Veterinary Diagnostics Market to Reach $23 Billion by 2032; Growth Driven by Pets and Infectious Diseases

The global Veterinary Diagnostics market is projected to grow at a rapid pace. According to SNS Insider, the market was valued at $9.7 billion in 2023, and is projected to reach an estimated $23 billion by 2032, at a CAGR of 10.1% from 2024 to 2032. This growth is mainly driven by the increasing number of pets worldwide, awareness about animal health, and the increasing prevalence of zoonotic diseases.

According to the World Health Organization, more than 60% of emerging infectious diseases are transmitted from animals to humans. In such a scenario, the need for advanced diagnostic tools to diagnose diseases in animals early and accurately is increasing day by day. This market is not limited to veterinary services alone, but is also directly linked to public health and food safety.

Get a Sample Report of Veterinary Diagnostics Market Forecast: https://www.snsinsider.com/sample-request/6352

Veterinary Diagnostics Market Analysis

This market surge is not due to a single factor, but to several parallel factors. With urbanization and the rise in single-parent households, pets are now considered members of the family. As a result, their healthcare expenditure has become a significant part of the family’s healthcare budget. According to the American Pet Products Association, there has been a significant increase in veterinary visits for preventive healthcare services for pets in 2023.

At the same time, for the livestock and dairy industry in the agricultural sector, early detection of diseases allows for preventive measures, which reduces the amount of economic losses. Initiatives like ‘Make in India’ by the Government of India are leading to the development of affordable and reliable diagnostic kits in the country, such as the Bluetongue Sandwich ELISA kit developed by the Indian Veterinary Research Institute (IVRI).

Veterinary Diagnostics Market Segmentation Analysis: Which segments are contributing to the share?

By Testing Category: The clinical chemistry segment led the market with a 24% revenue share in 2023. The use of automated biochemical analyzers and accurate kits has increased to diagnose chronic diseases such as diabetes, liver disorders.

By Animal Type: The companion animals segment is the largest with a 58% share. According to the American Veterinary Medical Association (AVMA), nearly 70% of households in the US have at least one pet. “Pet humanization” is the emotional attachment towards animals, which has led people to spend more on advanced healthcare for them.

By Product: The consumables, reagents, and kits segment accounted for 53% of the revenue share in 2023. These materials are widely used in many tests such as blood tests, urinalysis, and immunoassays.

By End Use: Veterinarians hold a 57% market share. They play an important role in diagnosing diseases and prescribing treatments. There is also a focus on training veterinarians in modern technologies at the government level.

Veterinary Diagnostics Market Regional Outlook

North America Leads, but Asia-Pacific Sees Faster Growth

North America, particularly the US, is expected to lead the market with a 39% market share in 2023. This is due to its high-quality animal healthcare infrastructure, adoption of advanced technology, and high levels of pet spending.

Asia-Pacific is also expected to witness the highest compound annual growth rate (CAGR). The number of pets is increasing due to the increasing number of middle-class households in countries like China and India. Moreover, the growth in dairy and livestock production in countries like India has also increased the demand for livestock diagnostic tools. Government initiatives for food safety and infectious disease control are also fueling this growth.

Major Players Analysis Listed in the Veterinary Diagnostics Market Report are

• IDEXX Laboratories, Inc. (SNAP Test Kits, SediVue Dx Urine Sediment Analyzer)
• Zoetis Inc. (Vetscan VS2 Chemistry Analyzer, Vetscan Imagyst)
• Thermo Fisher Scientific Inc. (VetMAX PCR Test Kits, PrioCHECK Serology Assays)
• bioMérieux SA (VITEK 2 Compact, VIDAS Immunoassay System)
• Heska Corporation (Element HT5 Hematology Analyzer, Element i Immunodiagnostic Analyzer)
• NEOGEN Corporation (GeneSeek Genomic Profiling, Reveal for Salmonella Test)
• Bio-Rad Laboratories Inc. (BioPlex 2200 Multiplex System, iQ-Check Real-Time PCR Kits)
• Virbac (Speed Reader, Speed Duo FeLV/FIV Test)
• FUJIFILM Holdings Corporation DRI-CHEM NX500 Veterinary Chemistry Analyzer, FDC-VET Clinical Chemistry Reagents)
• Shenzhen Mindray Animal Medical Technology Co. Ltd. (BC-5000Vet Hematology Analyzer, BS-240Vet Chemistry Analyzer)
• INDICAL BIOSCIENCE GmbH (VetMAX Pathogen Detection Kits, IndiMag Pathogen Kit)
• BioNote, Inc. (Vcheck V200 Analyzer, Vcheck Canine NT-proBNP Test Kit)
• Biogal Galed Labs (PCRun Molecular Detection, VacciCheck Antibody Test Kit)
• Agrolabo S.p.A. (Agroscan Diagnostic Kits, Rapid Test Kits)
• Innovative Diagnostics SAS (ID Screen ELISA Kits, ID Gene PCR Kits)
• Randox Laboratories Ltd. (Evidence Investigator Analyzer, VetBiochip Array Technology)
• BioChek BV (Avian Influenza Antibody Test Kit, Salmonella Enteritidis Antibody Test Kit)
• Fassisi GmbH (Fassisi Parvo Test, Fassisi FIP Test)
• Alvedia (QuickTest DEA 1, QuickTest Feline AB)
• Antech Diagnostics, Inc. (Mars Inc.) (Accuplex4, Imaging Services)

Purchase Single User PDF of Veterinary Diagnostics Market Report: https://www.snsinsider.com/checkout/6352

Recent Developments:

• November 2023: IDEXX Laboratories launches SNAP Leish 4Dx Test for vector-borne disease detection.
• June 2023: Boule Diagnostics launches H50V, a low-cost and feature-rich veterinary device.
• April 2023: BioCheck launches VetAssure, a new biosecurity diagnostic tool for the swine and poultry sectors using bioluminescence technology.

Other Trending Reports

Stem Cell Therapy Market

Botulinum Toxin Market

Personalized Medicine Biomarkers Market

Clinical Trial Management System Market

About Us:

SNS Insider is one of the leading market research and consulting agencies that dominates the market research industry globally. Our company's aim is to give clients the knowledge they require in order to function in changing circumstances. In order to give you current, accurate market data, consumer insights, and opinions so that you can make decisions with confidence, we employ a variety of techniques, including surveys, video talks, and focus groups around the world.

Contact Us:

Rohan Jadhav - Principal Consultant

Phone: +1-315 636 4242 (US) | +44- 20 3290 5010 (UK)

Email: info@snsinsider.com