Veterinary Diagnostic Market by Product (Instrument, Consumable), Technology (Immuno (ELISA, RIA, Lateral flow), Molecular (PCR, Microarray), Hematology, Imaging), Distribution Channel, End User, Unmet Need, Buying Criteria - Global Forecast to 2029

Veterinary Diagnostic Market by Product (Instrument, Consumable), Technology (Immuno (ELISA, RIA, Lateral flow), Molecular (PCR, Microarray), Hematology, Imaging), Distribution Channel, End User, Unmet Need, Buying Criteria - Global Forecast to 2029

The veterinary diagnostics market is valued at an estimated USD 3.3 billion in 2023 and is projected to reach USD 5.0 billion by 2029, at a CAGR of 7.1% during the forecast period. The veterinary diagnostics market is influenced mainly by the rise in animals such as dogs and cats, increase in the insurance for companion animals, global animal healthcare expenditure, increased adoption and awareness about animal health in emerging economies, rise in parasitic infections in animals, etc.

“The instruments segment is projected to have the highest growth in this market.”

Veterinary diagnostic instruments mainly include diagnostic test analyzers and portable analyzers. These analyzers measure the physiologically significant substances present in body fluids (blood, serum, plasma, and urine) and feces of animals. Diagnostic test analyzers include clinical chemistry analyzers, glucose monitors, blood gas-electrolyte analyzers, urine analyzers, hematology analyzers, lateral flow strip readers, and immunodiagnostic analyzers. Major market players offer analyzers separately, along with reagent clips, cartridges, panels, and kits used in disease diagnosis. Increasing technological advancement and the incorporation of AI tools in instruments are factors influencing its growth.

“Clinical Biochemistry segment accounted for the largest shareafter immunodiagnostics in the technology segment.”

Clinical biochemistry accounted for the second largest share in the technology market. It is an important technology used for screening infectious and metabolic disorders in small animals. Diseases and disorders evaluated using this technology can range from studying kidney function, diabetes, electrolyte & hormone evaluation, and liver function to systemic inflammation caused by infectious agents such as bacteria, viruses, and parasites. Clinical biochemistry analyzers are more widely adopted in veterinary diagnostics laboratories, which leads to a higher share in the veterinary diagnostics market. Large number of cases of glucose testing. Clinical testing, and electrolyte testing have influenced the market.

“Asia Pacific market to witness the highest growth during the forecast period.”

During the forecast period, APAC is anticipated to grow at the fastest rate. The major factors promoting the growth of the veterinary diagnostics market in this region are awareness about animal health, growing per capita income, government initiative for increasing adoption of pets, rise in production of livestock products, especially by China and India, and increase in diseases among animals.

A breakdown of the primary participants (supply-side) for the veterinary diagnostics marketreferred to for this report is provided below:
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By Company Type: Tier 1: 40%, Tier 2: 25%, and Tier 3: 35%

By Designation: C-level Executives: 23%, Directors: 30%, and Others: 47%

By Region: North America: 33%, Europe: 20%, Asia Pacific: 28%, Latin America: 13%; Middle East and Africa: 59%;

The prominent players operating in the veterinary diagnostics market are IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Thermo Fisher Scientific Inc. (US), bioMérieux SA (France), Heska Corporation (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), Virbac (France), FUJIFILM Holdings Corporation (Japan), Shenzhen Mindray Animal Medical Technology Co. Ltd. (China), INDICAL BIOSCIENCE GmbH (Germany), BioNote, Inc. (South Korea), Biogal Galed Labs (Israel), Agrolabo S.p.A. (Italy), Innovative Diagnostics (France), Randox Laboratories Ltd. (Ireland), BioChek (Netherlands), Fassisi GmbH (Germany), Alvedia (France), SKYER, Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), Gold Standard Diagnostics (Germany), Precision Biosensor Inc. (South Korea), Antech Diagnsotics Inc. (US), and EUROIMMUN Medizinische Labordiagnostika AG (Germany).

Research Coverage:

The market study covers the veterinary diagnostics market across various segments. It aims to estimate the market size and the growth potential of this market across different segments by product, application, technology, distribution channel, animal type, end-user, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.

Reasons to Buy the Report

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall veterinary diagnostics market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

This report provides insights into the following pointers:

Analysis of key drivers (Rise in companion animals, growing demand for products derived from animals, increased zoonotic disease cases, increase in pet insurance, increase in disease control and disease prevention measures), restraints (Rising pet cost care and high cost of diagnostic tests), opportunities (untapped emerging market) and challenges (lack fo animal health awareness, and shortage of veterinary practitioners) influencing the growth of the veterinary diagnostics market

Market Penetration: Comprehensive information on product portfolios offered by the top players in the global veterinary diagnostics market. The report analyzes this market by type of product, application, technology, animal type, distribution channel, end-user, and region.

Product Enhancement/Innovation: Detailed insights on upcoming trends and product launches in the global veterinary diagnostics market.

Market Development: Comprehensive information on the lucrative emerging markets by type of product, application, technology, animal type, distribution channel, end-user, and region.

Market Diversification: Exhaustive information about new products and services, growing geographies, recent developments, and investments in the global veterinary diagnostics market.

Competitive Assessment: In-depth assessment of market shares, growth strategies, product and service offerings, and capabilities of leading players in the global veterinary diagnostics market.