Veterinary Point Of Care Diagnostics Market Projected To Reach USD 2.69 Billion By 2028

 San Francisco, 17 March 2022: The 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

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. 

Access Research Report of Veterinary Point Of Care Diagnostics Market @ https://www.grandviewresearch.com/industry-analysis/veterinary-point-of-care-diagnostics-market-report

Veterinary Point Of Care Diagnostics Market Report Highlights

• By product, instruments and devices are expected to witness the fastest growth over the forecast period as these are easily available, offer a wider test menu, and are affordable in the long term. The growing R&D initiatives to improve point of care diagnostic products are anticipated to propel the market growth in the coming years
• By sample type, the blood/plasma/serum segment dominated the market in 2020. This was owing to the growing number of blood tests recommended as part of routine testing, annual checkups, and as a preliminary test before recommending further testing in animals
• The general ailments indication segment is expected to witness the highest growth over the forecast period as pets live longer and the demand for improving the pet’s quality of life rises over time
• The veterinary hospitals and clinics end-use segment held the largest revenue share of over 50.0% in 2020 as these are the first point of care facilities for treating pets. In addition, pet owners having pet insurance can receive reimbursements for vet visits, diagnostic services, and treatment, thus contributing to the growth of the segment 

List of Key Players of Veterinary Point Of Care Diagnostics Market

• IDEXX Laboratories
• Zoetis
• Virbac
• Heska Corporation
• Thermo Fisher Scientific, Inc.
• Neogen Corporation
• Mindray
• Esaote SpA
• FUJIFILM Corporation
• Woodley Equipment Company Ltd.

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