Veterinary Diagnostics Market Size, Share, Growth and Trends, Report 2024-2031

The Global Veterinary Diagnostics Market reached USD 7.1 billion in 2023 and is projected to witness lucrative growth by reaching up to USD 13.6 billion by 2031. The global veterinary diagnostic smarket is expected to exhibita CAGR of 8.7% during the forecast period (2024-2031).

Veterinary diagnostics play a crucial role in maintaining animal health by identifying health issues early, facilitating quicker diagnosis, and enabling effective treatment planning. Traditionally, diagnostics involve analyzing blood, tissue, urine, or feces for proteins, antibodies, disease indicators, or general health markers.

However, digital diagnostics enhance preventive capabilities by identifying wellness trends that human specialists might miss, thereby enabling earlier disease detection. The integration of artificial intelligence and advanced technologies further improves the ability to detect dangerous patterns amidst growing data volumes.

The veterinary diagnostics market is expanding due to the rise in veterinary diseases, the increasing number of pet adoptions globally, and other contributing factors. Technological advancements, particularly in countries like the U.S. and Canada, are driving market growth. North America is witnessing a surge in demand, with significant players such as Ringbio, Virbac, and PetDx actively contributing to the market.

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Market Dynamics:

Increasing Number of Pets Adopted Worldwide will Rise the Market Growth

The global veterinary diagnostics market is significantly driven by the rising number of pets adopted worldwide. For example, the ASPCA reports that approximately 6.3 million companion animals enter U.S. animal shelters each year, with 3.1 million being dogs and 3.4 million being cats. Of these, about 4.1 million shelter animals are adopted annually, including 2 million dogs and 2.1 million cats.

Pets, especially dogs and cats, provide companionship and emotional support. The COVID-19 pandemic heightened this need as people spent more time at home and experienced increased feelings of isolation. During this period, many sought the comfort of pets to help manage stress, anxiety, and depression. Research has shown that interacting with pets can alleviate these conditions, leading to a greater awareness of their mental health benefits.

Furthermore, the popularity of pet-focused content on social media has also contributed to increased pet adoption. The widespread sharing of engaging and heartwarming pet videos and photographs has heightened public interest in owning pets, further driving the growth of the veterinary diagnostics market.

Segment Covered in the Veterinary Diagnostics Market:

By Product Type: Analyzers, Consumables.

By Technology: Molecular Diagnostics, Immunodiagnostics, Clinical Biochemistry, Hematology.

By Animal Type: LiveStock, Companion.

By Application: Infectious Disease, Autoimmune Disorder, Endocrinology& Oncology, Bone and Mineral Diseases, Others.

By End User: Reference Laboratories, Veterinary Hospitals & Clinics, Point of care/ In-house testing.

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Key players involved in Veterinary Diagnostics Market:

• Zoetis
• Thermo Fisher Scientific
• Covetrus, Inc.
• PetDx
• HORIBA UK Limited
• Ringbio,
• Virbac
• IDVet
• Abaxis
• Heska Corporation

Related Reports:

Companion Animal Health Market: https://www.datamintelligence.com/research-report/companion-animal-health-market

Animal Wound Care Market: https://www.datamintelligence.com/research-report/animal-wound-care-market

Veterinary Hematology Analyzers Market: https://www.datamintelligence.com/research-report/veterinary-hematology-analyzers-market

Regional Analysis:

The global Veterinary Diagnostics Market report focuses on six major regions: North America, Latin America, Europe, Asia Pacific, the Middle East, and Africa. The report offers detailed insight into new product launches, new technology evolutions, innovative services, and ongoing R&D. The report discusses a qualitative and quantitative market analysis, including PEST analysis, SWOT analysis, and Porter's five force analysis. The Veterinary Diagnostics Market report also provides fundamental details such as raw material sources, distribution networks, methodologies, production capacities, industry supply chain, and product specifications.

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