Veterinary Diagnostics Market is expected to reach USD 11.3 billion by 2031 | IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Thermo Fisher Scientific, Inc

The global Veterinary Diagnostics market was valued at USD 4.6 billion in 2021 and it is anticipated to grow up to USD 11.3 billion by 2031, at a CAGR of 11.6% during the forecast period.

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Veterinarians use a variety of veterinary tools to diagnose disease, to monitor disease progression or response to therapy, and to screen for the presence of underlying disease in apparently healthy animals. Additionally, veterinary diagnostics refers to the processes and examinations carried out to identify the existence of infectious diseases. These tests and methods also use goods referred to as veterinary infectious disease diagnostics. Animal infections brought on by viruses, bacteria, and parasites are just a few of the infectious diseases that can be detected with these diagnostics. Diagnostics can also be used to find infectious diseases in animals like dogs and cats.

Market Trends and Drivers

Globally, there has been an increase in the overall companion animal population and adoption rate. Having a companion animal is associated with positive health benefits such as reduced cardiac arrhythmias, blood pressure normalisation, decreased anxiety, greater psychological stability, and improved well-being, according to several studies. The growing pet population is expected to fuel demand for pet care products and services, supporting the growth of dependent industries such as veterinary infectious disease diagnostics. For instance, According to a National Pet Owners Survey (2019-2020) conducted by the American Pet Products Association (APPA), an estimated 67% of US households, or about 84.9 million families, owned a pet. According to a National Pet Owners Survey (2019-2020) conducted by the American Pet Products Association (APPA), an estimated 67% of US households, or about 84.9 million families, owned a pet.

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Market Restraints and Challenges

Infectious diseases in animals can be fatal if left untreated for an extended period of time. As a result, early diagnosis is critical in the treatment of animals suffering from these diseases. Furthermore, veterinary diagnosis refers to the procedures and tests used to detect the presence of infectious disease. Furthermore, the products used in these tests and procedures are known as veterinary infectious disease diagnostics. These diagnostics aid in the detection of infectious diseases in animals, such as viruses, bacteria, and parasites. Diagnostics can also be used to detect infectious diseases in animals such as cats and dogs.

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Major Players in the Global Veterinary Diagnostics

The key players in the market are IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Thermo Fisher Scientific, Inc. (US), Virbac (France), bioMérieux SA (France), Heska Corporation (US), IDvet (France), NEOGEN Corporation (US), QIAGEN N.V. (a part of INDICAL Bioscience) (Europe), Randox Laboratories Ltd. (UK), Agrolabo S.p.A. (Italy), Bio-Rad Laboratories (US), Bionote, Inc. (South Korea) among others.

COVID-19 Impact

A worldwide emergency has been caused by the COVID-19 pandemic. A person with COVID-19 might transmit the virus that causes this disease to pet cats and dogs (and possibly pet ferrets) in the same way we might transmit it to another person. The impact of the COVID-19 pandemic and the lockdowns it triggered is visible on various markets, including the Veterinary Diagnostics market. Since the initial COVID-19 outbreak, SARS-CoV-2 infections in mammals have been recorded in numerous countries. Furthermore, the number of naturally infected animals worldwide is much lower than the number of COVID-19 cases, proving that pets and other animals are not the cause of the COVID-19 pandemic, which is still being spread via human-to-human contact. The number of tests conducted on humans and animals is increasing as COVID-19 is becoming more widespread worldwide. Only urgent or emergency procedures required for the veterinary care of companion animals could be performed during the height of the pandemic, according to several nations' regulations. During the projected period, the COVID-19 pandemic is anticipated to have a brief, negligible effect on the veterinary diagnostics market.

Global Veterinary Diagnostics Segmentation

By Product

Instruments
Reagents & Consumables

By Technology

Immunodiagnostic
Molecular Diagnostic
Clinical Biochemistry
Hematology
PCR
Urinalysis
Others

By Animal Type

Companion Animals
Food-producing Animals

By End-use

Reference Laboratories
Veterinary Hospitals and Clinics
Point-of-care/ In-house testing
Research Institutes and Universities

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This release was published on openPR.