Veterinary Diagnostics Market Analysis and Forecast till 2031: By Product (Instruments, Reagents and Consumables), Technology (Immunodiagnostic, Molecular Diagnostics, Clinical Biochemistry, Hematology, PCR, Urinalysis), Animal Type (Companion Animals, Fo

Veterinary Diagnostics Market Analysis and Forecast till 2031: By Product (Instruments, Reagents and Consumables), Technology (Immunodiagnostic, Molecular Diagnostics, Clinical Biochemistry, Hematology, PCR, Urinalysis), Animal Type (Companion Animals, Food-producing Animals), End-use (Reference Laboratories, Veterinary Hospitals and Clinics, Point-of-care/ In-house Testing, Research Institutes and Universities) and Region

The global Veterinary Diagnostics market was valued at USD 4.6 billion in 2021 and it is anticipated to grow up to USD 11.3 billion by 2031, at a CAGR of 11.6% during the forecast period.

Veterinarians use a variety of veterinary tools to diagnose disease, to monitor disease progression or response to therapy, and to screen for the presence of underlying disease in apparently healthy animals. Additionally, veterinary diagnostics refers to the processes and examinations carried out to identify the existence of infectious diseases. These tests and methods also use goods referred to as veterinary infectious disease diagnostics. Animal infections brought on by viruses, bacteria, and parasites are just a few of the infectious diseases that can be detected with these diagnostics. Diagnostics can also be used to find infectious diseases in animals like dogs and cats.

Market Trends and Drivers

Globally, there has been an increase in the overall companion animal population and adoption rate. Having a companion animal is associated with positive health benefits such as reduced cardiac arrhythmias, blood pressure normalisation, decreased anxiety, greater psychological stability, and improved well-being, according to several studies. The growing pet population is expected to fuel demand for pet care products and services, supporting the growth of dependent industries such as veterinary infectious disease diagnostics. For instance, According to a National Pet Owners Survey (2019–2020) conducted by the American Pet Products Association (APPA), an estimated 67% of US households, or about 84.9 million families, owned a pet. According to a National Pet Owners Survey (2019–2020) conducted by the American Pet Products Association (APPA), an estimated 67% of US households, or about 84.9 million families, owned a pet.

Market Restraints and Challenges

Infectious diseases in animals can be fatal if left untreated for an extended period of time. As a result, early diagnosis is critical in the treatment of animals suffering from these diseases. Furthermore, veterinary diagnosis refers to the procedures and tests used to detect the presence of infectious disease. Furthermore, the products used in these tests and procedures are known as veterinary infectious disease diagnostics. These diagnostics aid in the detection of infectious diseases in animals, such as viruses, bacteria, and parasites. Diagnostics can also be used to detect infectious diseases in animals such as cats and dogs.

Global Veterinary Diagnostics Segmental Overview

The report analyses the Global Veterinary Diagnostics market based on product, technology, animal type, end use, and region.

Global Veterinary Diagnostics by Product

Based on product, it is segmented into the instrument, reagents and consumables. The instrument segment is likely to account for the significant market share during the forecast period. The key factors attributing the growth of the market is growing demand for instruments in veterinary hospitals and clinics. These instruments aid in the detection of diseases, fractures, and hemorrhages in animals. Other factors such as increased sensitivity and low cost of operations will fuel the market growth. Additionally, for full-body imaging, veterinarians are looking for digital radiography devices. Increased demand for a specialized digital scanner to capture high-resolution dental images is expected to drive the market's growth

Global Veterinary Diagnostics by Technology

Based on technology, it is segmented into the immunodiagnostic, molecular diagnostic, clinical biochemistry, hematology, PCR, urinalysis and others. The immunodiagnostic segment is likely to account for the significant market share during the forecast period. This is attributed to the increased preference for this technology among veterinarians, pet owners, and livestock producers contributes to the immunodiagnostics segment's large share. The increasing demand for early and accurate diagnosis, the preference for in-house testing, and the growing applications of immunodiagnostics all contribute to the growth of this application segment.

Global Veterinary Diagnostics Market by Application

Based on animal type, it is segmented into companion animal and food-producing animals. The companion animal segment is likely to dominate the market during the forecast period. The largest share of the segment is attributed to increasing pet ownership (especially in developed countries), rising penetration of pet insurance, a growing number of veterinary practitioners globally, and increasing animal disease control and disease prevention measures.

Global Veterinary Diagnostics by End-use

Based on end-use, it is segmented into reference laboratories, veterinary hospitals and clinics, point-of-care/ in-house testing, research institutes and universities. The veterinary hospitals and clinics segment is likely to dominate the Veterinary Diagnostics market during the forecast period. This is due to the rise in veterinarians, veterinary practitioners, and samples from small and large animal operations that are sent to reference laboratories for diagnostic purposes. Growing consumer awareness of routine and preventative care among pet owners is also anticipated to fuel market expansion.

Geographical Analysis of Global Veterinary Diagnostics

Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. The North American region is accounted for the majority of market share during the forecast period. The largest share of the region is primarily attributed to the easy availability of veterinary infectious disease diagnostic products, an increase in pet ownership, and an increase in animal healthcare expenditure. Another factors contributing to the growth of this market is the increase in the incidence of various animal diseases. due to an increase in owner awareness of animal health.

Major Players in the Global Veterinary DiagnosticsCOVID-19 Impact

A worldwide emergency has been caused by the COVID-19 pandemic. A person with COVID-19 might transmit the virus that causes this disease to pet cats and dogs (and possibly pet ferrets) in the same way we might transmit it to another person. The impact of the COVID-19 pandemic and the lockdowns it triggered is visible on various markets, including the Veterinary Diagnostics market. Since the initial COVID-19 outbreak, SARS-CoV-2 infections in mammals have been recorded in numerous countries. Furthermore, the number of naturally infected animals worldwide is much lower than the number of COVID-19 cases, proving that pets and other animals are not the cause of the COVID-19 pandemic, which is still being spread via human-to-human contact. The number of tests conducted on humans and animals is increasing as COVID-19 is becoming more widespread worldwide. Only urgent or emergency procedures required for the veterinary care of companion animals could be performed during the height of the pandemic, according to several nations' regulations. During the projected period, the COVID-19 pandemic is anticipated to have a brief, negligible effect on the veterinary diagnostics market.

Recent Developments

• June 2022, IDEXX Laboratories, Inc. empowered veterinarians with new testing insights such as Fecal Dx Antigen Testing with Flea Tapeworm Detection, Testing for the FGF-23 Kidney Biomarker, and Next-Day PCR Direct Testing Service that support earlier diagnosis and intervention for preventive care and critical cases.
• In September 2021, Heska Corporation acquires biotech laboratories to enter rapid assay point of care diagnostics market
• April 2020, IDEXX Laboratories, Inc. announced that the company is making its IDEXX SARS-CoV-2 RealPCR Test available for pets. IDEXX stated that they were launching the test regarding the growing customer demand and evidence found across pets living with COVID-19 positive owners.
• April 2020, Heska Corporation acquired scil animal care company GmbH, for USD 110 million to increase its presence in more than 25 new countries and to reach in top 3 positions in North America, Europe, Asia Pacific, and Latin America. The company also expects to have greater sales diversity across North America and Europe.
• January 2020, NEOGEN Corporation acquired Productos Quimicos Magiar, a distributor of NEOGEN’s food safety diagnostics which deals with animal health in the food market. This is an expansion of the company in the Latin American market

Frequently Asked Questions

Q1. How big is Veterinary Diagnostics market?Ans. The global Veterinary Diagnostics market size was USD 4.6 Billion in 2021 and is anticipated to reach USD 11.3 Billion in 2031, growing at a rate of 9.4% from 2022 to 2031.Q2. What is Veterinary Diagnostics market growth rate?Ans. The growth rate of Veterinary Diagnostics market is 11.3%.Q3. Which region holds a major market share for Veterinary Diagnostics market?Ans. North America holds a major market share of Veterinary Diagnostics market in 2021.Q4. Which segment accounted for the largest Veterinary Diagnostics market share?Ans. By end user, the hospitals segment accounted for the largest Veterinary Diagnostics market share.Q5. Who are the key players in Veterinary Diagnostics market?Ans. The global Veterinary Diagnostics market report includes players such as IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Thermo Fisher Scientific, Inc. (US), Virbac (France), bioMérieux SA (France), Heska Corporation (US), IDvet (France), NEOGEN Corporation (US), QIAGEN N.V. (a part of INDICAL Bioscience) (Europe), Randox Laboratories Ltd. (UK), Agrolabo S.p.A. (Italy), Bio-Rad Laboratories (US), Bionote, Inc. (South Korea), Biogal Galed Labs (Israel), and BioChek (Netherlands), among others.Q6. What are the factors driving Veterinary Diagnostics market growth?Ans. The major factors driving the growth of the market are the increasing incidence of infectious disease among animals across the globe.Q7. What are the key growth strategies of Veterinary Diagnostics market players?Ans. The key growth strategies of Veterinary Diagnostics market players are product launch and product approval.Q8. Which region will provide more business opportunities for Veterinary Diagnostics market during the forecast period?Ans. The Asia-Pacific region will provide more business opportunities for Veterinary Diagnostics market during the forecast period.

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