Global Veterinary Diagnostics Market by Product (& Kits, Instruments & Devices, Consumables, Reagents), by Species (Canine, Porcine) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global veterinary diagnostics market was valued at USD 6.25 billion in 2020. It is projected to grow at a compound annual rate (CAGR), of 11.5% between 2021 and 2028. This market growth can be attributed to factors like increased animal welfare spending, rising incidences of zoonotic disease, number of veterinarian practitioners, technological advancements in point-of-care diagnostics and disposable income levels in developing countries.

All industries have been affected by the global epidemic of COVID-19. OIE currently confirms that this virus cannot be spread from animals. Some countries have reported human-to-animal transmission. Due to strict lockdown norms, veterinary clinics were not allowed to operate during the COVID-19 pandemic. This resulted in a decrease in veterinary visits and a negative impact on the market. The market showed a V-shaped recovery in the third quarter of 2020, largely due to the return of pet clinic visits and the ease of norms. According to IDEXX U.S. clinic visits rose by 6% in the fourth quarter 2020 compared to the previous quarter. This is expected to boost the market growth during the forecast period.

Market growth is expected to be accelerated by pet adoptions during the pandemic. The growth is expected to be driven by strong product pipelines from Zoetis, IDEXXX and Heska Corporation. In August 2020, Zoetis bought Scandinavian Micro Biodevices to increase its revenue in veterinary diagnostics.

Veterinary Diagnostics Market: A steady growing market that is not greatly affected by pandemics

The market is expected to grow with an increasing demand for point-of care diagnostics. It can provide fast results for clinical tests, and it can be immediately assessed to save time. According to AVMA, more than 80% of U.S. veterinary clinics and hospitals provided point-of care testing in 2019. Idexx Laboratories released new updates to its SediVue Dx Urine Sediment Analyzer and Catalyst Dx chemistry analyzers in January 2020. This was to expand its product line. These factors will drive market growth during the forecast period.

Product Insights

Consumables, reagents and kits dominated the market in 2020 and held the largest revenue share at 52.0%. Understanding the needs of veterinary clinics, hospitals, labs and other laboratories is key to understanding how these products are being used in the market. Pet owners are increasingly looking for point-of care diagnostics.

The most common point-of-care diagnostics for companion animals include blood glucose monitors and pregnancy kits. The tests for livestock are confined to the laboratories due to their high sensitivity and efficacy requirements. Due to the advancement in veterinary diagnostics, there is a growing demand for consumables and reagents. This is due to a global increase in awareness of zoonotic disease and pet adoptions, and growing concern for their health.

Species Insights

In 2020, the canine segment held over 34.0% of the revenue in the veterinary diagnostics market. Dogs hold the dominant share due to growing animal healthcare spending in developed countries, especially for pets. One of the main drivers of the market is the increasing prevalence of major diseases such as cancer, obesity, diabetes, and diabetes. An APOP report from 2019 shows that 57% of obese dogs in the U.S. are overweight. This further increases the likelihood of developing joint disease, diabetes mellitus and other chronic conditions. The market for glucose monitors has grown due to the increasing concern from pet owners.

The market leader among livestock was the porcine segment as of 2020, owing to growing demand for diagnostics and increased pork consumption. Due to increasing prevalence of zoonotic disease among cattle, a significant share of the market was held by the bovine segment.

Insights on Disease Types

Non-infectious disease segment was the dominant market for veterinary diagnostics in 2020 and held the largest revenue share at over 27.0%. There has been an increase in diagnostics that use innovative technologies to detect disease in animals. The Lab on a Chip technology, for example, can detect electrolytic imbalances in body fluids like urine, blood, or milk.

Over the forecast period, the segment of acquired, congenital and hereditary diseases is expected to grow at a significant rate. These diseases are very common today. It is difficult to diagnose genetic diseases because they are not always obvious at the start. Such cases warrant a molecular screening.

Infectious diseases in animals pose a significant threat to the health and well-being of humans and animals worldwide. To prevent the spread of infectious diseases from one animal to another or between animals and humans, these diseases must be controlled. Some examples of common animal diseases include brucellosis and influenza.

Test Category Insights

Due to a wide range of services such as imaging, lab tests and specialized tests, the pathology segment was the dominant market for veterinary diagnostics. It accounted for more than 13.0% of the total revenue. It includes histopathology diagnostics and immune histochemistry diagnostics, which are used to detect changes to the tissues of animals as a result of a disease or other medical condition. These cells can be obtained from animal biopsy samples. Then, the cells are sent to pathologists for further analysis using special staining-Hematoxylin-Eosin (H&Es). Immunohistochemistry provides markers for neoplastic or infectious diseases in both small and large animals (e.g. distemper virus and adenovirus), as well as large animals (e.g. IBR virus and BVD virus).

Nanotechnology promises to screen multiple pathogens with one test. This is the future of veterinary diagnostics. These new technologies are expected to greatly improve the diagnostic abilities of animal diseases and reduce costs. Due to its increasing use for research purposes, the section of the molecular diagnosis market is expected to grow at an impressive rate. The Polymerase Chain Reaction (PCR), is widely used to molecular diagnose animals in order to detect and identify various pathogens. Real-time PCR is rapidly replacing the traditional PCR methods. It allows rapid identification of pathogens with great accuracy.

End-use Insights

Due to the wide variety of veterinary diagnostic options available in these facilities, the laboratories segment dominated the market in veterinary diagnostics. It accounted for 37.0% of the total revenue share in 2020. The laboratory provides testing and results for various toxic agents, infections and other ailments in animal specimens that are presented to veterinary specialists. These labs use the best veterinary diagnostics on the market in order to assist pet owners and government-related programs.

Over the forecast period, the fastest growing segment will be the point of care. End consumers, such as pet owners, are reaping the benefits of technologically advanced veterinary diagnostics like in-house analyzers or point of care. They can get quick results and convenience.

Research institutes play a major role in the development and use of veterinary diagnostics. Research institutes are responsible for the deployment, identification, and development of new diagnostic methods and procedures to monitor and study newly developed or existing diseases in animals.

Regional Insights

North America was the dominant market for veterinary diagnostics in 2020, accounting for over 32.0% of the total revenue. Europe followed closely. The market is expected to grow rapidly due to a significant increase in veterinary healthcare spending in the region. The region's growth potential is expected to be boosted by the availability of healthcare programs and the rise in initiatives to improve animal health. The North American Pet Health Insurance Association aims to increase awareness about pet insurance. Market growth in North America will also be aided by the efficient measures taken by animal welfare organizations in cases of sudden illness outbreaks or emergency situations.

The Asia Pacific market for veterinary diagnostics will grow faster than the rest of the world over the forecast period. The key factors that will drive growth in the region's market include a rise in middle-class households, higher disposable income, the acceptance of pets, and high demand to animal proteins.

Market Share Insights & Key Companies

There are many players in the veterinary diagnostics market, both big and small. To gain market share, key players are implementing business strategies that include regional expansion, partnerships and product launches. Zoetis, for example, launched Vetscan IImagyst in September 2020 to expand its pet diagnostics offerings. Heska signed an agreement in January 2021 to acquire Lacuna Diagnostics, Inc. This allowed the company to move into the clinical specialty services market. The following are some of the most prominent players in the veterinary diagnostics industry:

• Zoetis,

• Heska Corporation

• IDEXX Laboratories Inc.

• Agrolabo S.p.A,

• IDvet

• Virbac

• Thermo Fisher Scientific Inc.

• Neogen Corporation

• Covetrus

• iM3Vet Pty Ltd.

Up Market Research published a new report titled “Veterinary Diagnostics Market research report which is segmented by Product (& Kits, Instruments & Devices, Consumables, Reagents), by Species (Canine, Porcine), By Players/Companies Heska Corporation, IDvet, Agrolabo SpA, iM3Vet Pty Ltd, Thermo Fisher Scientific Inc, Virbac, Covetrus, Zoetis, Neogen Corporation, IDEXX Laboratories Inc”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Veterinary Diagnostics Market Report Segments:

The market is segmented by Product (& Kits, Instruments & Devices, Consumables, Reagents), by Species (Canine, Porcine).

Veterinary Diagnostics Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Veterinary Diagnostics Market

Overview of the regional outlook of the Veterinary Diagnostics Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Veterinary Diagnostics Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Veterinary Diagnostics Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. & Kits

                2. Instruments & Devices

                3. Consumables

                4. Reagents

                1. Canine

                2. Porcine

8. Market scenario by region, sub-region, and country.
9. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
10. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
11. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Veterinary Diagnostics Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Veterinary Diagnostics Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.