Veterinary Diagnostics Market Size to Surpass USD 14.48 billion by 2030, exhibiting a CAGR of 10.7%
As per the report by Fortune Business Insights, the global Veterinary Diagnostics Market size is projected to reach USD 14.48 billion in 2030, at a CAGR of 10.7% during the forecast period, 2023-2030
Veterinary Diagnostics Market
Pune, India, Aug. 31, 2023 (GLOBE NEWSWIRE) — The veterinary diagnostics market size was valued at USD 6.49 billion in 2022 and the market is anticipated to expand USD 14.48 billion by 2030, exhibiting a CAGR of 10.7% during forecast period. The rise is propelled by the increasing establishment of new diagnostic laboratories and rising pet insurance demand.
Fortune Business Insights™ provides this information in its research report, titled “Veterinary Diagnostics Market, 2023-2030”.
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Key Industry Development:
May 2023 – IDEXX Laboratories partnered with Haychem Bangladesh Limited. The deal would provide access to IDEXX kits for monitoring flock health in Bangladesh.
- VeraSTAT-V and VeraSTAT were added to Randox Laboratories Ltd.’s point-of-care (POC) diagnostics portfolio for equine health in March 2022.
- According to an article by the European Centre for Disease Prevention and Control published in 2022, there was an increase in the number of campylobacteriosis and salmonellosis cases in 2021 when compared to 2020.
- Based on a 2023 Forbes article, about 66.0% of households in the United States, equivalent to 86.9 million homes, are pet owners.
- Segmented by technique, the market is categorized into hematology, immunodiagnostics, molecular diagnostics, diagnostic imaging, clinical biochemistry, and other methods.
Discover the Leading Players Featured in the Report:
IDEXX Laboratories, Inc. (U.S.),Zoetis Services LLC (U.S.),Heska Corporation (U.S.),Thermo Fisher Scientific Inc. (U.S.),Avante Animal Health (U.S.),Virbac (France),Randox Laboratories Ltd. (U.K.),VCA Animal Hospitals (Mars, Incorporated) (U.S.),Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China)
Report Scope & Segmentation
|Forecast Period||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR||10.7%|
|2030 Value Projection||USD 14.48 billion|
|Market Size in 2023||USD 7.13 billion|
|No. of Pages||165|
|Segments covered||By Product Type, Technique, Animal Type, End User, and Region|
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Reagents & Consumables Segment to Lead Owing to Soaring Frequency of Veterinary Tests
On the basis of product type, the market for veterinary diagnostics is subdivided into reagents & consumables and instruments. The reagents & consumables segment held a major market share in 2022 and is expected to record notable expansion over the analysis period. The surge is driven by increasing disposable income and growing prevalence of animal diseases.
Immunodiagnostics Segment to Hold Major Share Driven by Increasing Advanced Diagnostics Demand
By technique, the market is fragmented into hematology, immunodiagnostics, molecular diagnostics, diagnostic imaging, clinical biochemistry, and others. The immunodiagnostics segment accounted for a key share in the market in 2022 and is slated to register appreciable growth over the projected period. The expansion is impelled by the increasing product adoption for the diagnosis of animal diseases.
Veterinary Reference Laboratories Segment to Ace the Market Driven by High Data Reliability
Based on end user, the market for veterinary diagnostics is segregated into veterinary reference laboratories, veterinary hospitals & clinics, and others. The veterinary reference laboratories segment accounted for a dominating market share in 2022 impelled by the escalating significance of reference laboratories on account of high data reliability.
Companion Segment to Register Notable Growth Due to Increasing Spending on Pet Care
By animal type, the market for veterinary diagnostics is subdivided into companion and livestock. The companion segment accounted for the largest market share in 2022. The segment share is anticipated to rise at a considerable pace over the forecast period. The growth is driven by the soaring expenditure on pet care.
Based on geography, the market for veterinary diagnostics has been studied across North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa.
By Product Type
- Reagents & Consumables
- Molecular Diagnostics
- Diagnostic Imaging
- Clinical Biochemistry
By Animal Type
By End User
- Veterinary Hospitals & Clinics
- Veterinary Reference Laboratories
- North America
- EuropeAsia Pacific
- Latin America
- Middle East & Africa
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Surge in Pet Ownership to Drive Market Expansion
One of the pivotal factors impelling the veterinary diagnostics market growth is the increasing trend of nuclear families and an upsurge in pet ownership. The product demand can also be attributed to the increased expenditure on pet care.
However, the dearth of skilled veterinary professionals for operating advanced diagnostic tools may hinder industry expansion to a considerable extent.
North America to Emerge as Key Region Owing to Rising Employment in the Veterinary Sector
The North America market accounted for a dominant position in the global market in 2022. The veterinary diagnostics market share in the region is anticipated to record substantial growth over the estimated period. The rise is driven by the soaring employment in the veterinary sector and growing expenditure on pet care.
The Asia Pacific market is touted to expand at the fastest rate over the forecast period. The expansion is driven by the growing awareness pertaining to risks associated with zoonotic diseases in the region.
Key Players Enter Strategic Partnerships to Increase Geographical Footprint
Major industry participants are focused on adopting a range of strategies for expanding the reach of their products. These strategies are also being adopted for increasing their geographical footprints. Some of these steps include partnerships, acquisitions, and the launch of new products, among others.
How big is the Veterinary Diagnostics Market?
Veterinary Diagnostics Market size was USD 7.13 billion in 2023.
How fast is the Veterinary Diagnostics Market growing?
The Veterinary Diagnostics Market will exhibit a CAGR of 10.7% during the forecast period, 2023-2030.
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