PUBLISHER: KBV Research | PRODUCT CODE: 1374417
PUBLISHER: KBV Research | PRODUCT CODE: 1374417
The Global Veterinary Diagnostics Market size is expected to reach $15.6 billion by 2030, rising at a market growth of 10.4% CAGR during the forecast period.
Veterinary diagnostics for non-infectious diseases play a crucial role in animal identification, managing, and treating these conditions, ensuring their health and well-being. Therefore, the Non-Infectious Diseases segment would acquire approximately 34% share of the market by 2030. There has been an increase in diagnostics utilizing innovative technologies to detect animal diseases, which have invaded the market. Lab on a Chip technology can, for instance, analyze electrolytic imbalance in bodily fluids such as blood, urine, and milk.
The major strategies followed by the market participants are Product Launches as the key developmental strategy in order to keep pace with the changing demands of end users. For instance, In August, 2023, Neogen Corporation introduced new tests for the identification of genetic sequences within a canine that are related to potential diseases. In June, 2023, IDEXX Laboratories Inc. announced the IDEXX Cystatin B Test for its renal testing portfolio. The IDEXX Cystatin B Test is a test used for the detection of kidney injuries.
Based on the Analysis presented in the KBV Cardinal matrix; Thermo Fisher Scientific, Inc. is the forerunner in the Market. In August, 2023, Thermo Fisher Scientific Inc. launched The Thermo Scientific Vanquish Refractive Index Detector, a liquid chromatography (LC) detector for simple routine isocratic analysis. Companies such as Zoetis, Inc., IDEXX Laboratories Inc. and Neogen Corporation are some of the key innovators in the Market.
COVID-19 Impact Analysis
COVID-19 had a potential impact on the veterinary diagnostics market. During the early stages of the pandemic, many pet owners turned to their pets for companionship, leading to increased pet adoption rates. As a result, the demand for veterinary services, including diagnostics, saw an uptick. People became more attentive to their pets' health, leading to more frequent check-ups and diagnostic tests. COVID-19 prompted increased research and development efforts in the field of veterinary diagnostics. Some diagnostic companies repurposed their technologies and expertise to develop tests for SARS-CoV-2 in animals, primarily in cases involving zoo and domestic animals. This diversification of research efforts could have long-term implications for the industry. The vaccination efforts and evolving understanding of the virus helped the market in its expansion.
Market Growth Factors
Telemedicine And Telehealth Use in Veterinary Diagnostics
Telemedicine and telehealth promotion can significantly contribute to the growth of the market by enhancing accessibility, convenience, and efficiency in providing healthcare services to animals. Telemedicine allows veterinarians to conduct remote consultations with pet owners. During these virtual visits, veterinarians can assess the animal's condition and symptoms and, if necessary, recommend diagnostic tests. Promoting telemedicine and telehealth initiatives in veterinary care can lead to a more connected and accessible animal healthcare ecosystem. This, in turn, can stimulate the demand for veterinary diagnostic services and drive market growth as more animals receive timely and efficient healthcare evaluations, including diagnostic testing.
Rise In Pet Ownership and Willingness to Spend on Pet Well-Being
The rise in pet ownership and the increasing willingness of pet owners to spend on their pets' well-being are significant factors propelling the growth of the market. The global pet population has steadily increased, including dogs, cats, and other companion animals. Many people view pets as members of their families, which drives the demand for comprehensive healthcare, including diagnostic services. As pet owners prioritize their pets' health and well-being, the market will likely continue its growth trajectory, focusing on providing comprehensive and advanced animal testing services.
Market Restraining Factors
High cost of veterinary diagnostic tests
The high cost of veterinary diagnostic tests concerns both pet owners and veterinarians. Many veterinary diagnostic tests require specialized equipment, such as blood analyzers, imaging machines (e.g., ultrasound and MRI), and PCR machines for molecular diagnostics. Such equipment is costly to purchase, maintain, and calibrate regularly. Skilled and trained personnel, including veterinary technicians and laboratory professionals, must accurately perform and interpret diagnostic tests. Most veterinary practices are small or medium-sized, with strict budgetary constraints. Therefore, the high cost of these tests and systems is a prominent market restraint. Another barrier limiting the use of veterinary diagnostics and, consequently, the expansion of this market is the lack of reimbursement for veterinary procedures.
On the basis of product, the market is segmented into consumables, reagents & kits and instruments & devices. In 2022, the consumables, reagents, and kits segment dominated the market with the maximum revenue share. Understanding the need for these products from veterinary hospitals, clinics, laboratories, etc., is essential to determining the market size. In addition, there is a growing demand for diagnostics at the point of care among pet owners. Due to veterinary diagnostics, the rate of consumables and reagents used in diagnosis is increasing. It can be owing to the increasing awareness of zoonotic diseases, companion adoptions, and concern for their health.
End Use Outlook
Based on end-use, the market is divided into laboratories, veterinary hospitals & clinics, point-of-care/in-house testing, and research institutes & universities. The point-of-care/in-house testing segment covered a considerable revenue share in the market in 2022. Consumers, such as pet owners, benefit significantly from technologically advanced diagnostics, such as in-house analyzers and point-of-care testing, due to the convenience and speed of their results. With advances in veterinary diagnostics, there is a growing trend of point-of-care (POC) testing in livestock and other animals, allowing market participants to expand their POC portfolio and test segment.
Diseases Type Outlook
On the basis of diseases type, the market is classified into infectious diseases, non-infectious diseases, hereditary, congenital & acquired diseases, general ailments, and structural & functional diseases. The hereditary, congenital, and acquired diseases segment projected a prominent revenue share in the market in 2022. These diseases are quite common currently. Genetic disease is initially invisible and, therefore, difficult to diagnose. In such instances, molecular screening is recommended. Animal infectious diseases substantially threaten the health of the global human and animal population. In order to prevent outbreaks and the transmission of infections from animal to human or animal to animal, these diseases must be effectively contained.
Testing Type Outlook
By testing type, the market is categorized into diagnostic imaging, bacteriology & molecular diagnostics, pathology, immunoassays, parasitology, serology & virology, and analytical services. The bacteriology and molecular diagnostics segment acquired a substantial revenue share in the market in 2022. Bacteriology testing is a crucial component of veterinary diagnostics that focuses on identifying and characterizing animal bacterial pathogens. Bacteriology tests are essential for diagnosing bacterial infections in pets, livestock, wildlife, and other animals. It is critical for maintaining animal health, preventing disease transmission, and ensuring the responsible use of antibiotics in veterinary medicine. Molecular diagnostics testing in veterinary medicine has revolutionized the field, allowing for earlier and more accurate diagnoses of diseases, identification of genetic markers, and a deeper understanding of the genetic basis of various animal conditions.
Based on species, the market is fragmented into cattle, canine, feline, caprine, equine, ovine, avian, and others. In 2022, the canine segment held the highest revenue share in the market. The increase in spending on veterinary care, especially in industrialized nations, is the factor that has caused dog species to dominate this market. One of the critical factors affecting the market is the rising majority of severe disorders, including cancer, diabetes, obesity, and others. Obesity increases the risk of joint disorders, diabetes mellitus, cancer, and other chronic conditions. Canine diagnostics often involve screening for infectious diseases such as parvovirus, distemper, canine influenza, heartworm disease, and tick-borne diseases like Lyme disease and Ehrlichiosis.
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region projected a significant revenue share in the market. The region's significant increase in veterinary healthcare expenditures will spur market expansion. Additionally, the presence of healthcare programs and the increase in the number of initiatives to promote animal health are expected to boost the development potential of this region. For instance, the North American Pet Health Insurance Association focuses on raising awareness of health insurance coverage for canines. In North America, the efficient measures taken by animal welfare organizations in the event of an emergency or abrupt disease outbreak are also anticipated to contribute to market growth.
The market research report covers the analysis of key stakeholders of the market. Key companies profiled in the report include Heska Corporation (Antech Diagnostics, Inc), IDEXX Laboratories Inc., Agrolabo S.p.A., Innovative Diagnostics SAS (Idvet), Virbac, Thermo Fisher Scientific, Inc., Neogen Corporation, Covetrus, Inc. (Clayton, Dubilier & Rice, LLC), and iM3 Pty Ltd
Recent Strategies Deployed in Veterinary Diagnostics Market
Product Launches and Product Expansion:
Aug-2023: Thermo Fisher Scientific Inc. launched The Thermo Scientific Vanquish Refractive Index Detector, a liquid chromatography (LC) detector for simple routine isocratic analysis. The product is powered by proven technology and allows the detection of substances that lack UV chromophores.
Aug-2023: Neogen Corporation introduced new tests for the identification of genetic sequences within a canine that are related to potential diseases. The new tests address a variety of disease analyses including Congenital Myasthenic Syndrome, Progressive Retinal Atrophy, R Locus test for coat color genetics, etc.
Aug-2023: Neogen Corporation unveiled Igenity Enhanced Dairy, a genomic data management tool. The new tool is used for facilitating the dairy producers in decision-making regarding cattle mating. The tool leverages predicted transmitting abilities (PTAs) and in-herd phenotypic data to deliver a thorough analysis of dairy cattle genomics.
Jun-2023: IDEXX Laboratories Inc. announced the IDEXX Cystatin B Test for its renal testing portfolio. The IDEXX Cystatin B Test is a test used for the detection of kidney injuries. The IDEXX Cystatin B Test has a complementary application with IDEXX SDMA, a kidney function analyzer.
Jun-2023: Neogen Corporation announced the launch of My CatScan 2.0, a genetic screening test specifically for cats. The My CatScan 2.0 can detect up to 120 genetic health conditions and offers several beneficial insights to pet owners including Breeding practices insights, proactive disease management, and contingent medical preparedness.
Mar-2023: Zoetis, Inc. announced new features for its Vetscan Imagyst diagnostic platform. The new features include Vetscan Imagyst AI Dermatology, a solution used for identifying yeast infection based on the impression smear analysis and Vetscan Imagyst Equine Diagnostics used for instant delivery of results by sending the medical reports to the clinical pathologists within the Zoetis network.
Jun-2022: IDEXX Laboratories Inc. introduced new wellness screening tests for cats with chronic kidney disease. The new tests include Fecal Dx antigen testing for the detection of flea tapeworms, FGF-23, a kidney disease biomarker, and PCR Direct testing.
May-2022: Covetrus, Inc. released Ascend, a cloud-based Practice Management software (PMS) used for streamlining workflow across veterinary clinics. Ascend features a dynamic interface that unifies multiple systems into one user-friendly platform that facilitates smooth workflow operations and third-party integrations.
Mergers & Acquisition:
Oct-2022: Zoetis, Inc. acquired Jurox, an animal health services provider. The acquisition aids Zoetis in expanding its geographical footprint.
Sep-2022: Zoetis, Inc. took over NewMetrica, a digital questionnaire creator for health measurement of non-verbal species. The acquisition enhances Zoetis's capabilities in quality-of-life assessments.
Jun-2021: IDEXX Laboratories Inc. signed an agreement to acquire ezyVet, a practice information management system (PIMS). The acquisition expands IDEXX's cloud software offerings and allows it to provide its customers with cloud based PIMS.
Jun-2021: Covetrus, Inc. acquired VCP, a veterinary wellness plan administration platform. The acquisition expands Covetrus's software portfolio.
Partnerships, Collaborations & Agreements
Feb-2021: Virbac signed a partnership with Algenex SL, a biotechnology company, to develop and commercialize the CrisBio vaccine. The partnership enhances Virbac's share in the farm animals' vaccine market.
Market Segments covered in the Report:
By End Use
By Disease Type
By Testing Type
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