Dublin, May 23, 2024 (GLOBE NEWSWIRE) -- The "Global Veterinary Point of Care Diagnostics Market" report has been added to ResearchAndMarkets.com's offering.
The global veterinary point-of-care diagnostics market accounted for USD 1.96 billion in 2023 and is expected to reach USD 6.55 billion by 2034 with a CAGR of 11.58% during the forecast period 2024-2034.
The market will grow as a result of factors such as rising pet ownership and spending, technological developments, a high demand for point-of-care diagnostics, rising zoonotic disease awareness, and an emphasis on preventative healthcare.
More complex, user-friendly, and quick point-of-care diagnostic tests are being developed as a result of technological advancements. These diagnostics can give veterinarians fast, precise data at the point of care, enabling early illness identification and treatment. For instance, Animalytix LLC is a data analytics firm that specializes in animal health, and Zoetis announced in June 2022 that it was being acquired. As a result of this purchase, Zoetis can now better offer its veterinary clients data analytics capabilities.
North American region is anticipated to have the highest revenue share during the forecast period owing to the robust adoption of advanced veterinary diagnostics technologies, well-established veterinary healthcare infrastructure, high pet ownership rates, and increasing expenditure on companion animal healthcare, driving growth in the North American region.
Additionally, the Asia Pacific region is predicted to grow at the fastest CAGR during the forecast period owing to the expanding pet population, rising disposable income levels, increasing urbanization, and growing awareness about veterinary healthcare, driving rapid adoption of point-of-care diagnostics in the Asia Pacific region. For instance, in September 2022, Eurolyser Diagnostics GmbH announced the release of the Eurolyser smartLyse Vet, a portable and easy-to-use hematology analyzer designed for use in veterinary clinics.
By product, the consumables segment accounted for the highest revenue-grossing segment in the global veterinary point-of-care diagnostics market in 2023 owing to the increased usage of disposable testing kits and reagents, which are essential for conducting rapid diagnostic tests at the point of care, driving demand for consumables. Additionally, the instruments and devices segment is predicted to grow at the fastest CAGR during the forecast period owing to the increasing adoption of advanced and portable diagnostic devices, technological advancements, and expanding veterinary healthcare infrastructure, driving demand for instruments and devices.
By animal type, the companion animals segment accounted for the highest revenue-grossing segment in the global veterinary point-of-care diagnostics market in 2023 owing to the growing pet ownership rates, increasing spending on companion animal healthcare, and rising demand for rapid diagnostic solutions for pets, driving growth in the companion animals segment.
Additionally, the livestock animals segment is predicted to grow at the fastest CAGR during the forecast period owing to the expanding global population and rising demand for meat, dairy, and other animal products, increasing focus on animal health monitoring in livestock production, and the need for rapid disease detection and management, driving growth in the livestock animals segment.
By sample, the blood/plasma/serum segment accounted for the highest revenue-grossing segment in the global veterinary point-of-care diagnostics market in 2023 owing to the high demand for diagnostic tests related to blood-based parameters, including hematology, biochemistry, and infectious disease screening, reflecting the essential role of blood, plasma, and serum diagnostics in veterinary healthcare. Additionally, the other segment is predicted to grow at the fastest CAGR during the forecast period owing to the expansion of novel diagnostic technologies and services catering to niche veterinary diagnostic needs, diversification of diagnostic offerings beyond traditional categories, and increasing focus on specialized diagnostics for emerging veterinary healthcare challenges.
By testing category, the clinical chemistry segment accounted for the highest revenue-grossing segment in the global veterinary point-of-care diagnostics market in 2023 owing to the high demand for comprehensive biochemical analysis in veterinary medicine, including tests for organ function, metabolic disorders, and electrolyte imbalances, reflecting the essential role of clinical chemistry diagnostics in diagnosing and managing various veterinary health conditions.
Additionally, the others segment is predicted to grow at the fastest CAGR during the forecast period owing to the diversification of diagnostic offerings, the emergence of novel diagnostic modalities, and increasing demand for specialized tests addressing specific veterinary healthcare needs, driving growth in the "others" segment.
By end-user, the veterinary hospitals and clinics segment accounted for the highest revenue-grossing segment in the global veterinary point-of-care diagnostics market in 2023 owing to the increased adoption of point-of-care diagnostics for timely and convenient testing in veterinary practice settings, reflecting the essential role of veterinary hospitals and clinics in delivering diagnostic services to animal patients.
Additionally, the home care settings segment is predicted to grow at the fastest CAGR during the forecast period owing to the rising trend of pet owners seeking convenient and accessible diagnostic solutions for their pets, increasing availability of point-of-care diagnostic devices suitable for home use, and growing emphasis on remote monitoring and management of pet health, driving growth in the home care settings segment.
Report Scope:
- Base Year: 2023
- Forecast Period: 2024-2034
- Study Coverage
- Market Forecast by Product, Animal Type, Sample, Testing Category, and End-User
- Market Forecast for 5 Regions and 17+ Countries
- North America (U.S. and Canada)
- Europe (Germany, France, UK, Spain, Italy, Russia, Rest of Europe)
- Asia Pacific (China, Japan, India, Australia, South Korea, Rest of APAC)
- Latin America (Brazil, Mexico, Argentina, Rest of LATAM)
- MEA (South Africa, GCC, Rest of MEA)
- Exhaustive Company Profiles of the Top 10+ Major Market Players
Companies Featured
- Zoetis Inc.
- DEXX Laboratories Inc.
- Heska Corporation
- Abaxis Inc. (now part of Zoetis)
- Virbac
- Neogen Corporation
- Eurolyser Diagnostica GmbH
- Randox Laboratories Ltd.
- Fujifilm Corporation
- Thermo Fisher Scientific Inc.
- BioMerieux SA
- QIAGEN N.V.
- VCA Inc. (now part of Mars
- Incorporated)
- Merck & Co. Inc.
- bioLytical Laboratories Inc.
Veterinary Point of Care Diagnostics Market Analysis & Forecast by Product 2023 - 2034 (Revenue USD Bn)
- Consumables
- Reagents
- Kits
- Instruments and Devices
Veterinary Point of Care Diagnostics Market Analysis & Forecast by Animal Type 2023 - 2034 (Revenue USD Bn)
- Companion Animals
- Dogs
- Cats
- Horses
- Others
- Livestock Animals
- Cattle
- Swine
- Poultry
- Others
Veterinary Point of Care Diagnostics Market Analysis & Forecast by Sample 2023 - 2034 (Revenue USD Bn)
- Blood/Plasma/Serum
- Urine
- Fecal
- Others
Veterinary Point of Care Diagnostics Market Analysis & Forecast by Testing Category 2023 - 2034 (Revenue USD Bn)
- Hematology
- Diagnostic Imaging
- Bacteriology
- Virology
- Cytology
- Clinical Chemistry
- Parasitology
- Serology
- Others
Veterinary Point of Care Diagnostics Market Analysis & Forecast by End-User 2023 - 2034 (Revenue USD Bn)
- Veterinary Hospitals and Clinics
- Home Care Settings
- Others
Veterinary Point of Care Diagnostics Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- UK
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Argentina
- Rest of LATAM
- Middle East & Africa
- South Africa
- GCC
- Rest of MEA
For more information about this report visit https://www.researchandmarkets.com/r/rksowh
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