Global Veterinary POC Diagnostics Market Size, Share, Growth Analysis, By Product type(Consumables, Reagents), By Animal Type(Companion Animals and Livestock Animals) - Industry Forecast 2024-2031

Global Veterinary POC Diagnostics Market size was valued at USD 1.94 billion in 2022 and is poised to grow from USD 2.16 billion in 2023 to USD 5.17 billion by 2031, at a CAGR of 11.50% during the forecast period (2024-2031).

While pursuing a degree in veterinary medicine, a veterinarian or veterinary surgeon provides medical care to non-human animals who are ill, injured, or have accidents. Veterinarians diagnose, treat, and study illnesses and conditions that impact dogs, other animals, and other species. Veterinarians do medical and surgical treatments, perform dental work, treat illnesses, and immunize animals against them.

Analytical systems known as point-of-care diagnostics provide clinically useful data without requiring a core diagnostic laboratory. These tests are simplified versions of traditional laboratory assays designed to provide information at the point of application while allowing the individual practitioner a great lot of discretion. Livestock and poultry serve as wealth assets and supplies of food, agricultural labor, clothing, fertilizer, and social status for the vast majority of people who depend on them globally. But along with this reliance comes a disproportionately high burden of zoonotic infections, which puts the health and way of life of a lot of rural people at risk of animal disease introduction.

Top-down and bottom-up approaches were used to estimate and validate the size of Global Veterinary POC Diagnostics Market 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 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 Logistics Automation Market Segmental Analysis

The geography, animal type, and product type are the main factors used to segment the veterinary poc diagnostics market. The market is divided into Consumables, Reagents & Kits and Instruments & Devices based on the kind of product. The market is divided into two categories: companion animals and livestock animals, based on the type of animal. It is divided into five regions: North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa.

Drivers of Global Veterinary POC Diagnostics Market

It is anticipated that in the next years, there will be a greater need for PoC test kits, which would propel the veterinary point-of-care diagnostics market to unprecedented heights. Weak reimbursement standards, however, are expected to hinder the business. The veterinary Point-of-Care (PoC) diagnostic market is also expected to expand during the course of the forecast period as a result of rising prevalence of various pandemic diseases, faster turnaround times, accurate results, shifting diagnostic trends, and the adoption of cutting-edge technologies.

Restraints in Global Veterinary POC Diagnostics Market

The high cost of contemporary diagnostic testing is a major barrier to adoption. Veterinary diagnostic imaging systems are likewise pricy products. The average cost of a small portable machine is between USD 2,000 and USD 50,000; backup transducer probes can cost up to $1,000, and printers can cost up to USD 2,000. Financial constraints are significant, and small to medium-sized veterinary practices are the norm. Consequently, the high price of these tests and systems is one of the primary market barriers. The absence of funding for veterinary operations is another obstacle preventing the use of veterinary diagnostics and, as a result, the market's growth.

Market Trends of Global Veterinary POC Diagnostics Market

According to the US Centers for Disease Control & Prevention (CDC), there were eight notable zoonotic outbreaks in 2019. Each year, a large number of Americans become ill from diseases that are spread from animals to people. Given that six out of ten diseases that affect humans are zoonotic, it is imperative that countries strengthen their own capacities to prevent and treat these illnesses. This makes it even more important to regularly check on the health of animals, especially livestock.

Therefore, it makes sense to assume that if animal diseases become more common and severe, there will be a greater demand for advanced diagnostic instruments to locate, monitor, and control disease outbreaks. The availability of new diagnostic technologies will allow veterinarians to provide better diagnosis and treatment, which will drive growth in the global market for veterinary diagnostics. Furthermore, as research, innovations, and education efforts continue, market participants will be able to gain long-term competitive advantages that will strengthen their positions within the veterinary diagnostics sector.