Veterinary Diagnostics Market Report Future Expansion, Business Development, Top Key Players, Share, Size and Forecast to 2027

Veterinary Diagnostics Market is projected to reach USD 4.4 billion by 2027 from USD 2.8 billion in 2022, at a CAGR of 9.2%. Market growth can largely be attributed to the growth in the companion animal population, the increasing incidence of transboundary and zoonotic diseases, the rising demand for animal-derived food products, the rising demand for pet insurance, growing animal health expenditure, and growth in the number of veterinary practitioners and income levels in developed economies.

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One of the key factors contributing to market growth is the increasing expenditure on animal health. As pet owners become more aware of the importance of preventive care and early disease detection in animals, they are willing to invest in veterinary diagnostics to ensure the well-being of their pets. This trend is particularly prominent in developed economies where pet ownership is high.

The availability of advanced diagnostic technologies has also played a significant role in market growth. Innovations in diagnostic techniques, such as molecular diagnostics, imaging technologies, and point-of-care testing, have enhanced the accuracy and efficiency of veterinary diagnostics. These advancements enable veterinarians to make more informed decisions regarding diagnosis and treatment, thereby driving the overall market growth.

Continuous innovations in the veterinary diagnostics market not only enhance diagnostic capabilities but also provide market players with a competitive advantage. Companies that invest in research and development to bring novel and improved diagnostic solutions to the market can strengthen their positions and gain a competitive edge.

Key Market

The prominent players in the veterinary diagnosticsmarket are IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Heska Corporation (US), Thermo Fisher Scientific Inc. (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), Virbac (France), FUJIFILM Holdings Corporation (Japan), Shenzhen Mindray Animal Medical Technology Co. Ltd. (China), INDICAL BIOSCIENCE GmbH (Germany), BioNote, Inc. (South Korea), Biogal Galed Labs (Israel), Agrolabo S.p.A. (Italy), IDvet (France), Randox Laboratories Ltd. (Ireland), BioChek (Netherlands), Fassisi GmbH (Germany), Alvedia (France), SKYER, Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), Biopanda Reagents (UK), Precision Biosensor Inc. (South Korea), Skyla Corporation (China), and EUROIMMUN Medizinische Labordiagnostika AG (Germany).

The veterinary diagnostics market is being driven by increasing disease control and prevention measures. Previous epidemic outbreaks have raised awareness about the re-emergence of eradicated diseases, such as rinderpest. Organizations like the UN FAO and OIE have emphasized the need for constant diagnostic checks as a preventive measure. Additionally, zoonotic disease outbreaks continue to pose a significant threat, with the CDC reporting multiple cases each year. Strengthening capabilities to prevent and respond to these diseases is crucial, leading to a higher demand for innovative diagnostic products.

The availability of advanced diagnostic technologies plays a vital role in improving diagnosis and treatment in veterinary practices. This drives the overall market growth by enabling veterinarians to provide better care. Market players that invest in continuous research, innovations, and awareness programs can gain a competitive advantage in the veterinary diagnostics market.

An opportunity for the market lies in the increased use of PCR testing panels to detect the COVID-19 virus in animals. As authorities carry out tests to understand the impact of the virus on animals, PCR testing panels can help rule out COVID-19 infection. Although research shows that the virus spreads less among animals, testing remains important to monitor and control potential outbreaks.

However, emerging countries face a challenge in terms of animal healthcare awareness. Countries like India, China, Brazil, and some Southeast Asian nations have a significant population of companion and farm animals. However, the level of animal health expenditure in these regions is lower compared to developed countries. The lack of awareness among pet owners and veterinarians about available healthcare services hinders the growth of the veterinary diagnostics market. Additionally, in large animal practices, veterinary diagnostics are not widely used in these countries, as farm animal health expenditure primarily focuses on therapeutic treatment. Overcoming this lack of awareness will be crucial for the growth of the veterinary diagnostics market in emerging regions.

Overall, the veterinary diagnostics market is driven by disease control measures, advanced technologies, and the need for better diagnosis and treatment. While the increased use of PCR testing panels presents opportunities, addressing the lack of awareness in emerging countries poses a challenge for market growth.

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The consumables segment is expected to register the highest CAGR in the veterinary diagnostics market during the forecast period

Based on products, the market is segmented into consumables and instruments. In 2021, the consumables segment is expected to register the highest CAGR during the forecast period. The increasing incidence of new infectious diseases such as SARS-CoV-2 viral infection and the increasing demand for rapid diagnostics in animals are driving the growth of this market.

The clinical biochemistry segment is expected to register the highest CAGR in the veterinary diagnostics market during the forecast period

Based on technology, the market is segmented into clinical biochemistry, immunodiagnostics, molecular diagnostics, hematology, urinalysis, and other veterinary diagnostic technologies (including microbiology and histopathology tests). In 2021, the clinical biochemistry segment is expected to register the highest CAGR during the forecast period. In the veterinary industry, clinical biochemistry analysis is conducted to diagnose diseases, screen disease progression, and monitor responses to therapy, which leads to the highest growth in the global market.

The veterinary reference laboratories segment accounted for the largest share of the global veterinary diagnostics market

Based on end users, the market is segmented into veterinary reference laboratories, veterinary hospitals & clinics, point-of-care testing/in-house testing, and veterinary research institutes & universities. Veterinary reference laboratories are the major end users in the global market, accounting for a share in 2021. Complex and highly specialized diagnostic tests are performed only at a few large reference laboratories across the world. Reference laboratories provide a wide array of testing services that may not be possible in clinics and hospitals, which leads to the largest share in the global market.

The Asia Pacific market is estimated to witness the highest CAGR during the forecast period

The Asia Pacific region is expected to register the highest CAGR during the forecast period. Growth in pet adoption, increasing awareness about animal health, and growing per capita animal health expenditure, especially in India and China, are contributing to the growth of the APAC veterinary diagnostics market.

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