PUBLISHER: SkyQuest | PRODUCT CODE: 1322019
PUBLISHER: SkyQuest | PRODUCT CODE: 1322019
Veterinary POC Diagnostics Market size was valued at USD 1.74 billion in 2021 and is poised to grow from USD 1.94 billion in 2022 to USD 4.63 billion by 2030, growing at a CAGR of 11.5% in the forecast period (2023-2030).
Veterinarians, also known as veterinary surgeons, specialize in the treatment of non-human animals afflicted by various illnesses, injuries, and accidents. Their practice involves a comprehensive study of veterinary medicine. These dedicated professionals not only identify and treat health issues and diseases affecting canines, animals, and other species but also engage in vital research in this field. Among their skills are dental work, surgical and medical procedures, disease treatment, and animal immunization.
Point-of-care diagnostics refers to analytical systems designed to provide clinically relevant data without relying on a central diagnostic laboratory. These streamlined tests are adapted from conventional laboratory assays, offering individual practitioners a significant degree of autonomy while delivering essential information right at the point of use.
In many parts of the world, livestock and poultry hold tremendous value as wealth assets and primary sources of food, agricultural labor, clothing, fertilizers, and even social status. However, this heavy reliance on animals also comes with a heightened risk of zoonotic infections, disproportionately burdening rural communities. Consequently, these communities face heightened vulnerability to the introduction of animal diseases, which can significantly impact their health and way of life. Top-down and bottom-up approaches were used to estimate and validate the size of Veterinary POC Diagnostics and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Global Veterinary POC Diagnostics Market Segmental Analysis
veterinary poc diagnostics market is segmented based on the product type, animal type and region. Based on product type, the market is segmented into Consumables, Reagents, & Kits and Instruments & Devices. Based on animal Type, the market is segmented into Companion Animals and Livestock Animals. Based on Region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Analysis by Product
Based on the type of product, consumables, reagents, and kits dominated the market in 2021, holding a share of more than 55%. This can be attributed to the wide variety of available products and the competitive advantage of leading firms. The subscription-based or recurring payment model for reagents and consumables also contributed to their market dominance. A notable example is Heska Corporation, which has established long-term subscriptions for more than 90% of its point of care consumables. The number of total subscriptions increased from 2,376 in 2019 to 2,980 in 2021, and an impressive retention rate of over 95% was achieved.
In contrast, the instruments and devices market is projected to experience the most rapid growth, expected to increase at a rate of approximately 10.2% in the coming years. This growth can be attributed to continuous product advancements and a rising demand for these items. As the demand for animal-based food products increases, there will be a corresponding surge in the need for animal immunodiagnostic tests, boosting the demand for veterinary diagnostics. In this context, the two primary items utilized in veterinary diagnostics are immunodiagnostic kits and clinical chemistry, owing to the growing interest in determining animal general health profiles.
Analysis by Animal
Based on animal types, the market is currently led by companion animals, with a significant rise predicted for livestock animals in the future. This shift in dominance can be attributed to several factors, including a surge in pet ownership, increased spending on pets, a growing acceptance of pet insurance, and the need to safeguard the health of livestock animals to ensure a stable food supply. Notably, the American Pet Products Association (APPA) reported that around 70% of American households, equivalent to 90.5 million households, owned pets in the years 2021-2022. As the population of pet owners continues to expand, there will be a corresponding rise in demand for veterinary molecular diagnostics.
Looking ahead, the market for livestock animals is expected to hold a substantial share of the overall market due to the increasing production of livestock, including cattle, swine, poultry, and other such animals. This growth is primarily driven by the considerable population of livestock and the rising prevalence of zoonotic diseases, which are illnesses that can be transmitted from animals to humans. Another significant factor contributing to the market's expansion is the increasing number of veterinarians, further promoting the health and well-being of livestock animals.
Global Veterinary POC Diagnostics Market Regional Insights
In 2021, more than half of the global market belonged to North America. The United States and Canada played a significant role in this dominance, thanks to their advanced veterinary healthcare infrastructure and the active presence of major market players. According to the Veterinary Practice News, it was estimated that there would be around 28,000 to 32,000 veterinarian clinics in the United States by 2020.
On the other hand, the Asia Pacific region is expected to experience the highest Compound Annual Growth Rate (CAGR) surpassing 13% during the forecast period. This impressive growth can be attributed to several factors, including an increasing awareness of diagnostic alternatives, the strong presence of local market participants, and a rise in the number of pet owners. Major companies like FUJIFILM Corporation, Neogen Corporation, Heska Corporation, Thermo Fisher Scientific, Inc., Zoetis, IDEXX Laboratories, Inc., and other key players have significantly contributed to the revenue generation in the Asia Pacific market.
Global Veterinary POC Diagnostics Market Dynamics
Rapidly Rising Demand for PoC Kits to Bolster Market Growth
Anticipated growth in the upcoming years is expected to drive a significant surge in demand for PoC test kits within the veterinary sector. This will subsequently lead to a substantial expansion of the market for veterinary point-of-care diagnostics. Nevertheless, the industry may face challenges due to the presence of inadequate reimbursement regulations. Despite this hurdle, the veterinary Point-of-Care (PoC) diagnostic market is projected to experience robust growth throughout the forecast period. Factors contributing to this growth include a rise in pandemic diseases, shorter turnaround times, improved accuracy in results, evolving diagnostic preferences, and increased adoption of state-of-the-art technologies.
High Cost to Hinder Market
One significant hindrance to widespread adoption is the exorbitant cost associated with modern diagnostic tests, particularly in the field of veterinary diagnostic imaging. These systems are considered expensive commodities, with portable machines typically ranging from USD 2,000 to USD 50,000. Additionally, backup transducer probes can cost up to USD 1,000, while printers used in the process can set veterinary clinics back by another USD 2,000.
The financial constraints faced by small to medium-sized veterinary practices exacerbate this issue, making it one of the primary barriers preventing the broader use of these tests and systems in the market. As a result, the high expense acts as a major restraint on their widespread adoption.
Moreover, another obstacle that hampers the use of veterinary diagnostics and, consequently, inhibits the growth of this market, is the absence of payment for veterinary operations. This lack of financial support further limits the accessibility of advanced diagnostic procedures and adds to the challenges faced by veterinary professionals.
Global Veterinary POC Diagnostics Market Competitive Landscape
The veterinary point-of-care diagnostics market is characterized by intense competition and a certain level of fragmentation. Leading companies in the industry consistently employ diverse growth strategies to retain their competitive advantage. These strategies include innovations, mergers and acquisitions, as well as collaborations and partnerships. Additionally, these major market players are committed to continuous research and development efforts, aiming to offer the most efficient and cost-effective solutions to the sector.
Top Player's Company Profiles
IDEXX Laboratories, Inc.
Bio-Rad Laboratories, Inc.
Thermo Fisher Scientific Inc.
Randox Laboratories Ltd.
Eurolyser Diagnostica GmbH
Biogal Galed Laboratories
Woodley Equipment Company Ltd.
InBios International, Inc.
BioMedica Diagnostics Inc.
VCA Antech, Inc.
In September 2022, Heska to Acquire LightDeck Diagnostics to Invest in Manufacturing Capabilities and Accelerate Research and Development Efforts.
Global Veterinary POC Diagnostics Key Market Trends
According to the US Centers for Disease Control & Prevention (CDC), there were eight significant zoonotic outbreaks in 2019. Each year, a considerable number of Americans suffer from illnesses transmitted from animals to humans. To tackle this issue effectively, it is crucial for nations to enhance their capacities in preventing and combating such diseases, especially considering that six out of ten human diseases are zoonotic. Consequently, the necessity to regularly monitor animal health, particularly livestock, becomes evident. This, in turn, is expected to drive the demand for advanced diagnostic tools to identify, track, and contain disease outbreaks. As a result, the global veterinary diagnostics market is projected to expand, offering veterinarians access to new diagnostic technologies for improved diagnosis and treatment. Furthermore, continuous research, innovations, and educational efforts will empower industry participants to gain sustainable competitive advantages, bolstering their positions in the veterinary diagnostics sector.
Global Veterinary POC Diagnostics Market SkyQuest Analysis
SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
Based on our comprehensive market analysis of veterinary point-of-care (POC) diagnostics, the consumables, reagents, and kits category emerged as the dominant product type, primarily due to the wide range of available products. Additionally, the Companion animal segment played a significant role in fostering market expansion. The growth of the market can be attributed to the increasing incidence of pandemic diseases affecting animals. However, it is essential to note that the high expenses associated with veterinary POC diagnostic tests may pose challenges to market growth.