Global Veterinary Diagnostics Market - 2023-2030

Market Overview

The global veterinary diagnostics market reached US$ 7.1 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 13.6 billion by 2030. The global veterinary diagnostic smarket is expected to exhibita CAGR of 8.7% during the forecast period (2023-2030).

Veterinary diagnostics are crucial for animal health, detecting health issues before they become serious and allowing for faster diagnosis and treatment planning. Traditional diagnosis is the examination of blood, tissue, urine, or faeces for the presence of proteins, antibodies, disease, or general markers of overall health. Digital diagnostics unleash the technology's preventative capacity by spotting trends in wellness data that human specialists may overlook, opening up new avenues for early disease diagnosis. Artificial intelligence and other cutting-edge approaches mean more potential to spot danger patterns in ever-increasing data volumes.

Additionally, the rise of veterinary diseases, growing number of pets adopted worldwide and other factors helps to grow the veterinary diagnostics market size. Due to the massive rise in technological advancements in countries like the U.S. and Canada, the market is seeing an increase in demand from North American regions with significant key players like Ringbio, Virbac, PetDx, and others actively operating in the market.

Market Dynamics

Increasing Number of Pets Adopted Worldwide will Rise the Market Growth

The growing number of pets adopted worldwide fuels the global veterinary diagnostics market. For instance, according to ASPCA, approximately 6.3 million companion animals enter U.S. animal shelters nationwide every year. Of those, approximately 3.1 million are dogs and 3.4 million are cats. Approximately 4.1 million shelter animals are adopted each year (2 million dogs and 2.1 million cats).

Additionally, Pets, such as dogs and cats, are also known for offering companionship and emotional support. Especially during difficult times, such as the COVID-19 pandemic, when people were spending more time at home and feeling isolated, individuals craved the company of a pet. Numerous studies have demonstrated that engaging with pets can help people cope with stress, anxiety, and depression.

As individuals become more aware of the benefits of pets for mental health, more people sought out pets to boost their well-being. Pet adoption has increased due to the popularity of pet-focused material on social media platforms. People were more interested in owning pets after seeing adorable and comforting pet videos and photographs. Thus above factors helps to drive the market growth.

The Rising Prevalence of Pet Animal Diseases

Globally, the rising prevalence of pet animal illnesses and their transmission to humans supported market expansion. The rising prevalence of zoonotic illnesses and their transmission to humans, increased pet adoptions and the number of veterinary healthcare professionals, and more research into veterinary disease diagnosis are driving market expansion.

For instance, according to a study published in the Faculty Reviews 2022, more than 63% of human infections have zoonotic origins, whereas the other 45% have either developed from non-zoonotic sources or co-evolved with humans. Several zoonotic-origin illnesses have recently resulted in an outbreak and have damaged the global human population. As a result, the rise of pet animal diseases contributes to market growth.

The Increasing Pet Care Costs and Shortage of Veterinarians

However, the increasing pet care costs and shortage of veterinarians are anticipated to hinder the growth of the veterinary diagnostics market. The U.S. Bureau Of Labor Statistics Occupational Employment and Wages, in May 2021, indicated that only 77,260 veterinarians are practicing for the 90.5 million U.S households with pets.

Also, the average cost of owning a pet can range from $700 to $1,100 per year, as per the type and size of pet, according to the American Society for the Prevention of Cruelty to Animals. Thus, it will slow the global veterinary diagnostics market growth in the forecast period.

Segment Analysis

The global veterinary diagnostics market is segmented based on product type, animal type, technology, application, end user and region.

The Analyzers Segment Accounted for Approximately 41.07% of the Veterinary DiagnosticsMarket Share

Veterinary diagnostics analyzers are extremely important in the field of veterinary medicine. These advanced tools are meant to perform numerous diagnostic tests and analyses on animal samples, assisting veterinarians in accurately diagnosing diseases and monitoring their patients' health state.

Additionally, the strategies followed by companies helps to boost the segment growth. For instance, on December 21, 2022, EKF Diagnostics, a global in vitro diagnostics firm, has announced the launch of a new version of their Lactate Scout analyzer, specifically tailored for use in veterinary settings. Lactate Scout Vet employs the same tried-and-true technology that was first created to equip professional sports coaches and athletes with a precise and user-friendly handheld lactate test.

Additionally, in Feburary 2023, VolitionRx Limited, an epigenetics firm, has announced that their Nu.Q Vet Cancer Test is currently available for pre-order through Heska Corporation to veterinarians at the point-of-care. Heska's Nu.Q Canine Cancer Screen and Monitor Test will be run using Heska's proprietary Element i + Immunodiagnostic Analyzer, a point-of-care platform that gives veterinarians with on-site testing that is speedy, accurate, low cost, and simple to use. Thus, the aforementioned variables drive segment expansion.

Geographical Penetration

North America Accounted for Approximately 43.4% of the Market Share in 2022

Growing pet adoptions, increased expenditure on pet health, and product releases by companies all contribute to the region's success. For instance, in July 2022, PSIvet, the nation's largest veterinary group purchasing organisation, has announced an agreement with Bionote USA, a developer of quantitative, point-of-care veterinary analyzers and biomarker assays.

The collaboration will lower the cost of Bionote USA's Vcheck series of analyzers and tests for PSIvet's 5,000-plus veterinary practises. The Vcheck V200 analyzer and tests can be utilised as a supplement to a veterinary clinic's point-of-care lab for speedier diagnosis and treatment plan initiation, as well as significant cost savings per test.

Additionally, on April 19, 2022, Zoetis announced the inclusion of artificial intelligence (AI) blood smear testing to its multi-purpose platform, Vetscan ImagystTM, as its latest diagnostic breakthrough. Vetscan Imagyst, which will be available in September 2020, is a first-of-its-kind technology with a wide range of applications, including AI faecal analysis, digital cytology image transfer, and now AI blood smear - ultimately assisting veterinarians in broadening in-clinic diagnostic offerings to provide the best possible care for dogs and cats. Thus, the aforementioned reasons promote the region's growth.

Competitive Landscape

The major global players in the veterinary diagnostics market Zoetis, Thermo Fisher Scientific, Covetrus, Inc, PetDx, HORIBA UK Limited, Ringbio, Virbac, IDVet, Abaxis, Heska Corporation and others.

COVID-19 Impact Analysis

COVID- 19 pandemic has positively impacted the global veterinary diagnostics market growth. Since the pandemic, there has been an increase in pet adoption, and more attention has been paid by the pet owner to the health of their pets. For instance, a total of 3.9 million pets were insured in the U.S. at year-end 2021, showing a 28 percent rise since 2020, according to the North American Pet Health Insurance Association's State of the Industry Report 2022.

As per the Pet Food Manufacturers' Association, a total of 3.2 million households in the UK have acquired a pet since the start of the pandemic. Thus, positively impacting the global veterinary diagnostics market growth.

By Product Type

• Analyzers
• Consumables

By Animal Type

• Livestock
• Companion

By Technology

• Molecular Diagnostics
• Immunodiagnostics
• Clinical Biochemistry
• Hematology
• Other Technologies

By Application

• Infectious Disease
• Autoimmune Disorder
• Endocrinology & Oncology
• Bone and Mineral diseases
• Others

By End User

• Reference Laboratories
• Veterinary Hospitals & Clinics
• Point of care/ In-house testing
• Others

By Region

• North America

U.S.

Canada

Mexico

• Europe

Germany

U.K.

France

Spain

Italy

Rest of Europe

• South America

Brazil

Argentina

Rest of South America

• Asia-Pacific

China

India

Japan

Australia

Rest of Asia-Pacific

• Middle East and Africa

Key Developments

• On June 29, 2023, the H50V is a new 5-part veterinary solution for cost-effective diagnostics that Boule Diagnostics is offering for the European market. It has 13 preloaded animal profiles and over 30 analysed parameters, making it a versatile system that can be used in a variety of veterinary clinics and laboratories.
• In August 2022, PepiPets, a pet firm focused on at-home companion animal care, is launching a new mobile diagnostic testing service. According to a corporate announcement, the launch of this new service will allow clients to undergo diagnostic testing for their pets at home.
• On November 03, 2021, With the acquisition of French distribution company DMV Imaging, FUJIFILM Europe hopes to broaden its customer offering with veterinary diagnostic products and services. With this acquisition, Fujifilm hopes to establish itself as a leading veterinary diagnostics company in France, offering a comprehensive diagnostics solution that includes not only point-of-care laboratory diagnostics but also a variety of imaging diagnostic solutions for Billions of pets served by veterinarians.

Why Purchase the Report?

• To visualize the global veterinary diagnostics market segmentation based on product type, animal type, technology, application, end user and region as well as understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous data points of veterinary diagnostics market-level with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as excel consisting of key products of all the major players.

The global veterinary diagnostics market report would provide approximately 53 tables, 54 figures and 195 Pages.

Target Audience 2023

• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies