Market Size of Veterinary Biomarkers Industry
| Study Period | 2021 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 10.40 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Veterinary Biomarkers Market Analysis
Over the next few years, the veterinary biomarkers market is expected to register a CAGR of 10.4%.
The COVID-19 pandemic has had a substantial impact on the veterinary biomarker market and highlighted the capability and response of veterinary biomarkers and their role in maintaining animal health. Due to the forced cancellation and reduction of veterinarian appointments, the pandemic has made it harder for pet owners to receive proper veterinary treatment. For instance, "as per an article published by NCBI in June 2021," the number of veterinary services in Romania was reduced by 18% during the pandemic as compared to the year 2019. It also stated that working hours were reduced in more than half of the veterinary workplaces among the surveyed population, and only a few veterinarians received only emergency cases. This indicates that the COVID-19 pandemic was noted to have slightly slowed veterinary biomarker market growth.
Growing R&D activities by key market players, a growing companion animal population, rising pet adoption rates, a growing number of veterinary practitioners, and disposable income in developing regions are some of the growth factors driving market growth.
The increasing prevalence of chronic conditions such as cancer and cardiovascular diseases in animals is also propelling the growth of the market. For instance, in April 2022, according to the American Veterinary Medical Association (AVMA), approximately 1 in 4 dogs will develop cancer, and the incidence of cancer in dogs over the age of 10 is about 50%. Purebred dogs as a group have a higher relative risk for cancer claims than non-purebred dogs do, at 1.9 times the relative risk. The increased demand for accurate and timely illness diagnosis, as well as the humanization of pets in developing countries, is fueling the growth of the veterinary biomarkers industry.
Additionally, the launch of new diagnostics by key players in the market is also propelling the growth of the market. For instance, in April 2022, Elanco and Ginkgo BioWorks launched Biomedit, a new animal health company leveraging microbiome technology. It intends to introduce differentiated products that address some of the greatest needs for innovation in animal health, including health and therapeutics for livestock and pet species, as well as biosecurity technology for animal disease monitoring.
Moreover, the collaborations among the market players are also boosting the market's growth. For instance, in November 2022, vetigenics announced a new partnership with animal health pharma to explore multiple novel therapeutic antibodies for treating challenging pet diseases. Such collaborations promote the development of novel diagnostic tests and increase the market's growth.
