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The market for Veterinary Diagnostics was valued at approximately USD 9.28 Billion in 2023. Over the course of the forecast period (2024–2031), the market is expected to develop at a compound annual growth rate (CAGR) of 10.02%, reaching a value of USD 19.41 Billion by 2031.
The market is expanding due to several major factors, such as rising costs for animal health, an increase in the frequency of animal diseases, improvements in diagnostics, and an increasing rate of medicalization. For the purpose of screening for vector-borne illnesses like canine leishmaniosis, IDEXX announced in November 2023 that the SNAP Leish 4Dx Test would be available in Europe and Asia. This increased the portfolio of the business. The capacity to diagnose diseases in animals has greatly increased thanks to ongoing developments in veterinary diagnostic technologies, such as molecular diagnostics, imaging modalities, and point-of-care (PoC) testing.
Innovative techniques for comprehensive healthcare are sought after by veterinarians and pet owners, who in turn drive industry growth by improving diagnostic speed and accuracy. One major driver now is the development and use of PoC diagnostic technologies that offer quick, on-site results. In veterinary offices, these tools facilitate prompt decision-making, allowing for early and effective treatment—a critical component of animal health outcomes. The necessity for prompt and reliable diagnostics has been highlighted by an increase in the prevalence of infectious diseases, notably zoonotic diseases, in animals.
Veterinary diagnostic products are essential for diagnosing and treating illnesses, stopping the spread of infections, and enabling timely medical intervention. Animals are prone to age-related and chronic diseases, much like people. The need for diagnostics that can help in the early identification and control of illnesses including arthritis, diabetes, and cancer is fueled by the aging pet population as well as an increasing emphasis on preventative healthcare. It is anticipated that the need for veterinary diagnostics would increase due to the rising prevalence of both chronic and infectious animal illnesses.
The report will cover the qualitative and quantitative data on the global Veterinary Diagnostics Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.
Study Period | 2024-31 |
Base Year | 2023 |
Estimated Forecast Year | 2024-31 |
Growth Rate | CAGR of 10.02% from 2024 to 2031 |
Segmentation | By Product, By Testing Category, By Animal Type, By End User, By Region |
Unit | USD Billion |
By Product |
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By Testing Category |
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By Animal Type |
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By End User |
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By Region |
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Veterinary diagnostics Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2024-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.
The report also helps in understanding Global Veterinary diagnostics Market dynamics, structure by analyzing the market segments, and project the Global Veterinary diagnostics Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Veterinary diagnostics Market make the report investor’s guide.
The market is divided into segments based on By Product, By Testing Category, By Animal Type, By End User.
Based on the Testing Category of the market is segmented into Clinical Chemistry, Microbiology, Parasitology, Histopathology, Cytopathology, Hematology, Immunology & Serology, Imaging, Molecular Diagnostics, Other.
In 2023, the clinical chemistry category held the largest market share with 23.44%. Tests for organ function and those that facilitate a sample's chemical analysis are included in this section. These tests can be used to identify certain diseases such as pancreatitis or diabetes, as well as to assess how well the animal is responding to treatment. The broad availability and uptake of these diagnostics is responsible for the significant portion of this group.
The cytopathology category is anticipated to grow at the quickest CAGR of 13.95% between 2024 and 2030. This section covers the analysis of cells from body tissues or fluids in order to make a diagnosis. IDEXX used its proprietary VetConnect PLUS software along with a new in-clinic device to launch digital cytology services in January 2020. This enables digital connections with over 100 veterinary pathologists worldwide, enabling doctors to receive cytology interpretations in as little as two hours. Major corporations could encourage the segment's growth by using similar measures.
Based on the Product of the market is categorised into Precision Consumables, Reagents & Kits, Equipment & Instruments.
In 2023, the segment with the largest market share was consumables, reagents, and kits. The essential elements required to perform a broad range of diagnostic tests in the field of veterinary medicine are consumables, reagents, and kits. Blood tests, urinalysis, and immunoassays are just a few of the diagnostic procedures for which these items are utilized in labs, veterinary clinics, & point-of-care settings. The range of diagnostic applications covered in this segment is extensive. Reagents and consumables are essential in a variety of diagnostic situations due to their diversity and adaptability.
The segment with the fastest predicted growth in the foreseeable future is Equipment & Instruments. This is caused by improvements in diagnostic equipment technology, a rise in POCT device use, a need for imaging equipment, and investments in veterinary care. For veterinary facilities in North America, Esaote, for instance, introduced the Magnifico Vet MRI system in January 2023.For the purpose of diagnosing different illnesses and viewing internal structures, diagnostic imaging is essential in veterinary medicine. Thus, it is expected that demand for cutting-edge imaging equipment—such as digital radiography, ultrasound devices, MRIs, and CT scans—will rise over time.
By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study. North America accounted for 38.6% of the market in 2023, the largest proportion. This is a result of several factors, including the firmly established veterinary medical system, the extensive use of state-of-the-art technology, high levels of disposable income, and the presence of notable companies like IDEXX, Mars, and Zoetis. The strategic initiatives of these companies ought to continue encouraging the growth of the local market. To improve its Vetscan Imagyst platform, Zoetis launched AI blood smear testing for cats and dogs in April 2022.
On the other hand, the Asia Pacific region is expected to develop at the fastest rate of 12.0% CAGR between 2024 and 2030. Numerous emerging nations, especially those in Southeast Asian countries, whose markets have enormous unrealized potential, are located in this region. Veterinary diagnostic companies expect to gain market share as attention turns to animal wellness and economic development. The need for thorough diagnostics is being driven by the growing tendency of treating dogs as family members as urban environments and lifestyles change.
The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.
The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.
The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.
Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.
The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.
Veterinary diagnostics Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends:
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15 Apr 2024
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