The global Veterinary Diagnostics market was valued at USD 4.6 billion in 2021 and it is anticipated to grow up to USD 11.3 billion by 2031, at a CAGR of 11.6% during the forecast period.
Global Veterinary Diagnostics report from Global Insight Services is the single authoritative source of intelligence on Veterinary Diagnostics market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
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Major Players in the Global Veterinary Diagnostics
The key players in the market are IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Thermo Fisher Scientific, Inc. (US), Virbac (France), bioMérieux SA (France), Heska Corporation (US), IDvet (France), NEOGEN Corporation (US), QIAGEN N.V. (a part of INDICAL Bioscience) (Europe), Randox Laboratories Ltd. (UK), Agrolabo S.p.A. (Italy), Bio-Rad Laboratories (US), Bionote, Inc. (South Korea) among others.
Global Veterinary Diagnostics Segmental Overview
Global Veterinary Diagnostics by Product
Based on product, it is segmented into the instrument, reagents and consumables. The instrument segment is likely to account for the significant market share during the forecast period. The key factors attributing the growth of the market is growing demand for instruments in veterinary hospitals and clinics. These instruments aid in the detection of diseases, fractures, and hemorrhages in animals. Other factors such as increased sensitivity and low cost of operations will fuel the market growth. Additionally, for full-body imaging, veterinarians are looking for digital radiography devices. Increased demand for a specialized digital scanner to capture high-resolution dental images is expected to drive the market’s growth
Global Veterinary Diagnostics by Technology
Based on technology, it is segmented into the immunodiagnostic, molecular diagnostic, clinical biochemistry, hematology, PCR, urinalysis and others. The immunodiagnostic segment is likely to account for the significant market share during the forecast period. This is attributed to the increased preference for this technology among veterinarians, pet owners, and livestock producers contributes to the immunodiagnostics segment’s large share. The increasing demand for early and accurate diagnosis, the preference for in-house testing, and the growing applications of immunodiagnostics all contribute to the growth of this application segment.
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Market Trends and Drivers
Globally, there has been an increase in the overall companion animal population and adoption rate. Having a companion animal is associated with positive health benefits such as reduced cardiac arrhythmias, blood pressure normalisation, decreased anxiety, greater psychological stability, and improved well-being, according to several studies. The growing pet population is expected to fuel demand for pet care products and services, supporting the growth of dependent industries such as veterinary infectious disease diagnostics. For instance, According to a National Pet Owners Survey (2019–2020) conducted by the American Pet Products Association (APPA), an estimated 67% of US households, or about 84.9 million families, owned a pet. According to a National Pet Owners Survey (2019–2020) conducted by the American Pet Products Association (APPA), an estimated 67% of US households, or about 84.9 million families, owned a pet.
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