Veterinary Point Of Care Diagnostics Market Growth, Demand, Key Drivers, Forecast To 2033

The veterinary point of care diagnostics market size has grown rapidly in recent years. It will grow from $1.58 billion in 2023 to $1.8 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth in the historic period can be attributed to education and awareness programs, integration with telemedicine, focus on infectious disease control, regulatory support and approvals, livestock and production animal management.

The veterinary point of care diagnostics market size is expected to see rapid growth in the next few years. It will grow to $2.97 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. The growth in the forecast period can be attributed to increasing pet population, preventive healthcare emphasis, remote and rural access needs, personalized veterinary medicine,global health preparedness. Major trends in the forecast period include technological advancements, product innovations, consumer preference for home testing.

Market Overview -
Veterinary point-of-care diagnostics are used for real-time animal health diagnostics, providing clinically meaningful information in clinical practice without relying on clinical laboratory results. It reduces the turnaround time (TAT) of animal test results for clinicians and patients in the prescribed treatment course.

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Rising Companion Animal Population To Drive Market Growth
The increasing companion animal population is expected to propel the veterinary point-of-care diagnostics market growth going forward. Companion animals are pets who share the residential area with humans. An increase in the companion animal population is increasing the demand for veterinary point-of-care diagnostics that enables faster clinical decision-making in the diagnostic, treatment selection and monitoring, and prognosis processes, as well as operational decision-making and resource utilization. For instance, according to the American Pet Products Association, a US-based not-for-profit industry association's 2021-2022 National Pet Owners Survey, 70% of all US households have a companion animal. Therefore, the increasing companion animal population contributes to the veterinary point-of-care diagnostics market growth.

Competitive Landscape -
Major companies operating in the veterinary point of care diagnostics market report are Zoetis Inc., IDEXX Laboratories Inc., Heska Corporation, Virbac Animal Health India Pvt Ltd, Samsung Neurologica Corporation, Eurolyser Diagnostica GmbH, Randox Laboratories Ltd, Anipoc Ltd, Carestream Health Inc, Fujifilm Sonosite Inc, Neogen Corporation, Mindray Medical International Limited, GE HealthCare Technologies Inc., Abaxis Inc., Agfa-Gevaert N.V., Alvedia, Bio-Rad Laboratories Inc., bioMérieux SA, Bionote Inc., Chembio Diagnostic Systems Inc., Clindiag Systems Co. Ltd., Coris BioConcept, Creative Diagnostics, DiaSys Diagnostic Systems GmbH, Eiken Chemical Co. Ltd., Eurofins Technologies, Fujirebio Diagnostics Inc., Gold Standard Diagnostics Corp., Hangzhou AllTest Biotech Co. Ltd., Hologic Inc., InBios International Inc.

Product Innovations Transforming The Veterinary Point-Of-Care Diagnostics Market
Major companies operating in the veterinary point-of-care diagnostics market are developing new veterinary analyzers to sustain their position in the market. For instance, in August 2023, Chengdu Seamaty Technology Co., Ltd., a China-based medical equipment manufacturing company launched four veterinary analyzers designed for pet hospitals, emphasizing the crucial role of on-site diagnostics. The innovative devices, including the VG2 Vet Blood Gas Electrolyte Immunoassay Analyzer, VG1 Veterinary Blood Gas & Electrolyte Analyzer, Vi1 Veterinary Fluorescence Immunoassay Analyzer, and VBC30/VBC50 Hematology Analyzers, provide swift and precise diagnostic insights for diseases, immunity assessment, and inflammation monitoring in canines and felines. With user-friendly interfaces and portable designs, these analyzers enable seamless integration into veterinary workflows, enhancing efficiency and facilitating immediate decision-making for optimal patient care.

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Key Segments -

The veterinary point of care diagnostics market covered in this report is segmented -
1) By Product : Consumables, Reagents, and Kits, Instruments and Devices
2) By Animal Type: Companion Animals, Livestock Animals
3) By Disease: Infectious Diseases, Metabolic Diseases, Other Diseases
4) By Technology: Immunodiagnostics, Clinical Biochemistry, Molecular Diagnostics, Hematology, Urinalysis, Other Technologies
5) By End User: Veterinary Clinics, Veterinary Hospitals and Academic Institutes, Home Care Settings

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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