Veterinary Diagnostics Market Trend Analysis, Product Scope, Industry Size, Competitive Situation, Development Factors, Share Estimation And 2026
This report presents a detailed assessment of the veterinary diagnostics market, along with qualitative inputs and insights from MarketsandMarkets. It also involved the extensive use of both primary and secondary sources. Various factors affecting the industry were studied to identify the segmentation types; industry trends; key players; competitive landscape of different products provided by separate market players; key market dynamics, such as drivers, restraints, opportunities, challenges, and industry trends; and key player strategies.
Expected Revenue Growth in Veterinary Diagnostics Market:
[434 Pages Report] The veterinary diagnostics market is expected to reach USD 3.9 billion by 2026 from an estimated USD 2.5 billion in 2021, at a CAGR of 9.4%. Growth can largely be attributed to the growth in the companion animal population, increasing incidence of transboundary and zoonotic diseases, rising demand for animal-derived food products, rising demand for pet insurance, growing animal health expenditure, and growth in the number of veterinary practitioners and income levels in developed economies. On the other hand, rising petcare costs is expected to restrain the overall market growth. Currently, the lack of skilled veterinarians and diagnostic infrastructure, especially in developing countries, is one of the major factors limiting the uptake of advanced diagnostic solutions among veterinarians. The high cost of advanced diagnostic tests is another major barrier to its widespread adoption.
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The Immunodiagnostics segment occupies the highest share in the global veterinary diagnostics market in the forecasted period
Based on technology, the global veterinary diagnostics market is segmented into Immunodiagnostics, Clinical Biochemistry, Molecular Diagnostics, Hematology, Urinalysis, and Other Veterinary Diagnostic Technologies. In 2020, the immunodiagnostics segment occupied the highest share in the global veterinary diagnostics market. The large share of the immunodiagnostics segment can primarily be attributed to the widespread popularity of immunodiagnostics in disease diagnosis as well as in screening disease progression and observing patients’ responses to therapy. In addition, the low cost, low procedural complexity, and greater adoption of immunodiagnostics due to ease of training are further driving the growth of this market segment. Furthermore, higher preference by veterinarians, pet owners, and livestock producers and wide applications of this technology are contributing to the large share of the immunodiagnostics segment.
Veterinary Diagnostics Market Dynamics
Driver: Growth in the companion animal population
A surge in the overall companion animal population and adoption rate has been witnessed on a global scale. According to several studies, having a companion animal is associated with positive health benefits, such as reduced cardiac arrhythmias, normalization of blood pressure, decreased anxiety, greater psychological stability, and improved well-being. The increasing pet population is expected to drive the demand for pet care products and services, which, in turn, will support the growth of dependent industries such as veterinary diagnostics.
North America:
According to a National Pet Owners Survey (2019–2020) conducted by the American Pet Products Association (APPA), an estimated 67% of US households, or about 84.9 million families, owned a pet.
Around 63.4 million households owned dogs, 42.7 million owned cats, and 1.6 million owned horses in the US in 2018.
Europe:
According to the European Pet Food Industry Federation (FEDIAF), the canine population was 87.5 million, and the feline population was 106.4 million in 2019.
Other Regions and Emerging Countries:
At 62%, Australia has one of the highest pet ownership rates in the world. There were an estimated 24 million pets in nearly 5 million households (of 7.6 million households in the country) in 2018.
Brazil currently has the fourth-largest pet population globally, with 52 million dogs, 38 million birds, 22 million cats, 18 million fish, and 2 million small animals in 2016.
According to the India International Pet Trade Fair (2017), ~600,000 pets are adopted every year in India. The number of pets in the country increased from 11 million in 2014 to 19.5 million in 2018.
Restraint: Rising pet care costs
The pet insurance market is expanding, the number of animals covered for treatments is still very low. As a result, animal owners generally bear the majority of the cost of treatments. In addition, according to the Society for Practicing Veterinary Surgeons, along with the increasing pet insurance, the cost of veterinary treatment is rising at a significant growth rate.
The number of consultations with veterinary specialists for pet care is another factor responsible for the increasing pet healthcare costs. Furthermore, the lower income in this profession compared to other advanced-degree professions such as dentistry and law puts pressure on veterinary professionals to increase their fees. High pet care costs directly impact the number of visits by pet owners to veterinary facilities, thereby restraining the growth of this market.
Opportunity: Increased use of PCR testing panels to rule out COVID-19 virus in animals
With regard to the current COVID-19 pandemic, animal health authorities have been carrying out tests to understand how the virus is affecting animals. So far, research studies and testing show that felines are more susceptible than other animals. Testing also shows that the virus spreads less from animal to animal as opposed to human-human or human-animal. It is expected that pet owners will increasingly start testing their pets for the absence of these diseases, thus increasing the demand for PCR panels for virus testing. This will create opportunities for new molecular diagnostics panels in the industry.
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Key Players In Veterinary Diagnostics Market:
Some of the major players in the veterinary diagnostics market include Thermo Fisher Scientific Inc. (US), Zoetis Inc. (US), IDEXX Laboratories Inc. (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), Virbac (France), Heska Corporation (US), Agrolabo S.p.A. (Italy), INDICAL BIOSCIENCE GmbH (Germany), Randox Laboratories Ltd. (Ireland), IDvet (France), Biopanda Reagents (UK), Bionote, Inc. (South Korea), and BioChek (Netherlands). The other players include Fassisi GmbH (Germany), Biogal Galed Labs (Israel), Alvedia (France), SKYER, Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), and Precision Biosensor, Inc. (South Korea).