WASHINGTON, April 10, 2023 (GLOBE NEWSWIRE) -- Global Veterinary Diagnostics Market valued at USD 2375.10 Million in 2022 and is projected to reach a value of USD 4663.51 Million by 2030 at a CAGR of 8.80% over the forecast period.
Market Overview of Veterinary Diagnostics
The veterinary diagnostics market is a rapidly growing industry that is driven by a number of factors, including increasing pet ownership, rising demand for animal-derived food products, and advancements in diagnostic technology. The market includes a range of diagnostic tools and techniques that are used to diagnose and monitor various diseases and conditions in animals.
Some of the key diagnostic techniques used in veterinary medicine include blood tests, imaging techniques such as X-rays and ultrasound, and microbiological testing. These techniques are used to diagnose a wide range of conditions in animals, including infectious diseases, metabolic disorders, and cancer.
The market is also characterized by a number of emerging trends and innovations, including the development of new diagnostic tools and technologies, the increasing use of molecular diagnostics, and the growing demand for personalized medicine for animals. Other factors driving the growth of the market include the increasing adoption of telemedicine and remote diagnostic services, the rising demand for companion animals, and the growing awareness of the importance of preventive medicine in veterinary care.
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Market Dynamics
The growth of the veterinary diagnostics market is attributed to the following factors:
- Increasing demand for animal health care: The increasing demand for animal health care is due to the rising pet ownership, rising awareness about animal health care, and the increasing disposable income of pet owners.
- Rising incidence of zoonotic diseases: Zoonotic diseases are diseases that can be transmitted from animals to humans. The rising incidence of zoonotic diseases is due to the increasing contact between humans and animals.
- Technological advancements in point-of-care diagnostics: Point-of-care diagnostics are diagnostic tests that are performed at the patient's bedside. The technological advancements in point-of-care diagnostics are making it possible to diagnose diseases at an early stage and provide timely treatment.
Challenges, Opportunities, and Recommendations
The following are some of the challenges and opportunities in the veterinary diagnostics market:
Challenges:
- High cost of diagnostic tests: The high cost of diagnostic tests is a major challenge for the veterinary diagnostics market. The cost of diagnostic tests is high due to the use of sophisticated technologies and the need for trained professionals to perform the tests.
- Lack of awareness about animal health care: The lack of awareness about animal health care is a major challenge for the veterinary diagnostics market. The lack of awareness about animal health care is due to the fact that animal health care is not considered to be a priority in many countries.
Opportunities:
- Increasing demand for companion animals: The increasing demand for companion animals is a major opportunity for the veterinary diagnostics market. The increasing demand for companion animals is due to the changing lifestyle of people and the increasing urbanization.
- Rising disposable income: The rising disposable income is a major opportunity for the veterinary diagnostics market. The rising disposable income is making it possible for people to spend more on animal health care.
The following are some of the recommendations for the veterinary diagnostics market:
- Manufacturers should focus on developing innovative and cost-effective diagnostic tests.
- Manufacturers should focus on educating people about animal health care.
- Governments should promote animal health care by providing subsidies and tax breaks
Top Players in the Global Veterinary Diagnostics Market
- Thermo Fisher Scientific Inc. (US)
- Zoetis Inc. (US)
- IDEXX Laboratories Inc. (US)
- NEOGEN Corporation (US)
- Bio-Rad Laboratories Inc. (US)
- bioMérieux SA (France)
- Virbac (France)
- Heska Corporation (US)
- Bio-Rad Laboratories Inc. (US)
- bioMérieux SA (France)
- Virbac (France)
- Heska Corporation (US)
- Agrolabo S.p.A. (Italy)
- INDICAL BIOSCIENCE GmbH (Germany)
- Randox Laboratories Ltd. (Ireland)
- IDvet (France)
- Biopanda Reagents (UK)
- Bionote Inc. (South Korea)
- BioChek (Netherlands)
- Fassisi GmbH (Germany)
- Biogal Galed Labs (Israel)
- Alvedia (France)
- SKYER Inc. (South Korea)
- Shenzhen Bioeasy Biotechnology Co. Ltd. (China)
- Precision Biosensor Inc. (South Korea).
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Top Report Findings
Based on technology, the market is segmented into immunoassays, polymerase chain reaction (PCR), enzyme-linked immunosorbent assay (ELISA), and others. The immunoassays segment is expected to account for the largest share of the market during the forecast period. This is due to the increasing use of immunoassays in the diagnosis of infectious diseases in animals.
Based on application, the market is segmented into companion animals, food-producing animals, and others. The companion animals’ segment is expected to account for the largest share of the market during the forecast period. This is due to the increasing pet ownership and the rising demand for animal health care.
Based on end user, the market is segmented into veterinary hospitals and clinics, diagnostic laboratories, and research institutes. The veterinary hospitals and clinics segment are expected to account for the largest share of the market during the forecast period. This is due to the increasing number of veterinary hospitals and clinics and the rising demand for animal health care.
Top Trends in Global Veterinary Diagnostics Market
- Increasing demand for animal health care: The increasing demand for animal health care is due to the rising pet ownership, rising awareness about animal health care, and the increasing disposable income of pet owners.
- Rising incidence of zoonotic diseases: Zoonotic diseases are diseases that can be transmitted from animals to humans. The rising incidence of zoonotic diseases is due to the increasing contact between humans and animals.
- Technological advancements in point-of-care diagnostics: Point-of-care diagnostics are diagnostic tests that are performed at the patient's bedside. The technological advancements in point-of-care diagnostics are making it possible to diagnose diseases at an early stage and provide timely treatment.
- Increasing use of biomarkers: Biomarkers are biological molecules that can be used to indicate the presence of a disease or to monitor the progression of a disease. The increasing use of biomarkers is making it possible to diagnose diseases at an early stage and to provide more effective treatment.
- Growing popularity of telemedicine: Telemedicine is the use of telecommunications technology to provide medical care remotely. The growing popularity of telemedicine is making it possible for pet owners to get their pets diagnosed and treated without having to travel to a veterinary clinic.
- Increasing focus on personalized medicine: Personalized medicine is a medical approach that takes into account the individual's genetic makeup, lifestyle, and environment to provide the most effective treatment. The increasing focus on personalized medicine is making it possible to develop more effective treatments for animal diseases.
- Growing demand for companion animals in developing countries: The growing demand for companion animals in developing countries is due to the increasing urbanization, rising disposable income, and changing lifestyles. The growing demand for companion animals is expected to drive the growth of the veterinary diagnostics market in developing countries.
- Increasing government initiatives to promote animal health: Governments around the world are increasingly promoting animal health by providing subsidies for veterinary care, launching awareness campaigns, and setting up animal health programs. The increasing government initiatives to promote animal health are expected to drive the growth of the veterinary diagnostics market.
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Regional Analysis
- North America: The largest market for veterinary diagnostics was North America, with the United States being the major contributor to this growth. The region's strong focus on animal health and welfare, coupled with high pet ownership rates, has led to a surge in demand for veterinary diagnostics.
- Europe: Europe was the second-largest market for veterinary diagnostics, with countries such as the United Kingdom, Germany, and France being major contributors. The region's increasing pet ownership rates and the rise in demand for advanced veterinary healthcare services have driven the growth of the market.
- Asia Pacific: The Asia Pacific region was expected to witness the fastest growth in the veterinary diagnostics market, with countries such as China, India, and Japan being the major contributors. The growth in pet ownership rates, increasing awareness about animal health, and rising expenditure on animal healthcare have driven the growth of the market in this region.
- Latin America: The veterinary diagnostics market in Latin America was also expected to witness significant growth in the coming years. The increasing demand for advanced diagnostics and the growth of the animal healthcare sector in countries such as Brazil and Mexico are driving the growth of the market in this region.
- Middle East & Africa: The veterinary diagnostics market in the Middle East & Africa region was expected to witness moderate growth, owing to the increasing demand for animal healthcare services and the rise in pet ownership rates in countries such as South Africa and the United Arab Emirates. However, the limited availability of veterinary healthcare services in certain areas may act as a hindrance to market growth in this region.
Global Veterinary Diagnostics Market Segmentation
By Product Type
- Instruments
- Consumables
By Animal Type
- Companion Animals
- Livestock
By Technology
- Immunodiagnostics
- Clinical Biochemistry
- Molecular Diagnostics
- Hematology
- Urinalysis
- Other Veterinary Diagnostic Technologies
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
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Scope of the Report:
| Report Attributes | Details |
| Market Size in 2022 | USD 2375.10 Million |
| Revenue Forecast by 2030 | USD 4663.51 Million |
| CAGR | 8.80% from 2023 to 2030 |
| Base Year | 2022 |
| Forecast Year | 2023 to 2030 |
| Key Players | Thermo Fisher Scientific Inc. (US), Zoetis Inc. (US), IDEXX Laboratories Inc. (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), Virbac (France), Heska Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), Virbac (France), Heska Corporation (US), Agrolabo S.p.A. (Italy), INDICAL BIOSCIENCE GmbH (Germany), Randox Laboratories Ltd. (Ireland), IDvet (France), Biopanda Reagents (UK), Bionote Inc. (South Korea), BioChek (Netherlands), Fassisi GmbH (Germany), Biogal Galed Labs (Israel), Alvedia (France), SKYER Inc. |
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The key questions answered in the Veterinary Diagnostics Market Report are:
- What are the current market trends, drivers, and challenges in the veterinary diagnostics market?
- What are the key factors contributing to the growth of the veterinary diagnostics market?
- What are the different types of veterinary diagnostics tests available in the market, and what are their respective market shares?
- Which regions are expected to witness the highest growth in the veterinary diagnostics market, and why?
- Who are the key players in the veterinary diagnostics market, and what are their market shares?
- What are the key strategies adopted by market players to expand their market presence?
- What is the competitive landscape of the veterinary diagnostics market, and who are the major players operating in this market?
- What are the different regulatory frameworks governing the veterinary diagnostics market in different regions?
- What is the market share of different animal types, such as livestock and companion animals, in the veterinary diagnostics market?
- What are the growth prospects and opportunities for the veterinary diagnostics market in the coming years?
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