Global Veterinary POC Diagnostics Market

Veterinary POC Diagnostics Market Size, Share, Growth Analysis, By Product type(Consumables, Reagents, & Kits and Instruments & Devices), By Animal Type(Companion Animals and Livestock Animals), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35A2190 | Region: Global | Published Date: July, 2024
Pages: 219 | Tables: 61 | Figures: 75

Veterinary POC Diagnostics Market Regional Insights

In 2021, North America accounted for more than 50% of the market. The U.S. and Canada's advanced veterinary health care infrastructure and the presence of major market participants account for a sizable portion of the North American region's market share. In 2020, there will be between 28,000 and 32,000 veterinarian clinics in the United States, according to the Veterinary Practice News.

Asia Pacific is anticipated to develop at the quickest CAGR of over 13% During the projection period. This is due to a number of factors, including a rising understanding of diagnostic alternatives, the presence of local market participants, and an increase in the number of pets. Additionally, FUJIFILM Corporation, Neogen Corporation, Heska Corporation, Thermo Fisher Scientific, Inc., Zoetis, IDEXX Laboratories, Inc., and other important market players have made substantial contributions to the revenue generation in the Asia Pacific market.

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Veterinary POC Diagnostics Market size was valued at USD 1.94 billion in 2022 and is poised to grow from USD 2.16 billion in 2023 to USD 5.17 billion by 2031, at a CAGR of 11.50% during the forecast period (2024-2031).

veterinary poc diagnostics market is highly competitive and somewhat fragmented. To maintain a competitive edge, the major industry participants are continually implementing various growth strategies. Innovations, mergers, and acquisitions, collaborations and partnerships are adopted by these players to thrive in the competitive market. In order to provide industries with the most effective and economical solutions, the major market players are also continually concentrating on R&D. 'Zoetis Inc.', 'IDEXX Laboratories, Inc.', 'Heska Corporation', 'Abaxis, Inc.', 'Virbac', 'Bio-Rad Laboratories, Inc.', 'Neogen Corporation', 'Thermo Fisher Scientific Inc.', 'IDvet', 'Randox Laboratories Ltd.', 'AniPOC Limited', 'Eurolyser Diagnostica GmbH', 'QIAGEN N.V.', 'Biogal Galed Laboratories', 'Woodley Equipment Company Ltd.', 'Fassisi GmbH', 'BioNote, Inc.', 'InBios International, Inc.', 'BioMedica Diagnostics Inc.', 'VCA Antech, Inc.'

The need for PoC test kits is predicted to increase in the next few years, which will lead to a large increase in the market for veterinary point-of-care diagnostics. The market, however, is anticipated to be hampered by weak reimbursement rules. Additionally, it is anticipated that over the course of the forecast period, the veterinary Point-of-Care (PoC) diagnostic market will grow due to the increased prevalence of various pandemic diseases, shorter turnaround times, precise results, changes in diagnostic trends, and adoption of cutting-edge technologies.

The US Centers for Disease Control & Prevention (CDC) reports that eight significant zoonotic outbreaks occurred in 2019. Numerous Americans fall ill each year as a result of diseases that are transmitted from animals to humans. It is vital that nations improve their individual capacities to prevent and combat these diseases because six out of ten human diseases are zoonotic. This increases the requirement for routinely checking the health of animals, particularly livestock. As a result, it is reasonable to anticipate that the rising prevalence and incidence of animal diseases would increase the need for cutting-edge diagnostic tools to identify, track, and contain disease outbreaks. The market for veterinary diagnostics will grow as a result of the availability of new diagnostic technologies that will enable veterinarians to offer better diagnosis and treatment. Additionally, ongoing studies, inventions, and education campaigns will help market participants obtain sustainable competitive advantages, bolstering their positions in the veterinary diagnostics industry.

In 2021, North America accounted for more than 50% of the market. The U.S. and Canada's advanced veterinary health care infrastructure and the presence of major market participants account for a sizable portion of the North American region's market share. In 2020, there will be between 28,000 and 32,000 veterinarian clinics in the United States, according to the Veterinary Practice News.

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Global Veterinary POC Diagnostics Market

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