Veterinary Diagnostics Market to Grow Due to Rising Prevalence of Zoonotic Diseases

Global veterinary diagnostics market is experiencing unprecedented growth, fueled by changing consumer lifestyles, growing urbanization, and surging demand for convenience.

According to the Markets and Data research report, “Global Veterinary Diagnostics Market Assessment, Opportunities and Forecast, 2017-2031F”, the global veterinary diagnostics market was estimated at USD 6,240 million in 2023 and is anticipated to reach USD 11,840 million by 2031, growing at a CAGR of 8.34% during the forecast period. The two major factors contributing to the market growth include rising pet ownership and increasing pet health expenditures. The increasing number of individuals considering companion animals like dogs and cats as part of their family has led to a greater emphasis on their welfare and an increased need for sophisticated diagnostic instruments. Technological advancements that improve diagnostic efficiency and accuracy, such as those in imaging, molecular diagnostics, and point-of-care testing, propel the market's expansion. In addition, the demand for efficient diagnostic tools has increased with the rising knowledge of zoonotic diseases — diseases that can spread from animals to people. This increased awareness encourages the public and private sectors to invest in veterinary diagnostics. With more institutions implementing advanced diagnostic technologies, the global development of veterinary services and practices also drives market expansion. Furthermore, advances in diagnostic technology are being fostered by supportive government policies and increased funding dedicated to veterinary research. Together, these measures drive the market, demonstrating a broader commitment to enhancing animal health and addressing emerging health challenges in pets and livestock.

Spread through 565 pages, the " Global Veterinary Diagnostics Market" report includes an in-depth TOC, over 386 market data figures, latest market developments, key drivers and opportunities, and a thorough study of major company profiles. Moreover, the report offers strategic recommendations, pricing analysis, market share analysis, and value chain analysis in detail.

Key Takeaways:

Global veterinary diagnostics market is segmented into the following categories:
By Product: Consumables, Instruments
By Technology: Immunodiagnostics, Molecular Diagnostics, Clinical Biochemistry, Hematology, Others
By Animal Type: Companion Animals, Livestock
By Application: Infectious Diseases, Endocrinology, Oncology, Cardiology, Others
By End-user: Veterinary Hospitals and Clinics, Veterinary Reference Laboratories
By Region: North America, Europe, Asia-Pacific, South America, Middle East and Africa

Within the product segment, consumables dominate with the highest market share. Due to their frequent use and crucial significance in diagnostic procedures, consumables are leading the veterinary diagnostics market. Consumables include test kits, reagents, and sample collecting supplies, which are used often and required to be frequently purchased, whereas in contrast to that, instruments are one-time purchases or require occasional replacement. Owing to frequent utilization, the overall market share of consumables is expected to boost in the forecast period. The demand for consumables is further fueled by the rising number of diagnostic tests and procedures conducted in veterinary clinics, which makes them a vital and prominent market segment.

Based on technology, the veterinary diagnostics industry is dominated by immunodiagnostics technology because of its wide usage and proven efficaciousness. This method employs the interactions that take place between antibodies and antigens to swiftly and precisely identify a variety of disorders. It is especially well-liked because of its excellent sensitivity and specificity, making it perfect for standard and customized testing. The popularity of immunodiagnostics has also increased owing to its supportive nature in the quick development of assays for infections. The immunodiagnostic tests' dominant position in the technology segment is fueled by their cost-effectiveness and dependability, as well as their widespread use in the detection of infectious diseases and health monitoring.

Based on animal type, companion animals account for a large portion of the veterinary diagnostics market due to the rising trend of pet ownership and increasing expenditures associated with pet health. Since dogs and cats are now considered family members, companion animals receive special care and frequent veterinarian appointments. Due to this trend, pet-specific advanced diagnostic instruments and services are in high demand. Companion animals are the leading market category for veterinary diagnostics due to the growing need for thorough diagnostic solutions because of increased worldwide pet adoption and awareness about pet health.

North America dominates the veterinary diagnostics market as the region is well-served, with a sophisticated healthcare system, a large pet population, and significant investments made for veterinary technology and research. The demand for diagnostic technologies is further driven by high consumer expenditure on preventative care and pet health. North America's dominance in the market is also a result of the existence of top veterinary diagnostic firms and innovation hubs in the region. Regulatory support and an established veterinary practice network that facilitates modern diagnostic technology use confirm North America's position as the industry leader.

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Major Players Operating in Global Veterinary Diagnostics Market Include:

• IDEXX Laboratories, Inc.
• Zoetis Services LLC
• Thermo Fisher Scientific, Inc.
• Shenzhen Mindray Animal Medical Technology Co., LTD.
• Virbac S.A.
• Neogen Corporation
• Heska Corporation (Mars Petcare)
• FUJIFILM Holdings Corporation
• bioMérieux SA
• Bio-Rad Laboratories, Inc.

Companies in the global veterinary diagnostics market are actively involved in research and development (R&D) initiatives to promote innovation, improve current technologies, and create new solutions.

In July 2024, Thermo Fisher Scientific, Inc. debuted its diagnostic advances in many therapeutic areas at the Association for Diagnostics & Laboratory Medicine Conference (ADLM) 2024, which took place in Chicago, Illinois, from July 28 to August 1, 2024. The company demonstrated how its all-inclusive diagnostic solutions may efficiently aid in illness diagnosis, clinical risk assessment, and the advancement of precision medicine and clinical research. The organization is committed to promoting product developments and fortifying its distribution networks to guarantee the availability of its state-of-the-art technology and solutions, with the goal of promoting global health and safety.

“Global Veterinary Diagnostics Market Assessment, 2017-2031F”, evaluates the future growth potential of global veterinary diagnostics market and provides statistics and information on market size, structure, and future market growth. The report intends to provide innovative market intelligence and help decision-makers to take investment decisions for their organizations more strategically. Moreover, the report identifies and examines the emerging trends along with key drivers, challenges, and opportunities in the global veterinary diagnostics market.

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