The global veterinary diagnostics market is expected to
witness growth at a CAGR of 10.0% from 2021 to 2030. According to the World Organization for Animal Health,
as of 2020, there exist around 117 animal infections, diseases, and
infestations. Veterinary diagnostics refers to medical diagnostic
testing of diseases in animals caused due to a variety of microorganisms, including
viruses, bacteria, pathogens, and fungi, among others, using various tests and
tools. The tests are conducted by analyzing the samples of tissues, blood and
feces of companion and livestock animals.
Factors such as
the burgeoning prevalence of zoonotic & infectious diseases across the
globe; the rising animal health expenditure and the number of veterinary
practitioners across different regions; the surging companion and livestock
animal population; the growing demand and consumption of animal-derived food
products; the escalating awareness towards animal health and the increasing
advancements in diagnostics coupled with the rising acceptance of advanced
techniques for diagnosis & treatment of animals in the majority of the
laboratories are primarily driving the growth of the global veterinary
diagnostics market. Moreover, the increasing focus of governments on developing
state-of-the-art veterinary hospitals and healthcare centers is also effectively
aiding in boosting the growth of the market.
The demand for
point-of-care diagnostics is rapidly surging all across the globe as it provides
convenience for the animals and their caretakers by delivering faster results
for clinical tests and because it can be directly assessed to save time. In
2019, there were around 26,000 veterinary hospitals and clinics in the U.S.,
according to AVMA, out of which, more than 80% of them offered point-of-care
testing. Idexx Laboratories in Jan 2020, launched new updates for SediVue Dx Urine
Sediment Analyzer, Catalyst Dx, and Catalyst One chemistry analyzers to enhance
its product portfolio. Thus, the increasing demand and application of point of
care treatments for animals is expected to create ample growth opportunities
for the global veterinary diagnostics market during the forecast period.
Furthermore, other factors such as the increasing
technological advancements in veterinary diagnostics instruments and procedures;
the surging disposable income levels of people across the emerging regions; the
rising demand for pet insurance; the increasing number of in-clinic diagnostic
procedures; the massive shift towards advanced test techniques which are quick
and efficient in producing results and the increasing focus of market players
on the development of innovative and cost-effective animal diagnostic services
are anticipated to further augment the growth of the global veterinary
diagnostics market during the forecast period.
However, the high cost associated with advanced
diagnostic tests for animals coupled with the increasing pet-care costs and the
dearth of skilled veterinarians & diagnostic infrastructures in developing
countries are factors expected to hinder the growth of the veterinary
diagnostics market to a certain extent during the forecast period.
VETERINARY DIAGNOSTICS MARKET SEGMENTATION
By Product Type
By Animal Type
Other Companion Animals
Lateral Flow Assays
Other Immunodiagnostic Products
Clinical Chemistry Analysis
Blood Gas & Electrolyte
Polymerase Chain Reaction (PCR)
Other Molecular Diagnostic
Urinalysis Clips &
Urine Test Strips
Other Veterinary Diagnostic
Middle East and Africa
Based on product
type, the consumables segment led the global veterinary diagnostics market by
acquiring a market share of over 53.0% in 2020. The segment is anticipated to
retain its lead in the market over the forecast period owing to the growing
demand for consumables from veterinary clinics, hospitals, and labs all around
the globe. The rate of usage and consumption of consumables in diagnosis is
witnessing a tremendous rise due to the proliferating awareness regarding
zoonotic diseases and the increasing adoption of pets coupled with the growing
concerns for their health among their owners.
Based on animal
type, the companion animals segment led the global veterinary diagnostics market
by capturing over 62.0% market share in 2020. The segment is expected to retain
its lead in the market over the forecast period of 2021-2030. Factors such as
the increasing population of pets and their usage for companionships, the
escalating surging demand for pet care products, the rising animal healthcare
spending and the surging prevalence of diabetes, obesity, cancer, and other
major diseases among animals can be majorly attributed to the segment’s growth.
Based on technology, the molecular diagnostics segment captured
the largest share of the global veterinary diagnostics in 2020. The segment is
expected to further continue with the trend and experience robust growth in the
forthcoming years. The soaring application of molecular diagnostics in research
purpose and for the detection of veterinary pathogens and the modifications in
various molecular diagnostic tests, including PCR, are the predominant factors
fueling the segment's growth.
American region held the largest share in the global veterinary diagnostics market
in 2020, followed by Europe, with further estimations of the region’s position
remaining unchanged over the forecast period. The growth of the market in the
region can be attributed the high product acceptance to curb the burden of
diseases, the availability of technologically advanced veterinary reference
laboratories, the burgeoning number of people adopting pets in the U.S. and
Canada, the rapidly increasing veterinary healthcare expenditure, the presence
of world-class veterinary diagnostics infrastructure and healthcare programs,
the escalating number of initiatives to promote animal health, and the soaring
meat and dairy product consumption in the region. Moreover, the surging
emphasis of associations on raising awareness regarding health insurance
coverage for pets coupled with the growing measures undertaken by the animal
welfare organizations in case of an emergency or sudden disease outbreak in the
region is also acting as a major factor driving the growth of the market in the
region. The U.S. and Canada are the major contributors to the growth of the
market in the region.
region accounted for the second-largest share in the global veterinary
diagnostics market in 2020. The region is predicted to further witness
substantial growth in the market during the forecast period. Factors attributed
to the growth in the region include the increasing number of pets, the presence
of favorable government initiatives, the burgeoning incidence of several
zoonotic diseases, and the growing number of animal welfare initiatives in the
region. The major contributor to the growth of the market in the region is
Pacific region is projected to emerge as the fastest-growing regional market
for Veterinary Diagnostics over the forecast period of 2021-2030. The growth of
the market in Asia Pacific can be attributed to factors such as the rapidly
expanding veterinary diagnostics infrastructure, the increasing demand for
animal proteins, the growing middle-class households and disposable incomes,
and the rising awareness on animal healthcare in emerging nations such as India
and China. Moreover, the increasing acceptance of pet animals is also a major
factor significantly contributing to the growth of the market in the region.
The major contributors to the growth of the market in the region include India
KEY COMPANIES IN VETERINARY DIAGNOSTICS MARKET
Thermo Fisher Scientific Inc.
IDEXX Laboratories Inc.
Bio-Rad Laboratories Inc.
INDICAL BIOSCIENCE GmbH
Randox Laboratories Ltd.
Precision Biosensor Inc.
iM3Vet Pty Ltd.