Veterinary Diagnostics Market Worth $6.37 Billion by 2029 - Exclusive Report by Meticulous Research®

According to a new market research report titled, "Veterinary Diagnostics Market by Product (Consumables {Leukemia, Influenza}, System, Software), Technology (ELISA, PCR, Hematology), Animal Type (Canine, Feline, Swine, Bovine, Poultry), End User (Point of Care Testing, Veterinary Hospital) - Forecast to 2029", published by Meticulous Research®, the veterinary diagnostics market is expected to grow at a CAGR of 9.3% from 2022 to reach $6.37 billion by 2029.

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Animals sometimes carry germs that can make people sick. As animals also provide us food for consumption, foodborne zoonotic diseases are caused by consuming food or water contaminated by pathogenic microorganisms. According to the WHO, an estimated 600 million, i.e., almost 1 in 10 people in the world, fall ill every year from consuming contaminated food. Children under five years of age are at a particularly high risk of carrying 40% of the burden of foodborne diseases, with 1,25,000 children dying from foodborne diseases every year. Diarrheal diseases are the most common illnesses resulting from the consumption of contaminated food, causing 550 million people to fall ill and 2,30,000 deaths every year.

Further, there are many key conditions responsible for increasing the prevalence of disease and affecting the health of the pet population. Diabetes Mellitus & Heartworm Diseases are the most common diseases diagnosed in canine and feline. According to Vetsource 2018, it is estimated that 1 in every 300 dogs and 1 in 230 cats develop diabetes during their lifetime. Governments across the globe are heavily focusing on increasing awareness about these diseases, thereby resulting in early diagnosis. For instance, in April 2019, the British Horse Society (BHS) and the University of Nottingham (U.K.) launched the Colic Awareness Week to increase the awareness of recognizing the earlier signs of colic.

COVID-19 Pandemic Offering Lucrative Opportunities for the Veterinary Diagnostics Market

SARS-CoV-2 is thought to have emerged from an animal source. This pandemic of COVID-19 is being sustained through human-to-human transmission. However, some animal infections with SARS-CoV-2 have also been reported by several countries. Many animal species have proven to be susceptible to infection with SARS-CoV-2 either naturally or by experimental infection. Thus, to monitor animal infections to better understand their epidemiological significance for animal health, biodiversity, and human health, there is a surge in the research to develop diagnostic products for livestock and companion animals. Also, with regards to some of the cases found in animals, CDC, USDA, and state public health and animal health officials in several countries are working to conduct active surveillance of SARS-CoV-2 in pets, including cats, dogs, and other small mammals, that had contact with a person with COVID-19. The animals are being tested for SARS-CoV-2 infection to see whether the pet develops antibodies to this virus. Thus, the research on SARS-Cov-2 in animals is limited, but several studies are underway to learn more about coronavirus infection. This has led to the development of various assays and kits for testing. For instance, in April 2020, IDEXX Laboratories, Inc. (U.S.) launched the IDEXX SARS-CoV-2 (COVID-19) RealPCR Test for pets in response to the growing evidence in rare cases, pets living with COVID-19 positive humans can be at risk for SARS-CoV-2 infection. Thus, upcoming years would provide rapid development of diagnostic products against coronavirus, thereby driving the market growth.

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The veterinary diagnostics market is segmented on the basis of product, technology, animal type, and end user. The study also evaluates industry competitors and analyzes the regional and country markets.

Based on technology, the immunodiagnostics segment is expected to grow at the fastest CAGR during the forecast period. This technique is implemented in diagnostics and quality-control programs as they are rapid, convenient, and are an accurate research tool for the detection and quantitation of targets. Further, the higher preference for immunodiagnostics tests by veterinary practitioners due to its high accuracy standards and increasing usage of miniaturized devices contribute to its growth.

Based on product, the consumables segment is estimated to dominate the veterinary diagnostics market in 2022. Factors include commercial availability of a diverse range of reagents and consumables for various diseases and animal health screening, availability of diseases specific test kits, and assays. Moreover, the emergence of various POC tests and assays is expected to create significant opportunities in the veterinary diagnostic consumer market.

Based on animal type, the companion animal segment is estimated to account for the largest share of the veterinary diagnostics market in 2022. This is due to the increasing companion animal population & pet ownerships in developed countries and rising pet healthcare expenditure. The occurrence of COVID-19 in companion animals will lead to the development of various assays and kits for testing, increasing the adoption of companion diagnostic products, driving the segment growth. The companion animal segment is further segmented into canines, felines, and other companion animals.

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Based on end user, the reference laboratories segment is estimated to account for the largest share of the market in 2022. Growing preference for diagnostic services offered by reference laboratories and increasing development of products through strategic alliances between laboratories and companies contributed to the largest share of reference laboratories in this market.

Based on geography, North America is estimated to dominate the veterinary diagnostics market in 2022, while Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The factors driving the growth of the Asia-Pacific veterinary diagnostics market are a large population of livestock animals, the rising incidence of various zoonotic diseases, and a focus on adopting new technologies in animal healthcare.

The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments in the industry's leading market participants over the past four years (2018-2021). The veterinary diagnostics market has recently witnessed several new product launches, enhancements, approvals, partnerships & agreements, expansions, and acquisitions.

Some of the key players operating in this market are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Heska Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), INDICAL BIOSCIENCE GmbH (Germany), Agrolabo SpA (Italy), Neogen Corporation (U.S.), IDvet (France), and GD Animal Health (Netherlands).

To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/veterinary-diagnostics-market-5123

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