Veterinary Diagnostics Market Is Expected To Rise As Of Increased Expenditure On Animal Health
Veterinary Diagnostics Industry Overview
The global veterinary diagnostics market size was valued at USD 6.63 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 11.2% from 2022 to 2030.
The growth in this market is attributed to factors, such as increased expenditure on animal health, rising incidence of zoonotic diseases & number of veterinary practitioners, technological advancement in point of care diagnostics, and increasing disposable income levels in developing regions. The growing incidence of infectious animal ailments is further poised to augment the demand for veterinary diagnostics. Moreover, advancements in diagnostics together with the growing acceptance of innovative techniques in most of the laboratories are driving the market growth.
Gather more insights about the market drivers, restrains and growth of the Global Veterinary Diagnostics Market
For instance, in August 2021, FORCE Technology established a new subsidiary called AeroCollect A/S. AeroCollect technology with simple air samples offers a picture of the diseases in a herd. This is a revolution in animal diagnostics developed in Denmark by the GTS institute FORCE Technology. AeroCollect technology is presently used in the swine, poultry, and mink industries. The global COVID-19 pandemic has impacted all industries. OIE has confirmed that no animals can spread this virus. However, human-to-animal transmission has been reported in a few countries. During the COVID-19 pandemic, limited operation of veterinary clinics due to stringent lockdown norms consequently resulted in a decline in veterinary visits, thus impacting the market.
However, the market has shown a V-shaped recovery during the 3rd quarter of 2020 due to the resumption of pet clinic visits and ease of norms. According to IDEXX, U.S. clinic visits increased by 6% in Q4 2020 from the last quarter, which is expected to drive the market growth over the forecast period. An increase in pet adoption will also support the market growth. For instance, shelters, nonprofit rescues, and private breeders all reported high consumer demand post-COVID-19 in the U.S. Strong product pipeline By IDEXX, Zoetis, and Heska Corp. is expected to propel the growth over the forecast period. For instance, Zoetis acquired Scandinavian Micro Biodevices in August 2020 to expand its revenue in veterinary diagnostics.
Moreover, veterinarians have been gradually increasing the frequency of diagnostic testing. This trend was highlighted during the COVID-19 pandemic when hospitals had to focus on essential pet services. Continued growth in the population of pets and the increased penetration of veterinary diagnostic products at veterinary clinics further promote market growth. For instance, IDEXX showed improved utilization of diagnostics supported a 21% surge in same-store diagnostic revenue per practice, and a 15% surge in same-store veterinary clinic revenue in its Q1 2021 earning call.
Browse through Grand View Research's Animal Health Industry Research Reports.
Veterinary Care Market - The global veterinary care market size was valued at USD 74.7 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2021 to 2028. Increasing cases of chronic diseases in pets and livestock animals are fueling the demand for better veterinary care. Many awareness programs are being conducted around the world regarding better veterinary care, thus propelling the demand.
Animal Health Market - The global animal health market size was valued at USD 39.9 billion in 2021 and is expected to witness a compound annual growth rate (CAGR) of 10.0% from 2022 to 2030. The market is largely driven by a significant rise in demand for protein food and an increase in the incidence of zoonotic and food-borne diseases globally. This unprecedented rise in disease prevalence has triggered companies to produce advanced vaccines and pharmaceuticals.
Veterinary Diagnostics Market Segmentation
Grand View Research has segmented the global veterinary diagnostics market report on the basis of product, species, disease type, testing type, end-use, and region:
Veterinary Diagnostics Product Outlook (Revenue, USD Million, 2017 - 2030)
Consumables, Reagents & Kits
Instruments & Devices
Veterinary Diagnostics Species Outlook (Revenue, USD Million, 2017 - 2030)
Cattle
Canine
Feline
Caprine
Equine
Ovine
Porcine
Avian
Others
Veterinary Diagnostics Testing Type Outlook (Revenue, USD Million, 2017 - 2030)
Analytical Services
Diagnostic Imaging
Bacteriology
Pathology
Molecular Diagnostics
Immunoassays
Parasitology
Serology
Virology
Veterinary Diagnostics Disease Type Outlook (Revenue, USD Million, 2017 - 2030)
Infectious Diseases
Non-Infectious Diseases
Hereditary, Congenital and Acquired Diseases
General Ailments
Structural and Functional Diseases
Veterinary Diagnostics End-use Outlook (Revenue, USD Million, 2017 - 2030)
Laboratories
Veterinary Hospitals and Clinics
Point-Of-Care/In-House Testing
Research Institutes and Universities
Veterinary Diagnostics Regional Outlook (Revenue, USD Million, 2017 - 2030)
North America
Europe
Asia Pacific
Latin America
Middle East & Africa (MEA)
Market Share Insights
August 2021: FORCE Technology established a new subsidiary called AeroCollect A/S. AeroCollect technology with simple air samples offers a picture of the diseases in a herd.
March 2021: Zomedica Corp., a veterinary health corporation producing point-of-care diagnostics products for cats and dogs, recorded the first veterinarian sale of TRUFORMA and officially entered commercialization.
January 2021: Heska entered into an agreement to acquire Lacuna Diagnostics, Inc. This enabled the company to enter the clinical specialty services space.
Key Companies profiled:
Some of the prominent players in the global veterinary diagnostics market include:
Zoetis
Heska Corp.
IDEXX Laboratories Inc.
Agrolabo S.p.A.
IDvet
Virbac
Thermo Fisher Scientific Inc.
Neogen Corp.
Covetrus
iM3Vet Pty Ltd.
Order a free sample PDF of the Veterinary Diagnostics Market Intelligence Study, published by Grand View Research.
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