Veterinary Diagnostics Market Projected To Reach USD 16.9 Billion By 2030

 

San Francisco, 29 Dec 2023: The Report Veterinary Diagnostics Market Size, Share & Trends Analysis Report By Species (Canine, Feline), By End-use (POC/In-House, Labs), By Testing Type (Immunoassays, Pathology), By Product, By Disease Type, And Segment Forecasts, 2023 - 2030

The global veterinary diagnostics market size is expected to reach USD 16.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.2% from 2023 to 2030. The growing incidence of zoonotic and foodborne diseases is expected to drive the market over the forecast period. Moreover, increasing companion ownership in developing countries is another factor propelling the market. Approximately 75% of all novel and emerging human infectious ailments are zoonotic, like COVID-19, denoting that they can jump from animals to individuals. To combat COVID-19 and future pandemics, leaders from the Group of Seven in a February 2021 statement called for “affordable and equitable access to diagnostics” along with strengthening the One Health approach that unites veterinary, medical, and environmental disciplines in a cooperative effort.

In November 2021, Ellie Diagnostics proclaimed a new capital partnership to expand its diagnostic services across the U.S. Ellie provides diagnostics testing to veterinary clinics and specialty animal hospitals. On a global level, animal product consumption is witnessing a surge. This is supported by increasing human population, per capita, and animal health awareness in developing nations. Due to all these elements, the global demand for animal diagnostics has increased. The In-vitro (IVD) test kits and analyzers are rapidly filling the market. Apart from that, there is growth observed in the point of care treatments for animals as it provides convenience for the animals and their caretakers.

Moreover, the shift towards advanced test techniques, such as immune & molecular diagnostics, hematology, and nanotechnology, which are quick and efficient in producing the results is further propelling the growth. The U.S. is observed to have the highest number of companies dealing in this space, which, in turn, has contributed to the large share of North America in the global market. However, Asia Pacific is expected to emerge as the fastest-growing regional market. The upcoming tools and techniques in veterinary diagnostics space are nucleic acid, non-PCR techniques, biosensors, fluorescence polarization technology, whole-genome sequencing (WGS), biomarkers, nanotechnology, digitalization, and big data use, wearables, and apps, such as Vet on Demand, Treat, Pet life and Pet+Pixie.

Zoetis, IDEXX Laboratories Inc., Heska Corp., and VCA Antech diagnostics are the prominent players with a 70-80% market share in 2021. In June 2021, IDEXX Laboratories, Inc. publicized the acquisition of ezyVet. With this purchase, the company further expanded its cloud software offerings that assist customers with technology solutions that improve the standard of care for patients and allow more effective communication with pet owners.

Access Research Report of Veterinary Diagnostics Market @ https://www.grandviewresearch.com/industry-analysis/veterinary-diagnostics-market

Veterinary Diagnostics Market Report Highlights

• Global meat production is expected to rise tremendously due to high demand, growing population, and increasing per capita income in emerging nations. This will drive the overall market growth
• Consumables held the largest revenue share in 2022 owing to an increased usage of consumables in point-of-care diagnostics
• Under the species segment, the canine type held the major share in 2022 followed by, feline & porcine. The growth can be attributed to increasing pet healthcare expenditure and growing companion ownership
• Pathology held the largest revenue share of testing type in 2022 owing to the high demand for diagnostic consumables & instruments utilized during laboratory testing and the increased volume of pathology tests performed for production animals, avians, and pets
• Non-infectious diseases held the highest market share in the diseases segment in 2022. But the number of hereditary, congenital, structural, and functional diseases in livestock and companion animals is increasing worldwide
• The point of care segment is expected to show the fastest CAGR over the forecast years due to its rapidity, efficiency, and user convenience

Veterinary Diagnostics Market Report Scope

Report Attribute	Details
Market size value in 2023	USD 8.06 billion
Revenue forecast in 2030	USD 16.9 billion
Growth rate	CAGR of 11.2% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

List of Key Players in Veterinary Diagnostics Market

• Zoetis
• Heska Corp.
• IDEXX Laboratories Inc.
• Agrolabo S.p.A.
• IDvet
• Virbac
• Thermo Fisher Scientific Inc.
• Neogen Corp.
• Covetrus
• iM3Vet Pty Ltd.

Access Press Release of Veterinary Diagnostics Market @ https://www.grandviewresearch.com/press-release/global-veterinary-diagnostics-market