Veterinary Diagnostics Market

Market Synopsis:

Global Veterinary Diagnostics Market valued at USD 2,183.5 Million in 2021 and is projected to reach a value of USD 3,682.1 Million by 2028 at a CAGR of 10.75% over the forecast period.

The Veterinary Diagnostics Market is witnessing considerable growth during the forecast period. The growth of the Veterinary Diagnostics Market is mainly attributed to the rising companion animal population, increase in demand for animal-derived food products, increasing occurrences of zoonotic and transboundary diseases, increasing animal health expenditure, growth in the demand for pet insurance, and growth in the number of veterinary doctors and the income in the developed economies. Moreover, the shifting of consumers toward advanced test techniques like hematology, nanotechnology, immune and molecular diagnostics which are efficient and quick in generating results and are further fueling the growth of the market during the forecast period. Additionally, the advancements in diagnostics together with the rising adoption of innovative and latest techniques in most laboratories are expected to boost the Veterinary Diagnostics Market growth in the coming years. Furthermore, the continuous growth in the population of pets and the rising penetration of Veterinary Diagnostics products at the veterinary hospitals are contributing to the Veterinary Diagnostics Market growth during the forecast period. Additionally, the increasing demand for point-of-care diagnostics is predicted to propel the growth of the market as it offers fast results in the clinical tests and can be directly evaluated to save time which is expected to increase the demand for Veterinary Diagnostics in the coming future. Besides, the lack of skilled veterinarians and the diagnostics infrastructure particularly in the emerging countries, and the high cost of advanced diagnostics tests are the major factor limiting the growth of the Veterinary Diagnostics market during the forecast period.

Market Segmentation:

The Veterinary Diagnostics market is segmented on the basis of product type, animal type, and technology. On the basis of product type, the market is segmented as Instruments and Consumables. Based on animal type, the market is segmented as Companion Animals and Livestock. Based on technology, the market is segmented into Immunodiagnostics, Clinical Biochemistry, Molecular Diagnostics, Hematology, Urinalysis, and other Veterinary Diagnostic Technologies.

Consumables Segment is Anticipated to Expand at the Highest CAGR During Forecast Period

Based on product type, the consumables segment is expected to grow at the highest CAGR during the forecast period. The growth of the consumables segment is mainly attributed to the increasing expectations for rapid and accurate results together with the introduction of advanced kits and reagents. Moreover, the consumables and reagents are varied compatible to use with the various Veterinary Diagnostics equipment’s which is expected to drive the growth of this segment in the upcoming years.

Companion Animal Segment Acquires the Largest Market Share

Based on animal type, the companion animal segment is predicted to acquire the largest share of the Veterinary Diagnostics market during the forecast period. The growth of the companion segment growth is attributed to the increasing number of companion animals in the developed regions like Europe and North America, and the huge expenditure on the companion animals in these regions.

North America Leads the Global Veterinary Diagnostics Market

North America region accounts for the largest market share. The growth of the Veterinary Diagnostics Market in North America is attributed to the rising population of companion and the food-producing animals, the availability of technologically advanced veterinary reference laboratories, increase in the consumption of meat and dairy products, growth in the pet insurance coverage, and the increasing expenditure of the veterinary healthcare.

Asia Pacific is Projected to be the Fastest-Growing Region Over Forecast Period

The Asia Pacific is expected to dominate the Veterinary Diagnostics Market during the forecast period. The growth of the Asia Pacific region is attributed to growth in the adoption of pets, increasing awareness associated with animal health, and an increase in the per capita income expenditure on animal health.

Competitive Landscape:

The Veterinary Diagnostics market is fragmented in nature due to the presence of key market players. Some of the key players in the market are Thermo Fisher Scientific Inc. (US).

Segmentation of Veterinary Diagnostics Market: