Veterinary Diagnostics Market Assessment, By Product [Instruments, Consumables], By Technology [Molecular Diagnostics, Immunodiagnostics, Clinical Biochemistry, Hematology, Others], By Animal Type [Companion Animals, Livestock], By Application [Infectious

Veterinary Diagnostics Market Assessment, By Product [Instruments, Consumables], By Technology [Molecular Diagnostics, Immunodiagnostics, Clinical Biochemistry, Hematology, Others], By Animal Type [Companion Animals, Livestock], By Application [Infectious Diseases, Endocrinology, Oncology, Cardiology, Others], By End-user [Veterinary Hospitals and Clinics, Veterinary Reference Laboratories, Others], By Region, Opportunities and Forecast, 2017-2031F

Global veterinary diagnostics market is projected to witness a CAGR of 8.34% during the forecast period 2024-2031, growing from USD 6.24 billion in 2023 to USD 11.84 billion in 2031. The market has undergone substantial growth and is expected to further grow manifolds as we further advance in time.

Measuring and identifying chemicals in non-human animal source materials is part of veterinary diagnostics. A clinical evaluation is an integral part of veterinary diagnostics. It provides the veterinarian with the information needed to identify the illness or illnesses causing the irregularities in the clinical signs. The capacity to diagnose diseases in animals has greatly increased due to ongoing developments in veterinary diagnostic technologies, such as molecular diagnostics, imaging modalities, and point-of-care (PoC) testing. Along with improving diagnostic speed and accuracy, these advancements also help the industry, as a whole, to thrive as more veterinarians and pet owners look for cutting-edge solutions for complete healthcare. Accurate and prompt diagnoses are critical because infectious diseases, including zoonotic diseases, are becoming more common in animals. Animals are prone to age-related and chronic diseases, much like people. The need for diagnostics that can help in the early identification and management of illnesses, including arthritis, diabetes, and cancer, is fueled by the aging pet population as well as an increasing emphasis on preventative healthcare. It is anticipated that the need for veterinary diagnostics will increase due to the rising prevalence of both chronic and infectious animal illnesses.

The veterinary diagnostic market has grown as a result of several factors, including rising levels of disposable income in developing nations, improvements in point-of-care diagnostic technology, an increase in the prevalence of zoonotic diseases, the growing number of veterinarians, and increased spending on animal health. Technological advancements and government initiatives are also factors that support market growth. For instance, the first on-farm mastitis tests were introduced by Zoetis Services LLC in August 2023. In several European markets, Zoetis Services LLCintroduced Vetscan Mastigram+, a quick on-farm mastitis test. In eight hours, a straightforward flow dipstick test can identify Gram-positive mastitis, allowing its users to know about the test results before the next milking cycle of an animal. Given that antimicrobial treatment is typically only beneficial for Gram-positive instances, this information can be used by a farmer or veterinarian to provide more individualized therapy and guarantee that antimicrobial usage is limited to cows that truly require it.

Advent of Precision Medicine in Veterinary Diagnostics Leading to Market Expansion

With customized diagnostics and therapies that can improve the health and welfare of animals, precision medicine is completely changing the veterinary care industry. Precision medicine enables veterinarians to give more precise diagnosis, tailored treatments, and improved outcomes by using genomic sequencing, personalized diagnostics, and targeted therapeutics. Rapid developments in technology like genome sequencing, gene editing, and targeted medicines will continue to propel the use of precision medicine in veterinary care. It is anticipated that the development of increasingly advanced instruments and methods for more accurate animal diagnosis and treatment will advance the understanding of animal genetics. Precision medicine in veterinary medicine allows early identification of animals at risk of any specific diseases and helps implement focused therapies. This proactive strategy makes it possible to prevent or diagnose diseases at the earliest stage when treatments are most effective. Furthermore, precision medicine can be used to establish nutritional regimens based on the genetic profile of an animal.

Veterinarians can tailor diets to an animal's specific nutritional requirements and genetic variances to sustain health, prevent illness, and enhance performance. Precision medicine has made selective breeding methods possible by discovering the genes linked to both illness risks and attractive features. By using this information, breeders can enhance genetic variety within animal populations, decrease the incidence of inherited illnesses, and make better breeding selections. Therefore, the application of precision medicine in veterinary care may fuel the market for veterinary diagnostics in future expansion. For instance, to develop a companion diagnostic test for TIBSOVO, an isocitrate dehydrogenase-1 (IDH1) inhibitor, QIAGEN N.V. and Les Laboratories Servier collaborated in March 2023. The treatment for acute myeloid leukaemia (AML), a blood malignancy, was introduced. As part of this partnership, QIAGEN N.V. would create and certify a real-time in-vitro polymerase chain reaction (PCR) test that can identify IDH1 gene alterations in whole blood and bone marrow aspirates from AML patients.

Rising Prevalence of Zoonotic Diseases Positively Impacts Market Growth

Growing rates of zoonotic diseases, infections that spread from animals to people, are a major factor propelling the global veterinary diagnostics market. There is a growing need for early and precise diagnostic techniques since these diseases lead to major health hazards to both humans and animals. Veterinary diagnostics are essential to detect, track, and manage these illnesses and for averting epidemics and guaranteeing the public's safety. Technological developments in diagnostic methods, including immunoassays, imaging, and molecular diagnostics, have improved the speed and accuracy of zoonotic pathogen detection. This development has increased the trust that pet owners and veterinary professionals have in the efficacy of diagnostic testing, which is propelling market expansion even more. Additionally, the cost of veterinary treatment, particularly diagnostics, has increased because of growing awareness of the significance of animal health and how it directly affects human health. The cattle industry significantly influences the market for veterinary diagnostics. To guarantee food safety and stop the spread of disease, routine screening and monitoring are essential since livestock animals are important reservoirs of zoonotic diseases. Funding and government programs to prevent zoonotic illnesses are also essential to the growth of the business. Global regulatory organizations are highlighting the necessity of strict animal health surveillance, which is driving the uptake of cutting-edge diagnostic technologies. In summary, one of the main factors propelling the global veterinary diagnostics market is the rising prevalence of zoonotic infections. This trend is expected to continue, propelled by technological advancements, increased awareness, and supportive government policies aimed at safeguarding both animal and human health. The growing incidence of zoonotic illnesses, which is further highlighted by the avian influenza pandemic in 2023, has resulted in significant expansion of the worldwide veterinary diagnostics industry. This outbreak made clear how urgently reliable veterinary diagnostic technologies were needed. Significant instances of avian influenza were recorded in January 2023 in several regions, including the United States and Japan. This prompted widespread slaughter of poultry and heightened surveillance measures. This incident served as a reminder of how crucial it is to identify zoonotic infections early and treat them well to stop their spread. Investments in veterinary diagnostics increased in the wake of the 2023 avian influenza outbreak as both the public and business sectors realized how important these instruments are for maintaining animal health and protecting public health.

Increasing Dominance of Molecular Diagnostics Segment Leading to Market Growth

Over the projection period, the molecular diagnostics segment is anticipated to have significant expansion because of the increased inclination of livestock and pet owners towards speedy test results that are also reasonably priced. The growing number of tests intended to detect common animal illnesses such as feline leukemia, canine parvovirus, heartworm, and infectious peritonitis is expected to propel the segmental expansion. The rise in the frequency of diseases affecting companion animals and livestock, the growing number of pet and livestock owners, their growing concern for their animals' health, and the availability of reasonably priced immunoassay tests that enable frequent testing at home are all factors driving this market's expansion. The need for molecular diagnostic tests is rising due to the rising number of avian influenza cases in farm animals, which is propelling the growth of this market.

In addition, Ring Biotechnology Co Ltd. introduced petrapidtest.com, a formal website, in January 2022 to promote the Flexy Pet Rapid Test. These kits, which might be useful for pet owners and veterinary clinics, are based on lateral flow immunoassay, enzyme-linked immunosorbent assay (ELISA), and real-time PCR to diagnose diseases in companion animals. Among these, real-time PCR is specifically made for small veterinary clinics and is capable of verifying the presence of parasites, mycoplasma, and viruses. The players' marketing campaigns contribute to the growth of the segment. Thus, with the increasing cases of avian influenza in livestock animals, increased pet adoption, and new product launches, the segment is expected to show significant growth over the forecast period.

North America to Dominate the Veterinary Diagnostics Market

North America accounts for the highest market share in the veterinary diagnostics market. This is because of the well-established veterinary healthcare infrastructure, the widespread use of cutting-edge technology, high disposable money, and the existence of significant businesses. These businesses' strategic actions keep boosting the expansion of the regional market. In April 2022, Zoetis Services LLC introduced AI blood smear testing for dogs and cats, enhancing its Vetscan Imagyst platform. Furthermore, the market under study is expanding due to the growing number of veterinary practitioners. For example, the U.S. Bureau of Labour Statistics stated in September 2022 that employment of veterinarians is expected to expand by 19% between 2021 and 2031, which is substantially greater than the average growth rate of all occupations. Additionally, according to the same source, there will be 4,800 expected openings for veterinarians annually on average during the next ten years. Hence, the growing number of veterinarians is fueling the demand for veterinary diagnostic services, which in turn is propelling the market under study's expansion. One of the main factors propelling market revenue growth in this region is the growing number of government efforts encouraging students to work in the veterinary health industry. For example, Ohio State's MPH-VPH veterinary healthcare program equips students with the public health credentials necessary to oversee zoonotic disease prevention and control initiatives across the nation.

Future Market Scenario (2024-2031F)

The main factors contributing to the anticipated growth of the veterinary diagnostics market are rising pet ownership, the increasing prevalence of zoonotic diseases, and, thus, the rising requirement to conduct diagnostic tests for pets and animals. However, the growing the need to have precision medicine to maintain healthy livestock animals and pets is also going to fuel the market growth in the future. Given that technology is advancing, cutting-edge technology in the area is expected. Players in this market are expanding at an unparalleled rate, introducing cost-effective and efficient technologies. Government policies and policies made by welfare bodies are also greatly fueling the market expansion. For instance, PepiPets, Inc. launched a new mobile diagnostic testing service in August 2022. Its users were able to conduct diagnostic testing for their pets at home after the new service was introduced. Pets felt more at ease with the treatment and spend less time travelling to an in-person office visit due to PepiPets Inc.’s at-home testing service.

Key Players Landscape and Outlook

Several companies such as Thermo Fisher Scientific, Inc., Zoetis Services LLC, IDEXX Laboratories, Inc., Heska Corporation, bioMérieux SA, FUJIFILM Holdings America Corporation, Ring Biotechnology Co Ltd., PepiPets, Inc., Bio-Rad Laboratories, Inc., Neogen Corporation, etc. are expanding business by planning and adopting new strategies. They are complying with new strategic initiatives regarding the launches of newly developed veterinary diagnostics to help researchers and strengthen their presence in the market. New product launches, agreements based on contracts, acquisitions and mergers, investments, and partnerships are a few ways through which they are trying to achieve the same.

For instance, in June 2023, IDEXX Laboratories, Inc. announced the launch of the first veterinary diagnostic test available for identifying kidney damage in dogs and cats.

Similarly, in April 2023, Mars, Incorporated and Heska Corporation announced that they had signed a deal whereby Mars would buy Heska for USD 120.00 per share. This would allow Mars Petcare greater coverage in the areas of technology and diagnostics, as well as faster research and development and greater access to pet healthcare solutions on a global scale.