Veterinary Diagnostics Market Segmentation Trends and Industry Growth Forecast (2024-2031) - Zoetis, Thermo Fisher Scientific, Covetrus Inc.

The Global Veterinary Diagnostics Market reached USD 7.1 billion in 2022 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 Market report, published by DataM Intelligence, provides in-depth insights and analysis on key market trends, growth opportunities, and emerging challenges. Committed to delivering actionable intelligence, DataM Intelligence empowers businesses to make informed decisions and stay ahead of the competition. Through a combination of qualitative and quantitative research methods, it offers comprehensive reports that help clients navigate complex market landscapes, drive strategic growth, and seize new opportunities in an ever-evolving global market.

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Veterinary diagnostics refers to medical testing procedures used to detect and monitor diseases, infections, and health conditions in animals. It includes laboratory tests, imaging techniques, molecular diagnostics, and point-of-care testing to diagnose conditions in pets, livestock, and wildlife. Advancements in veterinary diagnostics have improved disease prevention, treatment, and overall animal healthcare management. The rising awareness of zoonotic diseases and increasing pet ownership are driving demand for veterinary diagnostic services.

List of the Key Players in the Veterinary Diagnostics Market:

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

Industry Development:

On June 29, 2023, Boule Diagnostics introduced the H50V, a new 5-part veterinary diagnostic solution for the European market. Designed for cost-effective diagnostics, the system features 13 preloaded animal profiles and over 30 analyzed parameters, making it a versatile tool for veterinary clinics and laboratories.

Market Dynamics:

The rising adoption of pets worldwide is driving the growth of the global veterinary diagnostics market. According to the ASPCA, approximately 6.3 million companion animals enter U.S. shelters annually, with around 4.1 million being adopted each year. Pets, particularly dogs and cats, provide companionship and emotional support, which became even more crucial during the COVID-19 pandemic when people sought comfort amid isolation. Studies show that interacting with pets helps alleviate stress, anxiety, and depression, leading to increased pet ownership for mental well-being. Additionally, the growing popularity of pet-related content on social media has further fueled interest in pet adoption, contributing to the expanding veterinary diagnostics market.

Growth Forecast Projected:

The Global Veterinary Diagnostics Market is anticipated to rise at a considerable rate during the forecast period, between 2024 and 2031. In 2023, the market is growing at a steady rate, and with the rising adoption of strategies by key players, the market is expected to rise over the projected horizon.

Research Process:

Both primary and secondary data sources have been used in the global Veterinary Diagnostics Market research report. During the research process, a wide range of industry-affecting factors are examined, including governmental regulations, market conditions, competitive levels, historical data, market situation, technological advancements, upcoming developments, in related businesses, as well as market volatility, prospects, potential barriers, and challenges.

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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

Regional Analysis for Veterinary Diagnostics Market:

The regional analysis of the Veterinary Diagnostics Market covers key regions including North America, Europe, Asia Pacific Middle East and Africa and South America. The North America with a focus on the U.S., Canada, and Mexico; Europe, highlighting major countries like the U.K., Germany, France, and Italy, along with other nations in the region; Asia-Pacific, covering India, China, Japan, South Korea, and Australia, among others; South America, with emphasis on Colombia, Brazil, and Argentina; and the Middle East & Africa, which includes Saudi Arabia, the U.A.E., South Africa, and other countries. This comprehensive regional breakdown helps identify unique market trends and growth opportunities specific to each area.

⇥ North America (U.S., Canada, Mexico)

⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)

⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)

⇥ South America (Colombia, Brazil, Argentina, Rest of South America)

⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

Benefits of the Report:

➡ A descriptive analysis of demand-supply gap, market size estimation, SWOT analysis, PESTEL Analysis and forecast in the global market.

➡ Top-down and bottom-up approach for regional analysis

➡ Porter's five forces model gives an in-depth analysis of buyers and suppliers, threats of new entrants & substitutes and competition amongst the key market players.

➡ By understanding the value chain analysis, the stakeholders can get a clear and detailed picture of this Market

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People Also Ask:

➠ What is the global sales, production, consumption, import, and export value of the Veterinary Diagnostics market?

➠ Who are the leading manufacturers in the global Veterinary Diagnostics industry? What is their operational status in terms of capacity, production, sales, pricing, costs, gross margin, and revenue?

➠ What opportunities and challenges do vendors in the global Veterinary Diagnostics industry face?

➠ Which applications, end-users, or product types are expected to see growth? What is the market share for each type and application?

➠ What are the key factors and limitations affecting the growth of the Veterinary Diagnostics market?

➠ What are the various sales, marketing, and distribution channels in the global industry?

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