USD 7.3 billion
Veterinary Diagnostics Market Size, Share, Growth Analysis, By Product(Immunodiagnostic Tests, Molecular Diagnostic Tests, Clinical Chemistry, Hematology Analyzers), By Animal(Livestock, Companion Animals), By Technology(PCR (Polymerase Chain Reaction), ELISA (Enzyme-Linked Immunosorbent Assay), Microarrays, Immunoassay), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG35D2175 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
96
|Figures:
76
Veterinary Diagnostics Market Insights
Global Veterinary Diagnostics Market size was valued at USD 7.3 billion in 2022 and is poised to grow from USD 8.1 billion in 2023 to USD 19.0 billion by 2031, growing at a CAGR of 11.2% in the forecast period (2024-2031).
Attributing to the increasing incidence levels of both animal and human zoonotic diseases, the market is growing at a significant pace. Moreover, the increasing pet population along with the food-producing animals is also fueling the growth of the market. The global veterinary diagnostics industry has huge potential opportunities due to the increase in animal health awareness in developing countries and the need to contain antibiotic-resistant microorganisms. These factors are helping to drive the market's growth. The growing demand for pet insurance and the opening of new diagnostic labs by many industry players globally are also expected to drive growth in the global veterinary diagnostics market. Additionally, for countries whose economies rely significantly on cattle, animal disease emergencies can provide a significant financial danger.
Getting an animal diagnosed quickly becomes essential. This is anticipated to contribute to the increasing need for veterinary diagnostic treatments. The market is anticipated to grow as a result of improved knowledge among livestock owners and the government's active support, which increased demand for animal illness diagnostic tests and kits. Growing pet ownership is mostly due to the growing trend of nuclear families and the rapid adoption of modern lifestyles. Most households prefer to have a dog or cat as a pet over another animal. The main drivers of pet ownership growth are greater disposable income and a growing preference for domesticated animals.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Immunodiagnostic Tests
Fastest Growth
Molecular Diagnostic Tests
Growth Rate
11.2% CAGR
Global Veterinary Diagnostics Market ($ Bn)
Country Share by North America (%)
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Veterinary Diagnostics Market Segmental Analysis
The global veterinary diagnostics market is segmented into four major segments i.e. by product, animal, technology, and region. Based on product type, it is divided into immunodiagnostic tests, molecular diagnostic tests, clinical chemistry, hematology analyzers, and diagnostic imaging. Based on animal type, it is bifurcated as livestock, companion animals. Based on technology it is segregated into, PCR (Polymerase Chain Reaction), ELISA (Enzyme-Linked Immunosorbent Assay), microarrays, immunoassay, diagnostic imaging technologies (X-ray, MRI, Ultrasound), and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.
Analysis by Product
As per categorization by product, the market is classified as consumables, and instruments. Among these, the consumables earned the largest share and continues to dominate the global veterinary diagnostics market share. In the global veterinary diagnostics market, consumable products are crucial due to their consistent demand in daily diagnostic procedures. However, the major push for innovation in this particular on the segment is placed on the development of rapid tests, reagents and diagnostic kits which increase accuracy, speed and disease detection levels. The leading share of the market held by consumables can be attributed to their repeated use and disposable characteristics whereby these products are key in daily animal health care and interventions thereby providing the market with re-occurring revenues as well as the growth of the market in long term.
The instruments segment in the global veterinary diagnostics market is poised for rapid growth due to technological advancements in diagnostic devices, such as imaging tools, automated analyzers, and molecular diagnostic equipment. Their utilization allows veterinarians to carry out detailed analysis of patients in real time which facilitates early disease intervention and devising treatment plans. The increasing rate of pet adoption, livestock health consciousness, and the rising need for better veterinary services are the factors contributing to investments in state-of-the-art diagnostic equipment. Furthermore, the expanding network of veterinary clinics and laboratory systems across the globe is fast-tracking the use of instruments. Hence it is anticipated that the instruments product segment will be the highest growing as there is an increasing need for advanced diagnostics in veterinary healthcare.
Analysis by Technology
Molecular diagnostics in the global veterinary diagnostics market are gaining prominence due to innovations in PCR (polymerase chain reaction), next-generation sequencing, and microarray technologies, which offer rapid and highly accurate pathogen detection. Such tools allow veterinarians to perform accurate analyses in real time which allows for the early detection of an illness and the application of measures in a timely manner. The increasing ownership of pets coupled with the awareness of livestock health and the need for better veterinary services are all influencing investment in advanced diagnostic equipment. Furthermore, the expanding network of veterinary clinics and laboratory facilities across the globe is also contributing to the quick uptake of the instruments. As such, a substantial increase is anticipated in the instrument's product segment owing to the increasing need for advanced diagnostic features in veterinary care.
Clinical biochemistry is set to become the fastest-growing segment in the global veterinary diagnostics market, driven by advancements in automated analyzers and biochemical assay kits that enable comprehensive metabolic, renal, and liver function tests. Such advancements offer valuable information regarding the health of the pet animal to the veterinarians enabling them to detect any disease at an early stage and carry out specific treatment to the disease. Growing pet health awareness and the rise in livestock monitoring activities are positively influencing the biochemical testing market. Besides, the expanding network of veterinary labs and clinics embracing these technologies is an additional driver for the segment’s growth, as a growing number of veterinarians want accurate diagnosis to enhance the health care outcomes for animals worldwide.
Global Veterinary Diagnostics Market By Product (%)
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Veterinary Diagnostics Market Regional Insights
North America dominates the global veterinary diagnostics market, driven by high pet ownership, advanced veterinary infrastructure, and significant investments in veterinary healthcare. The region's emphasis on pet wellbeing and on the ways to which diseases can be detected and treated early in pets coupled with preventive care has led to the increase in demand for sophisticated technologies for diagnosis especially in molecular and biochemical testing. Moreover, the strong support of governmental activities and increase in the awareness of zoonoses led to an increase in testing within animals. The presence of major players in the global veterinary diagnostics market and development of sophisticated diagnostic technologies still help to strengthen North America’s position in the industry. Such a well-developed ecosystem also makes this region a geographical epicenter of veterinary diagnostics innovations.
Europe is emerging as the fastest-growing region in the global veterinary diagnostics market due to rising pet ownership, increased awareness of animal health, and strong governmental support for livestock disease management. Emphasis on food safety and the control of zoonoses has led to increased investments in advanced diagnostics such as molecular, and rapid diagnostics tools, in European countries. Besides, the strict animal welfare policies of the European Union promote the need for advanced diagnostics in both pets and farm animals. In addition, this particular profile, coupled with an extensive network of veterinary facilities and research entities, makes Europe an important region for growth, with further development of the diagnostic capabilities and its market.
Global Veterinary Diagnostics Market By Geography
- Largest
- Fastest
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Veterinary Diagnostics Market Dynamics
Drivers
Pet Ownership Boom Fuels Growth in the Market
- The expansion of the global veterinary diagnostics market is also attributed to soaring pet ownership levels as more pet parents tend to pursue the best health care services for their pets. While the previously unrecognized and enormous proportion of pet owners was always present in most urban zones has contributed to all this. This increases the upward trend for preventive-care, early diagnosis, and routine-diagnosis, increasing the scope of veterinary diagnostics services remarkably.
Enhanced Livestock Health Initiatives
- Increasing emphasis on the well-being of livestock promotes food safety and stems the incidences of zoonotic diseases. Governments and regulators across the world are implementing stringent health measures for all animals, which in turn increases the need for diagnosis. This trend encourages the use of new and better tools for diagnosis so enhances the management of the diseases and protects the health of the population.
Restraints
Awareness Gap of Advanced Veterinary Diagnostics
- Limited awareness of advanced veterinary diagnostics among pet owners and livestock managers, especially in developing regions, further restrains the global veterinary diagnostics market growth. Many animal owners still rely on traditional practices and lack knowledge of the benefits of modern diagnostics, resulting in lower demand for innovative diagnostic solutions and limiting market expansion.
Regulatory Challenges Slow Innovation in the Market
- Stringent regulatory requirements and lengthy approval processes for new diagnostic tools can delay market entry and raise costs for manufacturers. With any region's specific requirements and policies comes the hassle and the drain of resources that inevitably slows down the rate of innovation and the emergence of novel diagnostic products for the veterinary market.
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Veterinary Diagnostics Market Competitive Landscape
The global veterinary diagnostics market is highly competitive, with numerous players focusing on innovation and advanced technology. Reputable organizations include IDEXX Laboratories, Zoetis, and Neogen Corporation well-known for providing comprehensive diagnostics solutions. Some of the other key players in the market include Bayer Animal Health, Roche Diagnostics, and Thermo Fisher Scientific. Such firms channel a substantial amount of their finances in the improvement of their already existing items as a response to the growing demand for fast and reliable diagnosis systems for pet and farm animals.
Top Player’s Company Profiles
- BioMérieux SA
- Virbac Corporation
- Heska Corporation
- Abaxis, Inc.
- NEOGEN Corporation
- Randox Laboratories Ltd.
- Bio-Rad Laboratories, Inc.
- Beckman Coulter, Inc.
- Abbott Laboratories
- Roche Diagnostics
- Siemens Healthcare
- Danaher Corporation
- Johnson & Johnson
- Pfizer
- Merck Animal Health
- Boehringer Ingelheim Animal Health
- Elanco Animal Health
Recent Developments
- In October 2024, the most recent addition to IDEXX Laboratories has been the diagnostic platform – the Catalyst 1X – which can carry out delivery of diagnosis with speed and accuracy on multiple animal ailments. This helps to expand the horizons of the veterinarians in ensuring quick results which come in handy in enhancing the quality of care given to the patients and controlling the spread of diseases for both pets and other animals kept for commercial purposes.
- In September 2024, Zoetis recently disclosed the extension of its product offerings with the launch of a new molecular diagnostic test aimed at identifying antimicrobial resistance in food animals. This highly sophisticated test seeks to assist farmers and veterinarians in providing the right medication and treatment, therefore helping to promote health and ensure food security.
- In August 2024, Neogen Corporation announced its next-generation Food Safety Diagnostics Platform that incorporates veterinary tests as well. This novel system enables quick and easy identification of pathogens and toxins in animal products, thus lessening the chances of outbreak of zoonotic diseases and safer food supply chains for the public.
Veterinary Diagnostics Key Market Trends
- Increasing Adoption of Point-of-Care Testing: The point-of-care testing is gaining traction as a growing trend in the global veterinary diagnostics industry, which makes a rapid diagnosis possible and thus a treatment can be given in a clinical setting. This trend improves the effectiveness of the veterinary working environment as it cuts down the time when pet owners must wait for veterinary services and helps in controlling the spread of the disease especially to pets which are more of companions.
- Growing Demand for Molecular Diagnostics: Due to their heightened ability to detect infectious diseases, molecular diagnostics are making inroads in the veterinary diagnostics market. These changes are caused by the need to identify and be able to monitor the diseased state facilitating the treatment of animals and managing animal health care effectively.
Veterinary Diagnostics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
As per SkyQuest analysis, in conclusion, the global veterinary diagnostics market is experiencing robust growth driven by rising pet ownership, increasing livestock health initiatives, and a heightened focus on disease management. Despite challenges such as limited awareness of advanced diagnostics and regulatory hurdles, the sector is poised for significant advancements.
The market’s segmentation reveals a strong demand for consumables and cutting-edge technologies like molecular diagnostics. With key players innovating and expanding their offerings, the veterinary diagnostics landscape is evolving to meet the growing needs of both companion animals and livestock, ultimately enhancing animal health and food safety worldwide.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 7.3 billion |
| Market size value in 2031 | USD 19.0 billion |
| Growth Rate | 11.2% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
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| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Veterinary Diagnostics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Veterinary Diagnostics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Veterinary Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Veterinary Diagnostics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Veterinary Diagnostics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Veterinary Diagnostics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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