Veterinary Diagnostic Market worth $5.0 billion by 2029

Veterinary Diagnostic Market in terms of revenue was estimated to be worth $3.3 billion in 2023 and is poised to reach $5.0 billion by 2029, growing at a CAGR of 7.1% from 2023 to 2029 according to a new report by MarketsandMarkets. Early disease detection and ease of decision-making leading to improved treatment planning are advantages of the veterinary diagnostics market. Factors such as increased diagnostic testing for animals such as dogs and cats, rise in production and consumption of food from livestock, increase in disease control and prevention measures, government initiatives to increase awareness for increased adoption of pets, rise in visits to veterinary doctors for infectious ailments, and continuous technological development in the diagnosis instruments like analyzers or test kits.

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The companion animal segment holds the largest market share during the forecast period.

The veterinary diagnostics market is divided into companion animals and livestock in the animal type segment. The companion segment was dominated in this market. Increase in the number of households that own a pet like dogs or cats. According to the American Pet Products Association, the number of households owned 86.9 million pets in 2022 and those in Europe owned 90 million in 2022. With the growing population of companion animals, and the increasing ability to spend more on pet health the adoption of advanced diagnostic tests and treatment is expected to increase, in turn, driving the market growth. Some of the major players offering diagnostic modalities for companion animals are IDEXX Laboratories (US), Heska Corporation (US), Zoetis, Inc. (US), Thermo Fisher Scientific (US), NEOGEN Corporation (US), Virbac (France), and INDICAL BIOSCIENCE GmbH (Germany).

The online sales segment is expected to grow at the highest rate during the forecast period.

The distribution channel segment is divided into direct sales, wholesalers and distributors, and online sales. The online sales segment is growing at the highest rate due to the convenience of browsing the product, vast selection of products with comparative pricing options available, competitive pricing with other distributors and players that attract customers for adopting this platform, reading reviews, offers by sellers, and delivery can be tracked only on this platform. Thus, it improved the reliability of the seller and improved brand trust. This is a high growth market and may curb the middleman, i.e., wholesalers or distributors in the supply chain. Companies like Idexx and Zoetis have adopted this model of sales to also enhance their customer base.

In the end-user segment, the point of care or in house testing segment is growing at the fastest rate in the veterinary diagnostics market.

According to end users, point of care/ in house testing is growing at the fastest rate, followed by reference laboratories. Other end users include hospitals/ clinics and veterinary research institutes and universities. POC tests are designed for use in livestock farms outside the physical facilities of clinical laboratories. Since the demand for improved patient care and greater cost control are driving changes in the structure of animal healthcare delivery, the need for POC diagnostic testing is also growing. Technological advancements in veterinary diagnostics are making it possible for a higher number of diagnostic tests to move from clinical laboratories to the near-patient environment.

Currently, new products are being developed in the market that enables pet owners to perform basic tests at home, thereby reducing the cost of tests and enabling greater convenience. Some POC diagnostic testing products for companion animals include diagnostic kits for various diseases and infections, pregnancy test kits, glucose monitors, and portable analyzers.

North America will continue to dominate the adhesion barriers market in 2028.

On the basis of region, the microfluidics market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. North America has various advantages-a surge in the population of companion pets, willingness to spend high costs on pet care, rise in adoption of dogs and cats, and rise in milk production leading to adoption and care of more livestock. The APPA Biennial Survey of Pet Owners found that 66% of US households, or 86.9 million homes, owned at least one pet in 2022. The rising expenditure on companion animal healthcare is are factor expected to drive the market growth in North America. Presence of all major players like Idexx Laboratories, Zoetis, Inc., and Thermofisher Scientific Inc. are also housed in this region which fuels its market share in the market.

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Veterinary Diagnostic Market Dynamics:

Drivers:

Increasing incidence of transboundary and zoonotic diseases
Growth in companion animal population
Rising demand for animal-derived food products
Rising demand for pet insurance and growing animal health expenditure
Growing number of veterinary practitioners and rising income levels in developed economies
Increasing disease control and disease prevention measures
Restraints:

Rising pet care costs
High costs of veterinary diagnostic tests
Opportunities:

Untapped markets of emerging nations
Increased use of PCR testing panels to rule out COVID-19 virus in animals
Challenge:

Developing markets are experiencing a reduction in the number of practicing veterinarians
Lack of animal healthcare awareness in emerging countries
Key Market Players of Veterinary Diagnostic Industry:

The veterinary diagnostics market is a consolidated market with the presence of few dominant multinational market players. Some of the prominent players include IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Thermo Fisher Scientific Inc. (US), bioMérieux SA (France), Heska Corporation (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), Virbac (France), FUJIFILM Holdings Corporation (Japan), Shenzhen Mindray Animal Medical Technology Co. Ltd. (China), INDICAL BIOSCIENCE GmbH (Germany), BioNote, Inc. (South Korea), Biogal Galed Labs (Israel), Agrolabo S.p.A. (Italy), Innovative Diagnostics (France), Randox Laboratories Ltd. (Ireland), BioChek (Netherlands), Fassisi GmbH (Germany), Alvedia (France), SKYER, Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), Gold Standard Diagnostics (Germany), Precision Biosensor Inc. (South Korea), Antech Diagnsotics Inc. (US), and EUROIMMUN Medizinische Labordiagnostika AG (Germany).

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