Fort Collins, Colorado, Oct. 19, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Veterinary Diagnostics Market size was valued at USD 7.8 Billion in 2022 and is expected to reach a market size of USD 24.6 Billion by 2032 with a CAGR of 12.3%.
The veterinary diagnostics market is growing due to the increasing prevalence of animal diseases and advancements in clinical technology for animal diagnostics. Animals, such as companion pets and livestock, are vital to society but are prone to various health conditions and diseases. Zoonoses alone cause millions of deaths and illnesses worldwide each year.
The rise in animal infectious diseases, including zoonotic diseases, bacterial and viral infections, and parasitic infestations, has increased demand for advanced veterinary diagnostics. Accurate and timely diagnosis is crucial for effective disease management, treatment, and prevention, making early disease detection more important than ever.
Technological advancements have driven the growth of the veterinary diagnostics market. Sophisticated diagnostic equipment, innovative laboratory techniques, and point-of-care testing have improved diagnostic accuracy, speed, and convenience. Comprehensive education and training programs focused on advanced diagnostics are needed to empower veterinary professionals. Collaboration between professional associations, academic institutions, and diagnostic companies can help develop and disseminate training modules, workshops, and continuing education opportunities.
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Segmentation Overview:
The global veterinary diagnostics market has been segmented into product, technology, animal type, end-user, geography, and region. Immunodiagnostics is the leading revenue-generating segment in veterinary diagnostics. It involves detecting and measuring animal immune responses, using products like immunoassay kits, lateral flow assays, ELISA tests, and other immunodiagnostics products. Companion animals, particularly dogs, cats, and horses, dominate the market, driven by pet owners' awareness and willingness to invest in their pets' health.
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Veterinary Diagnostics Market Report Highlights:
- The global veterinary diagnostics market growth is anticipated at a CAGR of 12.3% by 2032.
- The demand for veterinary diagnostics is increasing due to the rise of infectious animal diseases.
- North America holds a significant market share, driven by high pet ownership rates, well-established veterinary healthcare infrastructure, and increasing awareness of zoonotic diseases.
- Some prominent players in the veterinary diagnostics market report include Zoetis, Heska Corp., IDEXX Laboratories Inc., Agrolabo S.p.A., IDvet, Virbac, Thermo Fisher Scientific Inc., Neogen Corp., Covetrus, and iM3Vet Pty Ltd among others.
Industry Trends and Insights:
- Virbac has acquired Globion, a poultry vaccines specialist in India, to strengthen its animal health market position.
- Zoetis has launched Librela, an injectable monoclonal antibody approved by the FDA to control pain associated with osteoarthritis in dogs.
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Veterinary Diagnostics Market Segmentation:
- By Product: Consumables, Instruments
- By Technology: Immunodiagnostics, clinical biochemistry, molecular diagnostics, hematology, urinalysis, and others.
- By Animal Type: Companion animals, livestock.
- By End-user: Veterinary reference laboratories, veterinary hospitals & clinics, point-of-care/ in-house testing, veterinary research institutes & universities.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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