Summary

The veterinary diagnostics market is expected to grow at a CAGR of 9.2% in the forecast period.

Veterinary diagnostics refers to the diagnosis of animal diseases and disorders using various veterinary diagnostic test kits, tools, and instruments such as clinical chemistry analyzers, hematology analyzers, glucose monitoring systems, urine analyzers, blood gas-electrolyte analyzers, and ELISA test kits.

The global 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 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. On the other hand, the lack of animal healthcare awareness and the shortage of veterinarians in emerging markets pose a challenge for the leading players operating in the market.

The consumables segment accounted for the larger share of the global veterinary diagnostics market

Based on products, the veterinary diagnostics market is segmented into consumables and instruments. In 2021, the consumables segment accounted for the larger share of the global veterinary diagnostics market. Consumables include blood glucose strips, urine glucose strips, urine test strips, ELISA rapid test kits, lateral flow rapid test kits, PCR tests, preloaded reagent clips and cartridges or panels, and other test reagents and consumables. The large share of the consumables segment can be attributed to the rising prevalence of zoonotic diseases and the growing animal population.

The clinical biochemistry segment accounted for the largest share of the global veterinary diagnostics market

Based on technology, the veterinary diagnostics market is segmented into clinical biochemistry, immunodiagnostics, molecular diagnostics, hematology, urinalysis, and other veterinary diagnostic technologies (includes microbiology and histopathology tests). In 2021, the clinical biochemistry segment accounted for the largest share of the global veterinary diagnostics market. Clinical biochemistry analyzers are more commonly adopted in veterinary diagnostic laboratories, leading to a higher share in the veterinary diagnostics market.

The companion animals segment is expected to register the highest growth during the forecast period

Based on animal type, the veterinary diagnostics market is segmented into companion animals and livestock. The companion animals segment is expected to register the highest growth of during the forecast period. This can be attributed to the growth in the companion animals market is mainly driven by the growing pet adoption due to rising urbanization, the growing expenditure on pet care, the increasing demand for pet insurance, the growing adoption of animal-assisted therapy, economic growth, and the rising incidence of age-related diseases in companion animals.

The Asia Pacific region is expected to register the highest CAGR in 2021

Geographically, the veterinary diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. 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.

Breakdown of Primaries supply side:
In-depth interviews were conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:

By Company Type: Tier 1- 60%, Tier 2- 30%, and Tier 3- 10%
By Designation: C-Level- 30%, Director Level- 50%, and Others- 20%
By Region: North America – 45%, Asia Pacific- 25%, Middle East & Africa – 5%, Europe- 15%, and Latin America – 10%

Key players in the veterinary diagnostics market

The prominent players in the veterinary diagnostics market 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).
Research Coverage:
The report analyzes the veterinary diagnostics market and aims at estimating the market size and future growth potential of this market based on various segments such as product, technology, animal type, end user and region. The report also includes a product portfolio matrix of various veterinary diagnostics products available in the market. The report also provides a competitive analysis of the key players in this market, along with their company profiles, product offerings, and key market strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a more significant share of the market. Firms purchasing the report could use one or any combination of the below-mentioned strategies to strengthen their position in the market.
This report provides insights into the following pointers:
• Market Penetration: Comprehensive information on product portfolios offered by the top players in the global veterinary diagnostics market. The report analyzes this market by product, technology, animal type, end user, and region.
• Product Enhancement/Innovation: Detailed insights on upcoming trends and product launches in the global veterinary diagnostics market.
• Market Development: Comprehensive information on the lucrative emerging markets by product, technology, animal type, end user, and region.
• Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global veterinary diagnostics market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, competitive leadership mapping, and capabilities of leading players in the global veterinary diagnostics market.