Market Research Report
Veterinary Point Of Care Diagnostics Market Size, Share & Trends Analysis Report By Animal Type (Companion, Livestock), By Sample Type, By Product, By Testing Category, By Indication, By End Use, By Region, And Segment Forecasts, 2021 - 2028
|Veterinary Point Of Care Diagnostics Market Size, Share & Trends Analysis Report By Animal Type (Companion, Livestock), By Sample Type, By Product, By Testing Category, By Indication, By End Use, By Region, And Segment Forecasts, 2021 - 2028|
Published: January 3, 2022
Grand View Research, Inc.
Content info: 150 Pages
Delivery time: 2-10 business days
The global veterinary point of care diagnostics market size is expected to reach USD 2.69 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.3% from 2021 to 2028. The key factors driving the market include rising demand for easy-to-use and rapid diagnostic products, strategic initiatives by market players, and growing animal health concerns.
The COVID-19 pandemic led to several challenges for the animal health industry including point of care diagnostics. These include reduced visits to vet clinics and hospitals, dampened sales for several market participants, supply chain hurdles, and low consumer demand. Market participants gradually adapted to the changing scenario by adopting various strategies such as optimizing production, implementing work from home, and adopting curbside services. As governments eased the movement restrictions, the market saw a gradual recovery in demand and footfalls. The uncertainty of the pandemic and changing government regulations however continue to challenge the market.
Several key animal health companies also registered increased profits during 2020. This was owing to the deployment of various strategic initiatives such as diverting their resources to profitable segments to ensure business continuity, acquisitions, and the launch of new products. Heska, for instance, reported 97.4% of growth in its revenue during the first quarter of 2021. IDEXX Laboratories, Inc. reported a 12% increase in year-on-year revenue, driven by the Companion Animal Group (CAG) diagnostics segment, during 2020. However, the company reported that CAG diagnostics revenue was constrained by 10% due to a decline in IDEXX VetLab instrument revenues. This was a result of restricted access to veterinary practices because of the COVID-19 pandemic.
The pandemic has accelerated awareness and concerns over zoonotic diseases. This is anticipated to propel the demand for accurate, fast, and reliable point of care diagnostic products to detect a range of diseases in animals. In fact, the AVMA recommends that if an animal shows symptoms such as coughing, difficulty breathing, fever, lethargy, nasal discharge, vomiting, and/ or diarrhea, veterinarians are advised to first rule out common causes of these clinical signs before considering testing the animal for SARS-CoV-2. Point of care testing devices ensure easy and rapid diagnosis thus enabling the timely treatment, this is estimated to increase the demand for point of care devices over time.