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

Drivers

Rapidly Rising Demand for PoC Kits to Bolster Market Growth

• 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.

Restraints

High Cost to Hinder Market

• One significant obstacle to adoption is the high expense of modern diagnostic tests. Systems for veterinary diagnostic imaging are also expensive goods. Small portable machines typically cost between USD 2,000 and USD 50,000, with backup transducer probes costing up to USD 1,000 and printers costing up to USD 2,000. Small to medium-sized veterinary operations are the norm, and financial restrictions are severe. Therefore, one of the main market restraints is the high cost of these tests and systems. Another barrier limiting the use of veterinary diagnostics and, consequently, the expansion of this market, is the lack of payment for veterinary operations.