Reports And Data

Veterinary Diagnostics Market Size – USD 53.6 Bn in 2022, CAGR of 13.6%, Growing demand for POCT tools and adaption of in-house diagnostic testing equipment

NEW YORK, NY, UNITED STATES, March 27, 2023 /EINPresswire.com/ -- Major drivers influencing market revenue growth include expanding consumer demand for food items made from animals, rising zoonotic disease prevalence, and increased consumer awareness of animal health. The demand for prompt and accurate animal disease detection has risen due to the spread of zoonotic diseases and other ailments that can be passed from animals to people.

The global Veterinary Diagnostics Market size was USD 53.6 Billion in 2022 and is expected to register a revenue CAGR of 13.6% over the forecast period, according to the latest report by Reports and Data.

In order to ensure food safety, there is an increased need for effective diagnosis and control of animal illnesses due to the rising demand for commodities produced from animals, such as milk, meat, and eggs.

Moreover, the introduction of innovative diagnostic procedures and equipment that provide rapid and precise findings is another driver driving market revenue growth. For example, Point-Of-Care Testing (POCT) instruments have grown in popularity since they allow for the rapid and accurate diagnosis of a wide range of animal illnesses while saving time and money when compared to traditional laboratory testing.

Another factor driving market revenue growth is the rising use of in-house diagnostic testing equipment, which allows veterinarians to conduct tests in their own clinics and hospitals and provide faster diagnosis and treatment for animals. Government efforts that enhance animal health and welfare, such as vaccination campaigns, are also driving demand for veterinary diagnostics.

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Some of the prominent players profiled in the global veterinary diagnostics market include IDEXX Laboratories, Inc., Zoetis Inc., Heska Corporation, Neogen Corporation, Thermo Fisher Scientific Inc., Virbac, IDvet, Abaxis, Inc., and Biomérieux SA.

Some Key Highlights from the Report

• In 2022, the consumables segment accounted for a significantly large revenue share of the worldwide veterinary diagnostics market. This is due to an increase in the usage of consumables such as test kits, reagents, and other supplies, which are critical components of diagnostic testing. These consumables are used in a variety of diagnostic procedures to identify and diagnose various illnesses and disorders in animals, including haematology, immunodiagnostics, molecular diagnostics, clinical chemistry, and others. Furthermore, the rising frequency of zoonotic illnesses, combined with the adoption of companion animals, has increased demand for veterinary diagnostic tests, propelling revenue growth in this area.
• During the forecast period, the veterinary clinics segment accounted for the biggest revenue share in the worldwide veterinary diagnostics market. This is related to increased pet ownership, the incidence of zoonotic infections, and increased pet owner knowledge of the significance of routine veterinary check-ups.
• Over the projection period, the North American market held the biggest revenue share in the worldwide veterinary diagnostics market. This is because the region's pet adoption rate is increasing, as is public awareness of animal health. Furthermore, the abundance of veterinary diagnostics enterprises in this area is likely to fuel market revenue development.
• Zoetis Inc. purchased ZNLabs, a veterinary reference laboratory that specialises in diagnostic testing for companion animals, on November 22, 2019. The goal of this purchase was to broaden Zoetis' diagnostics services and increase its position in the veterinary diagnostics industry.

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For the purpose of this report, Reports and Data has segmented the global veterinary diagnostics market on the basis of Product Type Outlook, End-use Outlook, and Regional Outlook:

Product Type Outlook (Revenue, USD Billion; 2022 - 2032)

Instruments
Consumables
Others

End-use Outlook (Revenue, USD Billion; 2022 - 2032)

Veterinary Clinics
Reference Labs
Academic Institutions
Others

Regional Outlook (Revenue, USD Billion; 2022-2032)

North America
Europe
Asia-Pacific
Latin America
Middle East & Africa

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Key Advantages of Veterinary Diagnostics Report:

• Identification and analysis of the market size and competition
• Qualitative and quantitative analysis of the market data
• Data validated by industry experts after extensive primary and secondary research
• Extensive regional analysis of the Veterinary Diagnostics industry
• Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the Veterinary Diagnostics market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

Nikhil Morankar
Reports and Data
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