Overview of This Research:

The study involved four major activities in estimating the size of the global veterinary point-of-care diagnostics market. Exhaustive secondary research was done to collect information on the adoption of different technologies and their regional adoption trends. Industry experts further validated the data obtained through secondary research through primary research.

Furthermore, the market size estimates and forecast provided in this study are derived through a mix of the bottom-up approach (country-level incidence data for various diseases) and top-down approach (assessment of utilization/adoption/penetration trends, by product, technology, application, animal type, and end user). After that, market breakdown and data triangulation methods were used to estimate the market size of segments and subsegments.

Secondary Research:

Various secondary sources such as the American Pet Products Association (APPA), American Veterinary Medical Association (AVMA), European Pet Food Industry Federation (FEDIAF), Food and Agriculture Organization of the United Nations (FAO), International Federation for Animal Health (IFAH), North American Pet Health Insurance Association (NAPHIA), National Office of Animal Health (NOAH), Canadian Animal Health Institute (CAHI), United States Department of Agriculture (USDA), World Health Organization (WHO), annual reports/SEC filings, investor presentations, and press releases of key players have been used to identify and collect information useful for the study of this market.

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Primary Research:

Primary sources such as experts from both supply and demand sides have been interviewed to obtain and validate information as well as to assess the dynamics of this market. The primary participants mainly include product managers, business development directors, sales managers, and veterinarians across the industry.

Global Growth Boosters:

Growth in the companion animal population, rising demand for pet insurance, increasing number of veterinary practitioners in developed economies, and technological advancements are some of the factors driving the growth of this market during the forecast period.

Revenue Growth:

The global veterinary point-of-care diagnostics market size is projected to reach USD 2.4 billion by 2025 from USD 1.4 billion in 2019, at a CAGR of 8.9%.

By technology, the clinical biochemistry segment accounted for the largest share of the veterinary point-of-care diagnostic kits and analyzers market in 2018

Based on technology, the market is segmented into immunodiagnostics, clinical biochemistry, molecular diagnostics, hematology, urinalysis, and other technologies. In 2018, the clinical biochemistry segment accounted for the largest share of the veterinary point-of-care diagnostic kits and analyzers industry. The higher preference for various advanced clinical diagnostic products by veterinarians and pet owners are contributing to the large share of this segment.

By application, the clinical pathology segment accounted for the largest market share in 2018

Based on application, the veterinary point-of-care diagnostics market is segmented into clinical pathology, bacteriology, virology, parasitology, and other applications. The clinical pathology segment accounted for the largest market share in 2018. This segment is also projected to register the highest CAGR during the forecast period. The growth in this segment can be attributed to the increasing adoption of chemistry analyzers for the primary diagnosis of diseases in clinics.

North America will continue to dominate the market during the forecast period

The market, by region, is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the veterinary point-of-care diagnostics market in 2018. The large share of North America in the global market can be attributed to the increasing adoption of companion animals, growing veterinary healthcare expenditure, and rising demand for animal-derived food products.

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Global Leaders:

In 2018, IDEXX Laboratories, Inc. (US) and Zoetis, Inc. (US) dominated the global veterinary point-of-care diagnostics industry, accounting for more than ~80–85% of the total market share.

Some of the other prominent players operating in the veterinary point-of-care diagnostics market are Heska Corporation (US), Virbac (France), Thermo Fisher Scientific, Inc. (US), Eurolyser Diagnostica GmbH (Austria), Woodley Equipment Company (UK), Randox Laboratories LTD. (UK), AniPOC, Ltd. (UK), Carestream Health, Inc. (a part of ONEX Corporation) (Canada), NeuroLogica Corporation (a part of Samsung Electronics Co. Ltd.) (South Korea), and FUJIFILM SonoSite (a part of FUJIFILM Holdings Corporation) (Japan).

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