Meticulous Research®– leading global market research company published a research report titled “Veterinary PoC Diagnostics Market by Product (Kits & Reagents, Analyzers), Technology (Hematology, Immunodiagnostics, Mdx), Disease (Infectious, Metabolic), Animal (Companion, Livestock), End User (Diagnostic Labs, Hospitals, Clinics)-Global Forecast to 2029.”
According to this latest publication from Meticulous Research®, the globalVeterinary PoC Diagnostics Market is expected to grow at a CAGR of 10.6% from 2022–2029 to reach $2.32 billion by 2029. The growth of the veterinary PoC diagnostics market is mainly attributed to the advancements in PoC testing and its benefits over other methods of veterinary diagnostics. Moreover, factors such as growing pet adoption and growing pet population, rising demand for animal-derived food products, adoption of pet insurance, and increase in pet expenditure are also expected to support market growth. In addition to that, emerging countries provide increasing growth opportunities for players operating in the veterinary PoC diagnostics market. However, the dearth of veterinary practitioners poses a challenge to this market’s growth.
The global veterinary PoC diagnostics market study presents historical market data in terms of values (2020 and 2021), estimated current data (2022), and forecasts for 2029. The market has been segmented on the basis of Product (Kits & Reagents and Analyzers), Technology (Immunodiagnostics, Molecular Diagnostics, Hematology, Urinalysis, Clinical Biochemistry, and Other Technologies), Animal Type (Companion and Livestock), End User (Diagnostic Labs, Veterinary Hospital & Clinics, and Home Care Settings), and Geography. The study also evaluates industry competitors and analyzes the regional and country markets.
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Based on product, in 2022, the kits & reagents segment is expected to account for the largest share of the veterinary PoC diagnostics market. The largest share of this segment is mainly attributed to the increasing demand for rapid disease diagnosis, commercial availability of a diverse range of reagents & consumables for various diseases & animal health screening, increasing demand for rapid disease diagnosis, and the emergence of various PoC tests and assays.
Based on technology, the immunodiagnostics segment is estimated to account for the largest share of this market in 2022. Immunodiagnostics tests are easy to use and cost-effective. In addition, up to three rapid tests can be done to screen components with a single sample, and advancements in immunodiagnostics techniques further support the growth of this segment.
Based on animal type, the companion animals segment is estimated to account for the largest share of the market in 2022. Factors such as the growing pet population, adoption of pet insurance, and increase in pet expenditure are some of the factors driving the growth of this segment.
Based on disease, in 2022, the infectious disease segment is estimated to account for the largest share of the veterinary PoC diagnostics market. The rising prevalence of infectious diseases and the growing need for early diagnosis are the primary factors driving the growth of PoC diagnostics for infectious diseases. Moreover, the potential risk of transmission of infectious disease in humans and government initiatives help increase awareness for early disease diagnosis, further supporting this segment’s growth.
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This research report analyzes major geographies and provides a comprehensive analysis in North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and the Middle East & Africa. In 2022, North America is estimated to dominate the global veterinary PoC diagnostics market, followed by Europe and Asia-Pacific. The increasing awareness of animal disease diagnosis, rising number of veterinarians, and increased spending on the healthcare of pet animals in the region support the large share of North America in the veterinary PoC diagnostics market.
The key players operating in the global veterinary PoC diagnostics market are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Heska Corporation (U.S), NEOGEN CORPORATION (U.S.), Eurolyser Diagnostica GmbH (Austria), Woodley Equipment Company Ltd. (U.K.), Randox Laboratories Ltd. (U.K.), AniPOC Ltd (U.K.), and Virbac (France), among others.
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