Veterinary Point-of-Care (POC) Diagnostics Market Growth Challenges, Opportunities And Forthcoming Developments 2021

Precision Business Insights published a research report on “Veterinary Point-of-Care (PoC) Diagnostics Market By Product (Diagnostic Test Kits, Analyzing Instruments, Others), By Application (Hematology, Infectious Diseases, Others), By Sample (Blood, Urine, Others) By Animals (Dogs, Cats, Bovine, Swine, Equine and Others) By Distribution Channel (Veterinary Hospitals, Veterinary Clinics, and Others) and Geography - Global/Region/Country Forecast to 2027”.

The majority of these tests are carried out by non-laboratory staff, and the results are used to make clinical decisions. These tests are more expensive than traditional laboratory procedures, but they can save money in specific healthcare settings because they are performed near to the patient. High prevalence of infectious diseases, rising incidence of target diseases, the need for rapid diagnostics, skilled staff shortages in diagnostic labs, rising preference for home healthcare/self-testing, and favourable government initiatives aimed at the adoption of POC testing products are expected to propel the growth of the point of care diagnostics market over the forecast period. Many research projects in the realm of microfluidics technology are now underway.

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The increased prevalence of zoonotic diseases, technological improvements, and rising pet care spending are the primary factors driving the global veterinary point-of-care diagnostics market. In addition, the coronavirus pandemic has increased demand for animal diagnostics. According to the study, the high cost of veterinary imaging equipment may have a detrimental impact on business expansion during the assessment period. Veterinary diagnostics tests, for the uninitiated, diagnose and identify many ailments in animals. In veterinary diagnostics, advanced technologies and methodologies used in human diagnostics are widely used. These diagnostics, when combined with Point-Of-Care (POC), allow veterinarians to obtain real-time, lab-quality diagnostic results in a short amount of time, hence boosting worldwide veterinary point-of-care diagnostics market trends.

On the basis of product, the point-of-care diagnostics market is fragmented into glucose monitoring, infectious disease testing and cardiometabolic monitoring. Based on platform, the point-of-care diagnostics market is categorized into lateral flow assays and biosensors. On the basis of mode of prescription, the market is categorized into prescription-based testing and OTC testing. On the basis of end user, the POC diagnostics market is divided into clinical laboratories and outpatient healthcare & ambulatory care settings, home care settings, hospitals/critical care centers, and other end users.

Due to factors such as increased adoption of companion animals, rising veterinary healthcare expenditure, and expanding demand for animal-derived food items, North America now has the bulk of the market share. The Asia-Pacific market is predicted to develop the fastest throughout the forecast period, owing to the rapidly growing animal population, increasing adoption of veterinary diagnostic products, and increasing demand for animal-derived food items. The veterinary POC diagnostic market in Europe is estimated to increase at a 7.7% CAGR over the forecast period. The increase of the European market could be aided by a jump in demand for animal goods and a focus on biologicals for producing various vaccines in the animal diagnostics business. The rising consumption of animals, as well as the rising occurrence of zoonotic illnesses, has created a demand for animal diagnostics, which could contribute to the market's expansion in Europe throughout the evaluation period.

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Some of the major key players in the Veterinary Point-of-Care (PoC) Diagnostics Market are IDEXX Laboratories (U.S.), Abaxis (U.S.), Biogal, Galed Labs. Acs Ltd. (Israel), Bionote, Inc (Republic of Korea), Diagon (Hungary), LifeAssays AB (Sweden)

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