|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
Need a report that reflects how COVID-19 has impacted this market and its growth?
The veterinary diagnostics market registered at a CAGR of nearly 12.46% during the forecast period, 2022-2027.
Globally, the COVID-19 pandemic has highlighted the capability and response of veterinary diagnosticians and their role in maintaining animal and human health. The collaborative initiatives taken by the organization for the testing COVID-19 in animals have also positively impacted the market. For instance, in November 2021, the Louisiana Animal Disease Diagnostic Laboratory (LADDL) partnered with the Louisiana Office of Public Health and the Centers for Disease Control (CDC) on a project to provide free COVID-19 testing for dogs and cats in Louisiana through December 31, 2021. Also, the increasing pet adoption during the pandemic has contributed to the market's growth. For instance, according to the People's Dispensary for Sick Animals (PDSA) PAW report published in June 2021, 2 million people in the United Kingdom acquired pets between March 2020 to May 2021. This trend has positively impacted the market growth during the COVID-19 pandemic.
The market growth factors drive increased pet adoption and animal healthcare expenditure, rising incidence of zoonotic diseases, and the growing number of veterinary practitioners and disposable income in developing regions.
The growing animal healthcare expenditure is also propelling the growth of the market. For instance, the National Pet Owners Survey 2021-2022, conducted by the American Pet Products Association (APPA), reported that the annual expenditure on routine visits for dogs accounts for USD 242. In contrast, it is USD 178 for cats in the United States. Such an increasing focus on animal health and preventive health checkups drive the market's growth.
The launch of new diagnostics is also propelling the growth of the market. For instance, PetDx launched OncoK9. It is one of the first-in-class multi-cancer early detection (MCED) tests that enables veterinarians to detect cancer early in dogs with a simple blood draw. Such launch of new kits is propelling the growth of the market.
Additionally, the expansion by the market players is also boosting the market's growth. For instance, in November 2021, Aviagen India expanded its Great Grandparent (GGP) diagnostic laboratory in Tamil Nadu in response to a growing demand for Ross 308 AP chicks. The laboratory is used to monitor the health of Aviagen breeding stock regularly. Such expansion increases the facility available for the diagnosis and thus contributes to the market's growth.
However, the high cost of pet care and imaging devices and the lack of veterinarians are impeding the veterinary diagnostics market growth.
Scope of the Report
As per the scope of this report, veterinary diagnostics provide medical diagnostic testing for infectious agents, toxins, and other causes of diseases in animal diagnostic samples. The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The veterinary diagnostics market is segmented by product, technology, animal type, and geography. The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (USD million) for the above segments.
|Kits and Reagents|
|Software and Services|
|By Animal Type|
Key Market Trends
The Molecular Diagnostics Segment is Estimated to Hold a Significant Market Share Over the Forecast Period
Globally, the use of molecular diagnostics has been increasing to detect veterinary pathogens. It involves the detection of pathogens directly by checking the presence of RNA or DNA in the host or indirectly by prior amplification of the genome of the infectious agent. Moreover, modifications in a molecular diagnostic test like PCR have generated a vast array of fast, reliable, and specific assays that have widespread applications in veterinary diagnostics.
The market players' launch of instruments and other products is augmenting the market's growth. For Instance, in August 2021, HORIBA UK Limited launched several new pathogen PCR tests for its POCKIT Central. It is an in-house veterinary PCR analyzer with the potential for fast, accurate PCR testing in every veterinary lab. Such launches are also propelling the growth of the market segment.
Additionally, in January 2022, Ringbio launched a professional website names petrapidtest.com to market Flexy Pet Rapid Test. These kits are based on lateral flow immunoassay, ELISA, and real-time PCR to detect companion animal diseases, which can be quite helpful for pet owners and vet clinics. Among these products, the real-time PCR is specially designed for small vet clinics, which can be used to confirm infection of viruses, mycoplasma, and parasite. Such marketing initiatives are taken by the players also augment the segment's growth.
Thus, the market segment is expected to show significant growth over the forecast period due to the abovementioned factors.
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North America is Expected to Hold a Major Market Share Over the Forecast Period
In the North American region, in countries such as the United States and Canada, many people are adopting pets, and several facilities provide pet care services.
The country's increasing trend for pet adoption also propels the market's growth. For Instance, According to the National Pet Owners Survey 2021-2022, conducted by the American Pet Products Association (APPA), around 70% of United States households own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69 million dogs. The rising adoption of pets may drive the growth of veterinary diagnostics in the longer term.
The development of preventive diagnostic tools also contributes to the increasing veterinary visits and preventive care. In April 2021, Antech Diagnostics, a part of Mars Veterinary Health, released new data that shows that all cats from a retrospective review of 730,000 veterinary visits received improved preventive care following a positive or negative RenalTech. RenalTech predicts chronic kidney disease (CKD) in cats two years before it occurs. The data shows that the predictive diagnostic tool increased veterinary visits by as much as 31%. Such studies and the development of predictive diagnostics tools are also driving the market growth in the country.
The increasing number of launches of diagnostic tests by the market players is also propelling the market's growth. For instance, in July 2021, Vidium Animal Health launched SpotLight ePARR. It is a highly accurate and rapid molecular diagnostic test for canine lymphoma. Vidium developed it in collaboration with the Translational Genomics Research Institute (TGen), an affiliate of the City of Hope, and Ethos Discovery.
Thus, owing to the abovementioned factors, North America is expected to project growth over the forecast period.
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The veterinary diagnostics market is moderately consolidated and competitive. The major market players are focusing on improved diagnostics techniques for animal care, especially protecting the animals from diseases due to changing weather conditions. For instance, in January 2020, IDEXX launched the Rapid Digital Cytology service to accelerate its veterinary healthcare business. Some of the major players in the market are bioMérieux SA, Idexx Laboratories, Virbac, Thermo Fisher Scientific, and Zoetis Inc.
· In January 2022, Antech Diagnostics launched a KeyScreen GI Parasite PCR. It is a molecular diagnostic test that detects 20 parasites, including anthelmintic drug-resistant hookworm and zoonotic Giardia, from a single, storable 0.15-gram sample.
· In January 2022, PetDx collaborated with IDEXX Laboratories Inc. to broaden access to canine cancer liquid biopsy testing. As per the agreement, OncoK9, PetDx's pioneering liquid biopsy test for detecting cancer in dogs, will be available in the United States and Canada, served by IDEXX Reference Laboratories.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Pet Ownership and Animal Health Expenditure
4.2.2 Increased Burden of Animal Zonotic Diseases
4.2.3 Growing Pet Insurance and Animal Health Investments by Pharmaceutical Companies
4.3 Market Restraints
4.3.1 Lack of Veterinarians
4.3.2 High Cost of Pet Care and Imaging Devices
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.2 Kits and Reagents
5.1.3 Software and Services
5.2 By Technology
5.2.2 Clinical Biochemistry
5.2.3 Molecular Diagnostics
5.2.5 Other Technologies
5.3 By Animal Type
5.3.1 Companion Animals
188.8.131.52 Other Companion Animals
5.3.2 Livestock Animals
184.108.40.206 Other Livestock Animals
5.4.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
184.108.40.206 South Africa
220.127.116.11 Rest of Middle-East and Africa
5.4.5 South America
18.104.22.168 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 bioMerieux SA
6.1.2 Heska Corporation
6.1.3 Idexx Laboratories
6.1.5 Randox Laboratories Ltd
6.1.6 Thermo Fisher Scientific
6.1.8 Zoetis Inc.
6.1.9 BIOCHEK BV
6.1.10 INDICAL Bioscience GmbH
6.1.11 Neogen Corporation
6.1.12 Bio-Rad Inc.
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Veterinary Diagnostics Market market is studied from 2019 - 2027.
What is the growth rate of Global Veterinary Diagnostics Market?
The Global Veterinary Diagnostics Market is growing at a CAGR of 12.46% over the next 5 years.
Which region has highest growth rate in Global Veterinary Diagnostics Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Veterinary Diagnostics Market?
North America holds highest share in 2021.
Who are the key players in Global Veterinary Diagnostics Market?
Idexx Laboratories, Zoetis, Inc, Thermo Fisher Scientific Inc, Biomérieux SA, Virbac are the major companies operating in Global Veterinary Diagnostics Market.