majority of laboratories, is driving the market growth.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
What Does the Report Include?
- Panoramic information on product portfolios provided by the top players in the market
- Comprehensive perceptions of forthcoming trends and product initiations in the market
- Extensive information on profitable emerging nations by product, animal type, technology, end-user, and region
- All-inclusive information about contemporary products or product improvisations, expanding geographies, and the latest advancements in the market
- Detailed examination of market shares, growth strategies, product offerings, competitive leadership mapping, and potentiality of paramount in the market
Some of the Top Market Players Are:
- Abaxis Inc
- Agrolabo SPA
- Bionote Inc.
- Biopanda Reagents Ltd
- Fassisi GmbH
- Henry Schein Inc.
- Heska Corporation
- Idexx Laboratories Inc
- IM3Vet Pty Ltd.
- IncIm3 Inc
- INDICAL BIOSCIENCE GmbH
- Neogen Corp
- Precision Biosensor Inc.
- Qiagen N.V
- Randox Laboratories Ltd.
- Shenzhen Bioeasy Biotechnology Co. Ltd
- SKYER Inc.
- Thermo Fisher Scientific Inc
- VCA Antech
- Virbac Corp
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Growth Driving Factors
There has been a rapid escalation in pet owners globally, predominantly credited to the growth in disposable incomes and increasing acquisition of lifestyle changes. The veterinary diagnostics market size is expanding due to the obtainability of progressive methodologies to diagnose illnesses in animals, and increasing consciousness about animal healthcare is estimated to further push the animal detection commodities market worldwide. As per pet supplies plus, baby boomers are acquiring pets in enormous numbers because of the emotional advantages and intimacy provided by pets.
The increasing existence of veterinary diseases impacting both animals and the human populace, together with rising prices in the cure of veterinary diseases, will probably propel the demand for efficacious veterinary diagnostics methodologies. Veterinary diagnostics market sales are soaring due to increasing consciousness about illnesses linked with companion and livestock animals in both advanced and emerging countries, together with growing spending in the advancement of veterinary diagnostics laboratories.
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- In September 2021, Heska Corporation gained Biotech Laboratories to inflate its program of point-of-care speedy test diagnostics.
- Consumables, reagents, and kits segment to acquire the most substantial market share
Based on product, consumables, reagents, and kits acquired the most substantial market share due to the growing number of contagious illnesses such as SAR-CoV-2 viral contamination globally with growing demand for fast diagnostics in the animals. Veterinary diagnostics market demand is rising as the entire market is confirmed by strictly inspecting the need for these commodities from veterinary hospitals, labs, and clinics. Further, pet owners are demanding point-of-care diagnostics at an escalated rate.
- The canine segment accounted for a significant market share
Based on species, canines accounted for a significant market share during the forecast period as a disbursement on veterinary care for animals has escalated, particularly in developed regions. Veterinary diagnostics market trends include the growing instances of severe disorders such as obesity, diabetes, cancer, and others. For instance, approximately 57% of dogs in the US were detected to be obese, per the APOP survey from 2019. The probability of joint issues, diabetes, cancer, and other severe illnesses is notably escalated by obesity.
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Report Scope of Veterinary Diagnostics Market
|Market Outlook for 2030||USD 4,757.7 Million|
|Market Size 2022 Value||USD 2,441.9 Million|
|Expected CAGR Growth||8.7% from 2022 – 2030|
|Forecast Year||2022 – 2030|
|Top Market Players||Abaxis Inc, Agrolabo SPA, Alvedia, BioChek, Biomerieux, Bionote, Inc., Biopanda Reagents Ltd, Covetrus, Fassisi GmbH, Henry Schein Inc., Heska Corporation, Idexx Laboratories Inc, IDVet, IM3Vet Pty Ltd., IncIm3 Inc, INDICAL BIOSCIENCE GmbH, Merck, Neogen Corp, Precision Biosensor, Inc., Qiagen N.V, Randox Laboratories Ltd., Shenzhen Bioeasy Biotechnology Co., Ltd, SKYER, Inc., Thermo Fisher Scientific Inc, VCA Antech, Virbac Corp, and Zoetis.|
|Segments Covered||By Product, By Species, By Testing Type, By Disease Type, By End-Use, By Region|
|Customization Options||Customized purchase options are available to meet your research needs. Explore customized purchase options|
- Increasing expenditure on veterinary treatment to boost the market
North America held the largest veterinary diagnostics market share as the expenditure on veterinary treatment has gone up in the region. Further, it is predicted that the existence of healthcare programs and the advancement in the number of endeavors to improvise animal health would encourage the region’s growth capacity. For instance, the North American Pet Health Insurance Association strives to raise public awareness of pet health insurance.
The Asia Pacific regional market is anticipated to advance speedily. A growing number of middle-class families, extensive disposable money, acquiring of pets, and a robust requirement for animal protein are scarcely any prominent drivers anticipated to push regional market expansion.
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Polaris Market Research has segmented the veterinary diagnostics market report based on product, species, testing type, disease type, end-user, and region:
By Product Outlook
- Consumables, Reagents & Kits
- Instruments & Devices
By Species Outlook
By Testing Type Outlook
- Analytical Services
- Diagnostic Imaging
- Molecular Diagnostic
By Disease Type Outlook
- Infectious Diseases
- Non-Infectious Diseases
- Hereditary, Congenital and Acquired Diseases
- General Animals
- Structural and Functional Diseases
By End Use Outlook
- Veterinary Hospitals and Clinics
- Point-Of-Care/In-House Testing
- Research Institutes and Universities
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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