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Veterinary Point Of Care Diagnostics Market Report 2024 - Industry Growth
Veterinary Point Of Care Diagnostics Market Report
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According to The Business Research Company's, 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.
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Market Drivers and Trends:
The rising burden of dermatological diseases is expected to propel the growth of veterinary point-of-care diagnostics market going forward. Dermatological diseases refer to a broad category of medical conditions that affect the skin. Dermatological issues, including allergies, infections, and parasitic diseases, necessitate early detection and treatment. As the pet population rises and ownership trends increase, the demand for immediate and on-site skin evaluations grows. Point-of-care diagnostics offer diverse tests for comprehensive dermatological assessments, supporting preventive care and meeting client expectations for timely diagnostics. For instance, in October 2022, according to British Broadcasting Corporation, a UK-based broadcasting company, as of October 2022, Lumpy Skin Disease has affected more than 2.4 million animals in India, resulting in the death of over 110,000 cattle. Therefore, the rising burden of dermatological diseases is driving the growth of 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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Major Key Players of the Market:
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.
Veterinary Point Of Care Diagnostics Market 2024 Key Insights:
• 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%.
• Rising Companion Animal Population To Drive Market Growth
• Product Innovations Transforming The Veterinary Point-Of-Care Diagnostics Market
• North America was the largest region in the veterinary point of care diagnostics market in 2023
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