VANCOUVER, BC, Feb. 6, 2023 /PRNewswire/ -- The Veterinary Diagnostics Market size reached USD 6.63 Billion in 2021 and is expected to register a CAGR of 11.2% during the forecast period, according to latest analysis by Emergen Research. Some of the key drivers of the market include increase in pet ownership globally. Given the increasing number of people adopting pets, the demand for veterinary services is also increasing, which is driving growth in the veterinary diagnostic market. Advancements in technology is another factor driving revenue growth. The development of new diagnostic technologies, including PCR, ELISA, and DNA sequencing, is allowing for more accurate and efficient diagnosis of animal diseases, which is driving growth in the market. Increased awareness of the importance of animal health is leading to higher demand for veterinary diagnostic services, as pet owners and farmers seek to detect and prevent diseases in their animals.
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Furthermore, government initiatives to promote animal welfare and regulations requiring regular check-ups and vaccinations are driving growth in the market. Growing demand for animal-derived food products is a major factor driving revenue growth. The growing demand for animal-derived food products, such as meat, eggs, and dairy, is attributed to driving the growth of the market as farmers aim to improve the health and productivity of their livestock. Increase in the number of veterinary clinics and hospitals is also contributing to the growth of the market.
Drivers:
Major factors driving market revenue growth include rising incidences of zoonotic diseases and the number of veterinary practitioners, technological advancements in Point of Care (PoC) diagnostics, and rising disposable income levels in developing regions. These factors come from both government and non-government organisations around the world. The increased prevalence of infectious animal diseases is another factor driving up demand for veterinary diagnostics. According to the National Center for Biotechnology Information (NCBI), 15.1% of large ruminants tested positive for brucellosis in 2021, making it a highly widespread illness among cattle and buffalo. The demand for accurate and efficient disease diagnostic kits and procedures rises along with the occurrence of infectious diseases in animals, which in turn validates that animal products are safe, fueling market revenue growth. Growth in the market is expected to be driven by recent advancements in diagnostics and an increase in the adoption of novel methods in most laboratories. H1N1 influenza virus, avian influenza virus, and dengue virus are a few of the novel viruses that have recently developed or reemerged and badly impacted a variety of companies, including dairy, animal husbandry, and other sectors. Another significant factor driving the market's revenue growth is the rise in pet animal populations around the globe. The American Society for the Prevention of Cruelty to Animals (ASPCA) estimates that about 4.1 million animals in shelters across the US are adopted each year. The demand for animal diagnostic kits and other products is expected to significantly increase as more pets are adopted.
Restraints:
Some of the key restraining factors for revenue growth of the market include high cost of diagnostic tests. The high cost of diagnostic tests and equipment can be a restraining factor for some pet owners and farmers, especially in developing countries where the purchasing power is low. Lack of awareness and skilled professionals in the veterinary industry is restraining revenue growth. In some regions, there is a lack of awareness about the importance of veterinary diagnostics and a shortage of skilled professionals who can perform the relevant tests.
In addition, limited reimbursement for veterinary diagnostic tests can also be attributed for restraining revenue growth. Reimbursement policies for veterinary diagnostic tests vary widely by country and region, which can limit the availability of tests and discourage pet owners and farmers from seeking them out. Stringent regulations for veterinary diagnostics and the approval process for new diagnostic tests can slow down the introduction of new products and limit the growth of the market. Limited availability of diagnostic tests for certain diseases is a significant factor restricting the revenue growth. There are limited diagnostic tests available for certain diseases, such as zoonotic diseases, which can limit the growth of the market.
Competition with traditional diagnostic methods: Some farmers and pet owners still rely on traditional diagnostic methods, such as physical examination and clinical signs, which can limit the growth of the market.
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Growth Projections:
The Veterinary Diagnostics Market is expected to register a CAGR of 11.2% over the forecast period and revenue is projected to increase from USD 6.63 Billion in 2021 to USD 17.25 Billion in 2030, which is expected to support revenue growth of the market. Growing measures to reduce infections in animals is expected to drive revenue growth.
Current Trends and Innovations:
Given the increasing incidence of zoonotic and foodborne diseases, rising animal populations, rising demand for food products derived from animals, and supportive government initiatives implemented in these regions, emerging countries in the Asia-Pacific region present significant growth opportunities for veterinary diagnostic manufacturers. India and low-income countries like Ethiopia, Nigeria, and Tanzania had higher rates of zoonotic illness, according to a report by the International Livestock Research Institute (ILRI). In India, zoonotic illnesses account for 75% of newly emerging infectious diseases and 60% of all pathogens that cause disease. Therefore, the need for a better diagnosis of animals is growing in order to reduce financial losses caused by the rising disease epidemics in developing countries.
The market is also being driven by a number of product improvements, including low-temperature sterilization systems that offer increased instrument capacity, faster cycle times, enhanced material compatibility, and eco-friendly features. The market revenue is expected to increase further as a result of a number of other factors, such as patient vulnerability to chronic illnesses, and the implementation of different governmental efforts to maintain a high level of infection prevention. The opportunity for early identification and prevention of zoonotic and foodborne diseases has increased owing to their increasing burden. The worldwide veterinary diagnostics market is also expected to grow as a result of favourable government efforts, increased animal health expenditures, and technical developments in veterinary diagnostics.
Strategic Initiatives:
Major companies included in the market report are Zoetis; Heska Corp., IDEXX Laboratories Inc., Agrolabo S.p.A., IDvet, Virbac, Thermo Fisher Scientific Inc., Neogen Corp., Covetrus, and iM3Vet Pty Ltd.
- On January 3, 2023, LightDeck Diagnostics, a pioneer in planar waveguide fluorescence immunoassay diagnostics with strong manufacturing capabilities and expertise in research and development, has been acquired by Heska Corporation, a leading global provider of advanced veterinary diagnostic and specialty products and solutions.
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Scope of Research
Report Details | Outcome |
Market Size in 2021 | USD 6.63 Billion |
CAGR (2022-2030) | 11.2 % |
Revenue Forecast to 2030 | USD 17.25 Billion |
Base Year for Estimation | 2021 |
Historical Data | 2019-2020 |
Forecast Period | 2022-2030 |
Quantitative Units | Revenue in USD Billion and CAGR in % from 2022 to 2030 |
Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments Covered | Type, species, end-use, and region |
Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
Key Companies Profiled | Zoetis; Heska Corp., IDEXX Laboratories Inc., Agrolabo S.p.A., IDvet, Virbac, Thermo Fisher Scientific Inc., Neogen Corp., Covetrus, and iM3Vet Pty Ltd. |
Customization Scope | 10 hours of free customization and expert consultation |
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Emergen Research has segmented Veterinary Diagnostics Market on the basis of type, species, end-use, and region:
- Type Outlook (Revenue, USD Billion; 2019-2030)
- Consumables
- Instruments & Devices
- Reagents & Kits
- Species Outlook (Revenue, USD Billion; 2019-2030)
- Bovine
- Canine
- Avian
- Others
- End-use Outlook (Revenue, USD Billion; 2019-2030)
- Veterinary Hospitals
- Research Institutes
- Others
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
a. U.S.
b.Canada
c.Mexico - Europe
a.Germany
b.France
c. UK
d.Italy
e.Spain
f. Benelux
g. Rest of Europe - Asia Pacific
a.China
b.India
c.Japan
d.South Korea
e. Rest of APAC - Latin America
a.Brazil
b. Rest of LATAM - Middle East & Africa
a.Saudi Arabia
b. UAE
c.South Africa
d.Turkey
e. Rest of Middle East & Africa
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