SAN FRANCISCO, Jan. 25, 2022 /PRNewswire/ -- The global veterinary diagnostics market size is expected to reach USD 16.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.2% from 2022 to 2030. The growing incidence of zoonotic and foodborne diseases is expected to drive the market over the forecast period. Moreover, increasing companion ownership in developing countries is another factor propelling the market. Approximately 75% of all novel and emerging human infectious ailments are zoonotic, like COVID-19, denoting that they can jump from animals to individuals. To combat COVID-19 and future pandemics, leaders from the Group of Seven in a February 2021 statement called for "affordable and equitable access to diagnostics" along with strengthening the One Health approach that unites veterinary, medical, and environmental disciplines in a cooperative effort.
Key Insights & Findings from the report:
Global meat production is expected to rise tremendously due to high demand, growing population, and increasing per capita income in emerging nations. This will drive the overall market growth
Consumables held the largest revenue share in 2021 owing to an increased usage of consumables in point of care diagnostics
Under the species segment, the canine type held the major share in 2021 followed by, feline & porcine. The growth can be attributed to increasing pet healthcare expenditure and growing companion ownership
Pathology held the largest revenue share of testing type in 2021 owing to the high demand for diagnostic consumables & instruments utilized during laboratory testing and the increased volume of pathology tests performed for production animals, avians, and pets
Non-infectious diseases held the highest market share in the diseases segment in 2021. But the number of hereditary, congenital, structural, and functional diseases in livestock and companion animals is increasing worldwide
The point of care segment is expected to show the fastest CAGR over the forecast years due to its rapidity, efficiency, and user convenience
Read 165 page market research report, "Veterinary Diagnostics Market Size, Share & Trends Analysis Report By Species (Canine, Feline), By End-use (POC/In-House, Labs), By Testing Type (Immunoassays, Pathology), By Product, By Disease Type, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
In November 2021, Ellie Diagnostics proclaimed a new capital partnership to expand its diagnostic services across the U.S. Ellie provides diagnostics testing to veterinary clinics and specialty animal hospitals. On a global level, animal product consumption is witnessing a surge. This is supported by increasing human population, per capita, and animal health awareness in developing nations. Due to all these elements, the global demand for animal diagnostics has increased. The In-vitro (IVD) test kits and analyzers are rapidly filling the market. Apart from that, there is growth observed in the point of care treatments for animals as it provides convenience for the animals and their caretakers.
Moreover, the shift towards advanced test techniques, such as immune & molecular diagnostics, hematology, and nanotechnology, which are quick and efficient in producing the results is further propelling the growth. The U.S. is observed to have the highest number of companies dealing in this space, which, in turn, has contributed to the large share of North America in the global market. However, Asia Pacific is expected to emerge as the fastest-growing regional market. The upcoming tools and techniques in veterinary diagnostics space are nucleic acid, non-PCR techniques, biosensors, fluorescence polarization technology, whole-genome sequencing (WGS), biomarkers, nanotechnology, digitalization, and big data use, wearables, and apps, such as Vet on Demand, Treat, Pet life and Pet+Pixie.
Zoetis, IDEXX Laboratories Inc., Heska Corp., and VCA Antech diagnostics are the prominent players with a 70-80% market share in 2021. In June 2021, IDEXX Laboratories, Inc. publicized the acquisition of ezyVet. With this purchase, the company further expanded its cloud software offerings that assist customers with technology solutions that improve the standard of care for patients and allow more effective communication with pet owners.
Grand View Research has segmented the global veterinary diagnostics market on the basis of product, species, testing type, disease type, end-use, and region:
Veterinary Diagnostics Product Outlook (Revenue, USD Million, 2017 - 2030)
Veterinary Diagnostics Species Outlook (Revenue, USD Million, 2017 - 2030)
Veterinary Diagnostics Testing Type Outlook (Revenue, USD Million, 2017 - 2030)
Veterinary Diagnostics Disease Type Outlook (Revenue, USD Million, 2017 - 2030)
Veterinary Diagnostics End-use Outlook (Revenue, USD Million, 2017 - 2030)
Veterinary Diagnostics Regional Outlook (Revenue, USD Million, 2017 - 2030)
List of Key Players of Veterinary Diagnostics Market
IDEXX Laboratories Inc.
Thermo Fisher Scientific Inc.
iM3Vet Pty Ltd.
Check out more studies from Grand View Research's market report portfolio on the Global Animal Health Industry:
Veterinary Hospitals Market – The global veterinary hospitals market size was valued at USD 76.16 billion in 2021 and is expected to grow at a compound annual growth rate (CAGR) of 5.7% from 2022 to 2030. The increasing pet population is driving the need for veterinary clinics & hospitals across the world.
Veterinary Telehealth Market – The global veterinary telehealth market size was valued at USD 119.6 million in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 17.6% from 2022 to 2030. The growing adoption of these management systems can be attributed to the steady growth in the focus on veterinary telehealth along with disease detection.
Companion Animal Medicine Market – The global companion animal medicine market size was valued at USD 15.8 billion in 2020 and is estimated to expand at a compound annual growth rate (CAGR) of 9.6% from 2021 to 2028. Increasing prevalence of diseases in pets, rising pet expenditure, humanization of pets, adoption of online channels for buying pet medicines, and initiatives by key companies are the factors anticipated to fuel the market in the coming years.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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