Press release
Veterinary Diagnostic Equipment Market Witnesses Robust Growth, Projected to Reach $1.44 Billion by 2028
Veterinary Diagnostic Equipment Market
The Veterinary Diagnostic Equipment market has experienced robust growth, advancing from $1.02 billion in 2023 to an estimated $1.09 billion in 2024, showcasing a notable Compound Annual Growth Rate (CAGR) of 7.1%. Forecasts indicate continued momentum, with the market anticipated to surge to $1.44 billion by 2028, maintaining a steady CAGR of 7.1%.
Driving Forces for Market Surge:
Surging Prevalence of Animal Diseases:
A significant driver of the Veterinary Diagnostic Equipment market is the escalating prevalence of diseases among animals. The surge in disease incidence in both livestock and pets necessitates advanced diagnostic equipment for accurate detection. The World Health Organization's report on H5N1 avian influenza epidemics highlights the global impact of animal diseases, underscoring the growing demand for diagnostic tools.
Increase in Veterinary Practitioner Numbers:
The growth trajectory of the veterinary diagnostic equipment market is closely linked to the rising number of veterinary practitioners. As professionals in veterinary medicine play a crucial role in diagnosing and treating animals, the expanding pool of practitioners fuels the demand for diagnostic instruments. The Veterinary Practitioners Registration Board of Victoria's statistics demonstrate the upward trend in veterinary practitioners, contributing to market growth.
Explore the Global Veterinary Diagnostic Equipment Market with a Detailed Sample Report:
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Key Market Players:
Prominent contributors shaping the Veterinary Diagnostic Equipment market landscape include IDEXX Laboratories Inc., ABAXIS Inc., HESKA Corporation, Zoetis Inc., Virbac, Mindray Medical International Limited, Neogen Corporation, QIAGEN N.V., Agfa Healthcare, Toshiba, Carestream Health, MinXray, Diagnostic Imaging Systems, BCF Technology, Sedecal, Kaixin Group Co. Ltd., Esaote S.p.A., Pfizer Inc., Thermo Fisher Scientific Inc., Henry Schein Inc., Idvet, BioMérieux SA, Randox Laboratories Ltd., Abbott Laboratories, Acon Laboratories Inc., Animal Biome, BioCHEK BV, Chison Medical Imaging Co. Ltd., DCN Dx Daignostics, General Electric Company, Hallmarq Veterinary Imaging Ltd., INDICAL Bioscience GmbH, MI:RNA Ltd., Scopio Labs Ltd., VCA Antech Inc.
Market Dynamics:
Revolutionizing Veterinary Diagnosis with Technological Advancements:
Manufacturers in the veterinary diagnostic equipment market are spearheading advancements in blood microsampling techniques, offering enhanced precision and patient-centered specimen collection. Companies like Neoteryx, with its '3Rs-compliant Mitra' microsampling device, exemplify the adoption of innovative technologies for improved remote sampling and diagnosis.
Innovative Breakthroughs in Kidney Injury Diagnosis:
Major players in the market, including IDEXX Laboratories Inc., are focusing on introducing novel diagnostic tests for kidney injury. The IDEXX Cystatin B Test, launched in June 2023, represents a pioneering diagnostic tool offering new clinical insights for identifying kidney damage in cats and dogs.
Regional Dominance and Market Segmentation:
In 2023, North America emerged as the largest region in the Veterinary Diagnostic Equipment market, with Asia-Pacific securing the second-largest position.
The veterinary diagnostic equipment market covered in this report is segmented -
1) By Product: Hematology, Immunodiagnostics, Clinical Chemistry, Molecular Testing
2) By Animal: Livestock Cattle, Domestic Pets
3) By End Users: Hospitals And Clinics, Reference Laboratories, Universities/Research Centers, Point-Of-Care/In-House Testing
Access the Complete Report for In-Depth Analysis:
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Veterinary Diagnostic Equipment Global Market Report 2024 from TBRC covers the following information:
•Market size date for the forecast period: Historical and Future
•Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
•Market analysis by countries:Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.
TheVeterinary Diagnostic Equipment Global Market Report 2024byThe Business Research Company is the most comprehensive report that provides insights on veterinary diagnostic equipment market size, veterinary diagnostic equipment market drivers and trends, veterinary diagnostic equipment market major players, competitors' revenues, veterinary diagnostic equipment market positioning, and veterinary diagnostic equipment market growth across geographies.The veterinary diagnostic equipment market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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