Veterinary Diagnostic Market is Expected to Reach $5.0 billion | MarketsandMarkets.

Chicago, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Veterinary Diagnostic market in terms of revenue was estimated to be worth $3.3 billion in 2023 and is poised to reach $5.0 billion by 2029, growing at a CAGR of 7.1% from 2023 to 2029 according to a latest report published by MarketsandMarkets™. An increase in viral mutation rate increases the disease load on animals leading to an increase in diagnostic testing, an increase in diseases from animals that migrate from place to place, a rise in acquired ailments like dermatological diseases and urinary tract infections, a rise in animal population and a declining proper care/ hygiene, rise in pet insurance and cost of pet care, and growing demand for timely diagnostic testing for animal health, are all factors that influence this market. Untapped emerging markets hold numerous opportunities for the market to flourish. Large companies outsource manufacturing to local players, leading to opportunistic growth for local players in this market.

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Veterinary Diagnostic Market Scope:

Report Coverage	Details
Market Revenue in 2023	$3.3 billion
Estimated Value by 2029	$5.0 billion
Growth Rate	Poised to grow at a CAGR of 7.1%
Market Size Available for	2021-2029
Forecast Period	2023–2029
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By product, application, technology, animal type, distribution channel, end user and region
Geographies Covered	North America US Canada Europe Germany France UK Italy Spain Rest of Europe Asia Pacific Japan China India Australia South Korea Rest of APAC Latin America Brazil Mexico Rest of LATAM Middle East and Africa
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunity	Untapped markets of emerging nations
Key Market Driver	Increasing incidence of transboundary and zoonotic diseases

Based on product, the veterinary diagnostics market is broadly classified into consumables and instruments. The consumables accounted for the largest share in the market owing to factors such as the growing need for test kits like ELISA, PCR, lateral flow, rapid assay, clips and cartridges for urinalysis, and reagents and controls for hematology analysis. Consumables are mainly a one-time use and are required in large quantities. Thus, the enormous increase in sample size at reference labs of developed nations requires consumables in large quantities. Test strips for blood glucose testing, controls for hematology analysis, preloaded reagent clips and cartridges are used for chemistry, hematology, and blood gas-electrolyte analysis. These clips and cartridges contain dry or liquid reagents and help in the in vitro quantitative determination of electrolytes. Currently, leading market players are providing specific cartridges for measuring multiple electrolytes and metabolites for detecting kidney diseases, urinary tract infections, and diabetes in cats, dogs, equines, and cattle. Technological advancements are low in consumables as their quantity for each use is fixed and each consumable has a unique property that can’t be replaced with other consumables.  Thus, the need for consumables is high which justifies its large share in the market.

Based on the application, the market is segmented into infectious diseases, endocrinology, cardiology, oncology, and others. Endocrinology accounted for the second largest share in the market after infectious disease. This test is used to determine Diabetes mellitus, Hypothyroidism, Hyperthyroidism, Cushing's disease, Addison's disease, Pheochromocytoma etc. in animals. This disorder is diagnosed by clinical signs, physical examination and laboratory tests. The rise in diabetes cases in dogs and other pets is influenceing the segmental growth. According to the North American Veterinary Community (NAVC) diabetes is rising faster in pets than in humans, with more than half a million cats and dogs diagnosed with diabetes each year. Diabetes mellitus in dogs and cats occurs in about 1 of every 300 patients. Remission rates of diabetes in cats can be as high as 90%. Further, functional thyroid adenoma (adenomatous hyperplasia) is the most common cause of feline hyperthyroidism; in ~70% of cases, both thyroid lobes are enlarged. Thus, the number of cases involving endocrine examinations influences the market growth.

Based on end-user, the market is segmented into veterinary reference laboratories, veterinary hospitals & clinics, veterinary research institutes & universities, and point-of-care or in-house testing segments. The veterinary hospital and clinics segment accounted for the second largest share in the market after reference laboratories. In veterinary hospital settings, diagnostic products are widely used for a variety of applications, including the diagnosis of various fatal diseases and infections. Clinical chemistry analysis, urinalysis, and hematology testing are performed for regular health screening and the diagnosis of suspected diseases and infections in companion animals and livestock, while immunodiagnostic tests and molecular diagnostic tests are performed to diagnose and monitor animal diseases. Hospitals & clinics are the first point of contact for animal owners; hence, the presence of veterinary diagnostic tests and equipment in hospitals is of prime importance.

According to the American Veterinary Medical Association (AVMA), the average number of appointments booked increased by 6.1% in 2021 from 2020. Revenue and patient visits increased by 9.1% and 3.0%, respectively. Similar trends have been observed in major European countries.

With an influx of investments, emerging markets across the Asia Pacific and Latin America are offering growth opportunities for players in the veterinary diagnostics industry. The hospital sector in emerging countries is in its growth phase owing to increasing companion animal ownership, the rising number of livestock and poultry producers, the growing affordability of healthcare in these countries, the economic capabilities of hospitals to buy newer technologies, and the infrastructure to conduct critical diagnostic tests influence the segment in this market.

Based on region, the veterinary diagnostics market is further divided into North America, Europe, Asia Pacific, Latin America, and Middle East & and Africa. In 2022, North America accounted for the largest share followed by Europe. Factors such as increasing companion animal ownership, the rising outbreak of animal diseases, the presence of highly organized livestock farms, and the growing demand for quality animal-derived food products are driving the growth of the veterinary diagnostics market in Europe. According to the European Pet Food Industry Federation (FEDIAF), in 2022, in Europe, 90 million households owned a pet. There were 110 million cats, 90 million dogs, 50 million birds, 30 million small mammals, 15 million aquaria, and 10 million reptiles in 2022, and the annual sales of pet food products were 29.3 billion, with a 3.1% growth rate. This trend of pet adoption has increased the number of veterinary visits and the overall animal health expenditure by pet owners. Many European countries are among the largest exporters of various animal-derived products globally.

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Veterinary Diagnostic market major players covered in the report, such as:

• IDEXX Laboratories, Inc. (US)
• Zoetis, Inc. (US)
• Thermo Fisher Scientific Inc. (US)
• bioMérieux SA (France)
• Heska Corporation (US)
• NEOGEN Corporation (US)
• Bio-Rad Laboratories Inc. (US)
• 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)
• Innovative Diagnostics (France)
• Randox Laboratories Ltd. (Ireland)
• BioChek (Netherlands)
• Fassisi GmbH (Germany)
• Alvedia (France)
• SKYER, Inc. (South Korea)
• Shenzhen Bioeasy Biotechnology Co., Ltd. (China)
• Gold Standard Diagnostics (Germany)
• Precision Biosensor Inc. (South Korea)
• Antech Diagnsotics Inc. (US)
• EUROIMMUN Medizinische Labordiagnostika AG (Germany)
• and Among Others

The research report categorizes the Veterinary Diagnostics Market into the following segments and sub-segments:

BY PRODUCT

• CONSUMABLES
• INSTRUMENTS

BY TECHNOLOGY

• CLINICAL BIOCHEMISTRY
  • CLINICAL CHEMISTRY ANALYSIS
    • Clinical chemistry reagent clips & cartridges
    • Clinical chemistry analyzers
  • Glucose monitoring
    • Blood Glucose Strips
    • Glucose Monitors
    • Urine Glucose Strips
  • Blood Gas & Electrolyte Analysis
    • Blood Gas and Electrolyte Reagent Clips and Cartridges
    • Glucose Monitors
    • Blood Gas & Electrolyte Analyzers
• Molecular Diagnostics
  • Ploymerase Chain Reaction (PCR) Tests
  • Microarrays
  • Nucleic Acid Sequencing
  • Other Molecular Diagnostic Products
• Hematology
  • Hematology Cartridges
  • Hematology Analyzers
• Urinalysis
  • Urinalysis Clips & Cartridges/Panels
  • Urine Analyzers
  • Urine Test Strips
• immunodiagnostics
  • Lateral Flow Assays
    • Lateral Flow Rapid Tests
    • Lateral Flow Strip Readers
  • ELISA Tests
  • Allergen-specific Immunodiagnostic Tests
  • Immunoassay Analyzers
  • Radioimmunoassay
  • Other Immunodiagnostic Products
• Other Veterinary Diagnostic Technologies

BY ANIMAL TYPE

• companion animals
  • dogs
  • cats
  • horses
  • Other Companion Animals
• livestock
  • cattle
  • pigs
  • poultry
  • other livestock

VETERINARY DIAGNOSTICS MARKET, BY DISEASE TYPE, 2021-2029

• INFECTIOUS DISEASE
  • bacterial infection
  • viral infection
  • parasitic infection
  • other infection
• Endocrinology
• Oncology
• Cardiology
• Others

BY END-USER

• Veterinary Reference Laboratories
• Veterinary Hospitals & Clinics
• Point-of-care/ In-house Testing
• Veterinary Research Institutes & Universities

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The key stakeholders in the Veterinary Diagnostic market include:

• Senior Management
• Lab Technicians/Veterinary Doctors
• Finance/Procurement Department

Recent Developments:

• In March 2023, Zoetis, Inc. introduced two updates in the VEtscan Imagst platform. One is the AI dermatology and another for AI equine FEC analysis. These diagnostic additions broaden Vetscan Imagyst testing capabilities beyond existing AI canine and feline fecal analysis, AI blood smear analysis and digital cytology applications to include new in-clinic tests that are fully integrated into the company’s cloud-based artificial intelligence capabilities.
• In July 2022, BioNote USA partnered with PSIvet. The partnership will make BioNote’s Vcheck line of analyzers and tests even more affordable to PSIvet’s 5,000-plus veterinary practices.
• In August 2021, INDICAL BIOSCIENCE acquired Checkpoints to expand its poultry portfolio and direct-to-producer offerings.
• In June 2021, Idexx Laboratories acquired ezyVet, a practice information management system (PIMS). The acquisition would expand Idexx’s world-class cloud software offerings that support customers with technology solutions that raise the standard of care for patients, improve practice efficiency, and enable more effective communication with pet owners.

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Report Objectives:

• To define, describe, and forecast the veterinary diagnostics market by product, technology, animal type, distribution channel, application, end user, and region.
• To provide detailed information about the key factors influencing the market growth, such as drivers, restraints, opportunities, challenges, and industry trends
• To strategically analyze the regulatory scenario, Porter’s five force analysis, value chain analysis, supply chain analysis, ecosystem map, recession impact, and patent analysis
• To analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall veterinary diagnostics market
• To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
• To strategically profile the key players in this market and comprehensively analyze their market shares and core competencies
• To strategically analyze the veterinary diagnostics market in five regions: North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa
• To track and analyze competitive developments such as acquisitions, product launches, partnerships, and expansions in the veterinary diagnostics market

Related Reports:

Veterinary Reference Laboratory Market

Companion Animal Diagnostics Market

Antimicrobial Susceptibility Testing Market

Veterinary Infectious Disease Diagnostics Market

Veterinary Imaging Market

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