Veterinary Diagnostics Market Size to Surpass $4663.51 Million at a CAGR of 8.80% by 2030

Global Veterinary Diagnostics Market was valued at USD 2375.10 Million in 2022 and is projected to reach a value of USD 4663.51 Million by 2030. The Global Veterinary Diagnostics Industry is anticipated to grow exhibiting a Compound Annual Growth Rate (CAGR) of 8.80% over the forecast period 2023-2030.

In recent years, the Veterinary Diagnostics Market has experienced significant growth, and this trend is expected to continue during the forecast period. Numerous factors contribute to this upward trajectory, making it a promising field to explore. One key driver behind the growth of the Veterinary Diagnostics Market is the escalating population of companion animals. As more households welcome pets into their lives, the demand for veterinary diagnostics services increases accordingly. Simultaneously, the rise in consumer demand for animal-derived food products further propels the expansion of this market segment.

Moreover, the heightened awareness surrounding zoonotic and transboundary diseases has sparked a surge in the need for efficient diagnostics tools in veterinary medicine. These diseases, which can be transmitted between animals and humans, require accurate and timely diagnosis for effective treatment and prevention. Consequently, the Veterinary Diagnostics Market has witnessed substantial growth due to the increased focus on disease surveillance and control measures.

Get Access to Free Sample Research Report with Latest Industry Insights @ https://www.vantagemarketresearch.com/veterinary-diagnostics-market-1529/request-sample

Our Free Sample Reports Include:

• An introduction to the veterinary diagnostics market, including its definition, scope, and key segments.
• Information about the market's current size, historical growth, and projected growth rates.
• An overview of the major players in the veterinary diagnostics industry, their market shares, and key strategies.
• Insights into the drivers, restraints, and challenges influencing the market's growth.
• Analysis of the target customers or end-users, their preferences, and buying behavior.

Top Companies in Global Veterinary Diagnostics Market

• Thermo Fisher Scientific Inc. (US)
• NEOGEN Corporation (US)
• Zoetis Inc. (US)
• IDEXX Laboratories Inc. (US)
• Bio-Rad Laboratories Inc. (US)
• Bio-Rad Laboratories Inc. (US)
• bioMérieux SA (France)
• bioMérieux SA (France)
• Virbac (France)
• Heska Corporation (US)
• Virbac (France)
• Heska Corporation (US)

Budget Limitation? Contact us for Special Discount and Pricing

Market Dynamics: Veterinary Diagnostics Market

Rising Pet Ownership and Increasing Technological Advancements in the Diagnostic Field to Stimulate the Veterinary Diagnostics Market

The global surge in pet ownership can be attributed to factors such as increased disposable incomes and the adoption of modern lifestyles. This rise in the number of pet owners has a direct impact on the Veterinary Diagnostics Market, which is poised for growth.

According to the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA), approximately 68% of households in the United States, totaling around 85 million families, own pets. Furthermore, research from Pet Supplies Plus indicates that baby boomers are increasingly adopting pets, driven by the emotional benefits and companionship that pets offer.

The growing awareness about the use of companion animals in treating various health issues, such as post-traumatic stress disorder and autism among the geriatric population, further fuels the demand for veterinary diagnostics products. This recognition of the therapeutic effects of animals strengthens the market's potential in the coming years.

Growing Prevalence of Veterinary Diseases to Drive the Demand for Veterinary Diagnostic Products

The Veterinary Diagnostics Market is witnessing a surge in demand due to the growing prevalence of veterinary diseases that affect both animals and humans. Additionally, the increasing costs associated with veterinary disease treatment contribute to the need for effective veterinary diagnostics techniques.

To illustrate, a survey conducted by The American Veterinary Medicine Association (AVMA) in 2016 revealed that approximately 1 in 4 dogs in the U.S. develop neoplasia, a condition that can lead to cancer. Alarmingly, around 50.0% of dogs diagnosed with neoplasia are vulnerable to developing cancer. These statistics highlight the urgent need for accurate and timely veterinary diagnostics.

The awareness surrounding diseases in companion and livestock animals is on the rise, not only in developed nations but also in emerging economies. This growing awareness is a key driver behind the increased demand for veterinary diagnostics. Furthermore, there is a notable rise in expenditure for the development of veterinary diagnostic laboratories, reinforcing the importance of accurate and efficient diagnostics in animal healthcare.

Click Here to Get Detail Insights on this Industry

Global Veterinary Diagnostics Market Segmentation

By Product Type

• Instruments
• Consumables

By Animal Type

• Companion Animals
• Livestock

By Technology

• Immunodiagnostics
• Hematology
• Urinalysis
• Clinical Biochemistry
• Molecular Diagnostics
• Other Veterinary Diagnostic Technologies

Key Trends in Veterinary Diagnostics Industry

The COVID-19 pandemic has prompted animal health authorities to conduct tests to understand the impact of the virus on animals. Research studies thus far have revealed that felines are more susceptible to the virus compared to other animals. Furthermore, testing has shown that the virus spreads less frequently from animal to animal compared to human-to-human or human-to-animal transmission.

One notable development in this market is the introduction of a PCR panel by IDEXX and Zoetis in April 2020. This panel enables the testing of the COVID-19 virus in animals and is commercially available to veterinarians and pet owners. However, it is important to note that the American Veterinary Medical Association (AVMA) does not recommend these tests for routine diagnostic purposes. Instead, they suggest ordering the test only after ruling out alternative disease cases. Nonetheless, as pet owners increasingly seek to ensure the absence of COVID-19 and related diseases in their pets, the demand for PCR panels for virus testing is expected to rise. This presents new opportunities for molecular diagnostic panels in the veterinary diagnostics industry.

Buy this Premium Research Report with 30% Discount | Immediate Delivery @ https://www.vantagemarketresearch.com/buy-now/veterinary-diagnostics-market-1529/0

Key Findings & Insights from the Report

• The global demand for the veterinary diagnostics market was registered USD 2375.10 Million in 2022 and it is expected that by 2030 the market demand will be USD 4663.51 Million.
• The market can be segmented into various technologies, including immunoassays, polymerase chain reaction (PCR), enzyme-linked immunosorbent assay (ELISA), and others. Notably, immunoassays hold the largest share in this market during the forecast period. The growing utilization of immunoassays for diagnosing infectious diseases in animals has propelled its prominence in the industry.
• The market can be divided into companion animals, food-producing animals, and others. If we focus on the searcher intent, it's important to note that the companion animals' segment commands the largest share in the market. The increasing trend of pet ownership and the surging demand for animal healthcare services contribute to this dominance.
• The market is categorized into veterinary hospitals and clinics, diagnostic laboratories, and research institutes. Considering the searcher intent, it is noteworthy that veterinary hospitals and clinics hold the largest share in the market. The growing number of these facilities and the rising demand for animal health care have significantly contributed to their prominence.

Read Full Research Report with [TOC] @ https://www.vantagemarketresearch.com/industry-report/veterinary-diagnostics-market-1529

Recent Development:

• In August 2022. PepiPets release, allows clients to conveniently receive diagnostic testing at home for their pets. PepiPets aims to enhance the comfort of pets during the procedure while also saving time on travel to in-person office visits. This innovative at-home testing service signifies a significant step forward in veterinary diagnostics.
• In March 2022, Companion Animal Health announced a strategic agreement and equity investment with HT BioImaging. This partnership involves co-branding and exclusive distribution of the HTVet product in the United States and Canada. This collaboration between Companion Animal Health and HT BioImaging brings forth a unique offering to the veterinary diagnostics market, presenting new possibilities and benefits for veterinarians and pet owners alike.

Restraints/Challenges

One major factor impeding the growth of the market is the high costs associated with veterinary healthcare. The expenses involved in providing comprehensive veterinary care can act as a deterrent for pet owners seeking diagnostic services. Affordability remains a key concern and may hinder the market's growth in certain segments.

Additionally, the unavailability of infrastructure and veterinary healthcare centers in certain regions worldwide poses a significant obstacle. Limited access to veterinary facilities can hamper the timely diagnosis and treatment of animals. The lack of adequate infrastructure restricts the growth rate of the veterinary diagnostics market in these areas.

Key Questions Answered in Veterinary Diagnostics Market Report

• What is the current size and projected growth rate of the veterinary diagnostics market?
• What are the key drivers, restraints, and challenges influencing the growth of the veterinary diagnostics industry?
• What are the major trends and developments in veterinary diagnostics, including technological advancements?
• What are the different types of veterinary diagnostic tests and instruments available in the market?
• What are the key applications of veterinary diagnostics in companion animals, livestock, and other animals?
• What are the market segments based on diagnostic techniques, end-users, and geographic regions?
• What are the market opportunities and challenges in the veterinary diagnostics industry?
• What is the competitive landscape of the veterinary diagnostics market, and who are the major players?
• What are the market shares and strategies of the leading companies in the veterinary diagnostics sector?

Regional Analysis

The Veterinary Diagnostics Market is segmented geographically into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among these regions, North America stands out as the dominant market for veterinary diagnostics. The region's strong position is attributed to high healthcare expenditure, a rising prevalence of veterinary diseases, and an increase in pet ownership. These factors collectively contribute to the growth of the veterinary diagnostics market in North America during the forecast period. A study conducted by the National Center for Biotechnology Information (NCBI) in 2018 revealed that an estimated 80% of pet dogs in the U.S. suffered from periodontal disease, highlighting the significance of veterinary diagnostics in the region.

Europe is anticipated to witness significant growth in the veterinary diagnostics market during the forecast period. This growth is attributed to a rise in the prevalence of veterinary diseases and increasing awareness about newly launched techniques involved in the early diagnosis of these diseases. According to data published in The Veterinary Journal in 2015, approximately 2.6% of dogs in Germany were suffering from epileptic seizures, indicating the need for effective veterinary diagnostics in the region.

Check Out More Related Report:

• Cosmetic Dentistry Market - Global Industry Assessment & Forecast
• Companion Diagnostics Market - Global Industry Assessment & Forecast
• Healthcare Staffing Market - Global Industry Assessment & Forecast
• Lipid Nanodiscs Market - Global Industry Assessment & Forecast

Contact us

Eric Kunz

6218 Georgia Avenue NW Ste 1 - 564

Washington DC 20011-5125

United States Tel: +1 202 380 9727

Email: sales@vantagemarketresearch.com