Veterinary Diagnostics Market is Expected to Reach $4.4 billion | MarketsandMarkets.

Chicago, June 07, 2023 (GLOBE NEWSWIRE) -- The veterinary diagnostics industry is poised for significant growth and advancements in the near future. As the demand for high-quality veterinary care continues to rise, there is an increasing need for accurate and timely diagnostic tools and technologies to aid in the diagnosis and treatment of animals. The industry is witnessing a shift towards more advanced and sophisticated diagnostic methods, including molecular diagnostics, point-of-care testing, and advanced imaging techniques. These advancements are driven by the growing understanding of animal diseases, the need for early detection and prevention, and the desire to improve the overall health and well-being of animals. In addition, the integration of artificial intelligence and data analytics into veterinary diagnostics is expected to revolutionize the industry by enabling faster and more precise diagnoses, personalized treatment plans, and improved disease surveillance. The veterinary diagnostics industry is also witnessing collaborations between industry players, academic institutions, and research organizations to foster innovation and develop novel diagnostic solutions. With the increasing focus on preventive healthcare and the growing pet ownership rates, the veterinary diagnostics industry is set to play a vital role in ensuring the health and welfare of animals in the near future.

Veterinary Diagnostics market in terms of revenue was estimated to be worth $2.8 billion in 2022 and is poised to reach $4.4 billion by 2027, growing at a CAGR of 9.2% from 2022 to 2027 according to a latest report published by MarketsandMarkets™. The global veterinary diagnostics market offers significant growth opportunities for market players. Market growth can largely be attributed to the growth in the companion animal population, the rising demand for animal-derived food products, the growing animal health expenditure, increasing disease control & disease prevention measures, and growth in the number of veterinarians and income levels in developed economies. This is considered an indicator of the growth of the veterinary diagnostics market. However, the high costs of veterinary diagnostic tests and increasing pet care costs are expected to restrain the growth of this market during the forecast period.

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Veterinary Diagnostics Market Scope:

Report Coverage	Details
Market Revenue in 2022	$2.8 billion
Estimated Value by 2027	$4.4 billion
Growth Rate	Poised to grow at a CAGR of 9.2%
Market Size Available for	2020–2027
Forecast Period	2022–2027
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By product, technology, animal type, and end user
Geographies Covered	North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunities	Increased use of PCR testing panels to rule out COVID-19 virus in animals
Key Market Drivers	Increasing disease control & disease prevention measures

Major Veterinary Diagnostics market players covered in the report, such as:

• 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)
• IDvet (France)
• Randox Laboratories Ltd. (Ireland)
• BioChek (Netherlands)
• Fassisi GmbH (Germany)
• Alvedia (France)
• SKYER Inc. (South Korea)
• Shenzhen Bioeasy Biotechnology Co. Ltd. (China)
• Biopanda Reagents (UK)
• Precision Biosensor Inc. (South Korea)
• Skyla Corporation (China)
• EUROIMMUN Medizinische Labordiagnostika AG (Germany)
• and Among Others

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The study categorizes the veterinary diagnostics market based on product, technology, animal type, and end user and regional & global level:

Global Veterinary Diagnostics Market, by Product

• Consumables
• Instruments

Global Veterinary Diagnostics Market, by Technology

• Immunodiagnostics                       
  • Lateral Flow Assays        
    • Lateral Flow Rapid Tests
    • Lateral Flow Strip Readers
  • ELISA Tests        
  • Allergen-specific Immunodiagnostic Tests            
  • Immunoassay Analyzers
  • Other Immunodiagnostic Products          
• Clinical Biochemistry                     
  • Clinical Chemistry Analysis          
    • Clinical Chemistry Reagent Clips and Cartridges
    • Clinical Chemistry Analyzers
  • Glucose Monitoring       
    • Blood Glucose Strips
    • Glucose Monitors
    • Urine Glucose Strips
  • Blood Gas & Electrolyte Analysis               
    • Blood Gas and Electrolyte Reagent Clips and Cartridges
    • Blood Gas & Electrolyte Analyzers
• Molecular Diagnostics                   
  • Ploymerase Chain Reaction (PCR) Tests 
  • Microarrays       
  • Other Molecular Diagnostic Products     
• Hematology                      
  • Hematology Cartridges 
  • Hematology Analyzers  
• Urinalysis                            
  • Urinalysis Clips & Cartridges/Panels        
  • Urine Analyzers
  • Urine Test Strips              
• Other Veterinary Diagnostic Technologies                            

Global Veterinary Diagnostics Market, by Animal Type

• Companion Animals
  • Dogs
  • Cats
  • Horses
  • Other Companion Animals
• Livestock
  • Cattle
  • Pigs
  • Poultry
  • Other Livestock

Global Veterinary Diagnostics Market, by End User

• Veterinary Reference Laboratories
• Veterinary Hospitals & Clinics
• Point-of-care/ In-house Testing
• Veterinary Research Institutes & Universities

Global Veterinary Diagnostics Market, by Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa

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The key stakeholders in the veterinary diagnostics market include:

• Veterinary Clinics and Hospitals: These are the primary end-users of veterinary diagnostic products and services. They rely on diagnostic tests and equipment to accurately diagnose and monitor various diseases and conditions in animals.
• Veterinary Diagnostic Laboratories: These specialized laboratories play a crucial role in conducting diagnostic tests and analyses on samples collected from animals. They provide valuable diagnostic services to veterinary clinics, hospitals, and research institutions.
• Pharmaceutical and Biotechnology Companies: These companies develop and manufacture diagnostic products and technologies specifically designed for veterinary use. They invest in research and development to create innovative diagnostic solutions for the veterinary industry.
• Research Institutions and Universities: These institutions conduct research on animal health and diseases, contributing to the development of new diagnostic methods and technologies. They also play a role in training future veterinarians and researchers in the field of veterinary diagnostics.
• Animal Owners and Breeders: Animal owners and breeders are important stakeholders in the veterinary diagnostics market as they rely on diagnostic tests to monitor the health of their animals, identify diseases, and make informed breeding decisions.
• Regulatory Authorities: Regulatory agencies and bodies establish guidelines and regulations for veterinary diagnostic products and services to ensure their safety, efficacy, and quality. They play a vital role in maintaining standards and promoting the proper use of veterinary diagnostics.
• Distributors and Suppliers: These entities are involved in the distribution and supply chain of veterinary diagnostic products. They ensure that diagnostic tests, equipment, and consumables reach veterinary clinics, hospitals, and laboratories in a timely manner.
• Insurance Companies: Insurance providers offer coverage for veterinary care, including diagnostic services. They play a role in reimbursement and financial support for animal owners seeking veterinary diagnostic services.
• Industry Associations and Professional Organizations: These entities represent the interests of the veterinary diagnostics industry, promote collaboration and knowledge sharing among stakeholders, and advocate for advancements in the field.
• Government and Regulatory Bodies: Government agencies and regulatory bodies set policies, guidelines, and regulations related to animal health and diagnostics. They may provide funding for research and development and play a role in public health and safety.

These stakeholders work together to drive innovation, ensure quality standards, and improve the diagnosis and treatment of animal diseases through veterinary diagnostics.

Veterinary Diagnostics Market Frequently Asked Questions (FAQs):

Q1. What is the total market value of Veterinary Diagnostics Market report?

Q2. Which are the top companies holding the market share in Veterinary Diagnostics Market?

Q3. Which are the largest regions for this Market?

Q4. What is the leading technology of Veterinary Diagnostics Market?

Q5. What are the major drivers for this specific Market?

Q6. What are the upcoming key trends in the Veterinary Diagnostics Market report?

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Key Benefits of Buying the Report:

The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a more significant share of the market. Firms purchasing the report could use one or any combination of the below-mentioned strategies to strengthen their position in the market.

This report provides insights into the following pointers:

• Market Penetration: Comprehensive information on product portfolios offered by the top players in the global veterinary diagnostics market. The report analyzes this market by product, technology, animal type, 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 product, technology, animal type, end user, and region.
• Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global veterinary diagnostics market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, competitive leadership mapping, and capabilities of leading players in the global veterinary diagnostics market.

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Veterinary Infectious Disease Diagnostics Market

Veterinary Imaging Market

With the given market data, MarketsandMarkets offers customizations as per your company’s specific needs. The following customization options are available for the report:

• Company Information
• Detailed analysis and profiling of additional market players (up to 5)

Geographic Analysis:

• Further breakdown of the RoE veterinary diagnostics market into Austria, Finland, and others
• Further breakdown of the RoAPAC veterinary diagnostics market into Australia, South Korea, and others
• Further breakdown of the RoLATAM veterinary diagnostics market into Argentina, Colombia, Chile, and others
• Competitive Landscape Assessment
• Market share analysis for the North America and Europe region, which provides market shares of the top 3–5 key players in the veterinary diagnostics market
• Competitive leadership mapping for established players in the US

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