Veterinary Diagnostics Market in terms of revenue was estimated to be worth $2.8 billion in 2022 and is poised to reach $4.4 billion by 2027, growing at a CAGR of 9.2% from 2022 to 2027. The new research study consists of an industry trend analysis of the market. The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The current edition of the report consists of an updated market overview, which includes information on the key conferences and events during 2022–2023, regulatory bodies, government agencies, and other organizations, as well as the key stakeholders and their buying criteria. The market overview chapters also include regulatory analysis, Porter’s five forces analysis, value chain analysis, supply chain analysis, ecosystem analysis, patent analysis, adjacent market analysis, and pricing analysis. The competitive landscape chapter has been updated with the competitive benchmarking segment. Market growth can largely be attributed to growing animal health expenditures, increasing disease control and disease prevention measures, and growth in the number of veterinary practitioners and income levels in developed economies. The availability of advanced diagnostic technologies is expected to help veterinarians provide better diagnosis and treatment, which, in turn, will drive the overall market for veterinary diagnostics across the globe. In addition, continuous innovations will enable market players to gain a long-term competitive advantage, further strengthening their positions in the global veterinary diagnostics market.

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One of the key factors contributing to market growth is the increasing expenditure on animal health. As pet owners become more aware of the importance of preventive care and early disease detection in animals, they are willing to invest in veterinary diagnostics to ensure the well-being of their pets. This trend is particularly prominent in developed economies where pet ownership is high.

The availability of advanced diagnostic technologies has also played a significant role in market growth. Innovations in diagnostic techniques, such as molecular diagnostics, imaging technologies, and point-of-care testing, have enhanced the accuracy and efficiency of veterinary diagnostics. These advancements enable veterinarians to make more informed decisions regarding diagnosis and treatment, thereby driving the overall market growth.

Continuous innovations in the veterinary diagnostics market not only enhance diagnostic capabilities but also provide market players with a competitive advantage. Companies that invest in research and development to bring novel and improved diagnostic solutions to the market can strengthen their positions and gain a competitive edge.

Key Market

The prominent players in the veterinary diagnosticsmarket 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).

Driver: Increasing disease control and disease prevention measures

With previous epidemic outbreaks, there has been increased vigilance regarding the re-emergence of diseases that have been declared eradicated. In 2011, rinderpest (caused by the virus Rinderpest Morbillivirus) was declared eradicated by the UN FAO and the World Organization for Animal Health (OIE). However, both agencies urged countries to remain vigilant for its re-emergence. The Global Rinderpest Action Plan includes optimising diagnostic tools to help in emergencies, which involves constant diagnostic checks as a preventive measure.

Furthermore, according to the US Centers for Disease Control and Prevention (CDC), in 2019, eight major zoonotic breakouts were reported. Every year, thousands of Americans get sick from diseases spread between animals and people. Six out of every ten diseases in humans are zoonotic, making it crucial that nations strengthen their respective capabilities to prevent and respond to these diseases. This intensifies the need for regular monitoring of animal health, especially livestock. Consequently, it can be expected that the growing prevalence and incidence of animal diseases will boost the demand for innovative diagnostic products to detect, monitor, and limit disease outbreaks. The availability of advanced diagnostic technologies is expected to help veterinarians provide better diagnosis and treatment, which will drive the overall market for veterinary diagnostics worldwide. Additionally, continuous research, innovations, and awareness programmes will enable market players to gain long-term competitive advantages, thus strengthening their positions in the veterinary diagnostics industry.

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The consumables segment is expected to register the highest CAGR in the veterinary diagnostics market during the forecast period

Based on products, the market is segmented into consumables and instruments. In 2021, the consumables segment is expected to register the highest CAGR during the forecast period. The increasing incidence of new infectious diseases such as SARS-CoV-2 viral infection and the increasing demand for rapid diagnostics in animals are driving the growth of this market.

The clinical biochemistry segment is expected to register the highest CAGR in the veterinary diagnostics market during the forecast period

Based on technology, the market is segmented into clinical biochemistry, immunodiagnostics, molecular diagnostics, hematology, urinalysis, and other veterinary diagnostic technologies (including microbiology and histopathology tests). In 2021, the clinical biochemistry segment is expected to register the highest CAGR during the forecast period. In the veterinary industry, clinical biochemistry analysis is conducted to diagnose diseases, screen disease progression, and monitor responses to therapy, which leads to the highest growth in the global market.

The veterinary reference laboratories segment accounted for the largest share of the global veterinary diagnostics market

Based on end users, the market is segmented into veterinary reference laboratories, veterinary hospitals & clinics, point-of-care testing/in-house testing, and veterinary research institutes & universities. Veterinary reference laboratories are the major end users in the global market, accounting for a share in 2021. Complex and highly specialized diagnostic tests are performed only at a few large reference laboratories across the world. Reference laboratories provide a wide array of testing services that may not be possible in clinics and hospitals, which leads to the largest share in the global market.

The Asia Pacific market is estimated to witness the highest CAGR during the forecast period

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.

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