The Growing Importance of Veterinary Diagnostics in the Global Market Forecast 2027

Posted February 2, 2023 by Prachi001

Veterinary Diagnostics Market is projected to reach USD 4.4 billion by 2027 from USD 2.8 billion in 2022, at a CAGR of 9.2%.
Veterinary diagnostics are vital tools for veterinarians to accurately diagnose and treat their animal patients. The veterinary diagnostics market is expected to grow significantly over the next few years due to factors such as increasing demand for pet care, rising prevalence of zoonotic diseases, growing focus on animal welfare, and rising demand for companion animals.

Currently, Veterinary Diagnostics Market is projected to reach USD 4.4 billion by 2027 from USD 2.8 billion in 2022, at a CAGR of 9.2%. Market growth can largely be attributed to the growth in the companion animal population, the increasing incidence of transboundary and zoonotic diseases, the rising demand for animal-derived food products, the rising demand for pet insurance, growing animal health expenditure, and growth in the number of veterinary practitioners and income levels in developed economies.

The global veterinary diagnostics market is segmented on the basis of application, technology, end-user, and geography. On the basis of application, the veterinary diagnostics market is segmented into infectious diseases, oncology, hematology, urinalysis, and others. On the basis of technology, the market is segmented into immunodiagnostics, molecular diagnostics, clinical chemistry, and others. On the basis of end-users, the market is segmented into veterinary hospitals & clinics, research laboratories, and others.

Request for assumptions & how numbers were triangulated.

Growth Drivers: Increasing disease control& 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 optimizing diagnostic tools to help in emergencies, which involves constant diagnostic checks as a preventive measure.

Growth Opportunities: Increased use of PCR testing panels to rule out COVID-19 virus in animals

Amidst the current COVID-19 pandemic, animal health authorities have been carrying out tests to understand how the virus affects animals. So far, research studies have shown 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.

The most recent development in this market is the introduction of a PCR panel by IDEXX and Zoetis in April 2020. These tests can be used to test the COVID-19 virus in animals and are commercially available to veterinarians and pet owners. However, these tests are not recommended for routine diagnostic purposes by the AVMA. This test can be ordered if all alternative disease cases have been ruled out. 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 diagnostic panels in the industry.

The rising demand for pet care is one of the major drivers of the veterinary diagnostics market. According to the American Pet Products Association, in 2018, more than 70 million households in the U.S. owned a pet. Also, there is a growing focus on animal welfare, which is leading to increased spending on pets. This is driving the demand for veterinary diagnostics.

In addition, the growing prevalence of zoonotic diseases is another factor driving the veterinary diagnostics market. Zoonotic diseases are those that can be transmitted between animals and humans. These diseases can be spread through contact with animals, their products, or through vectors like ticks and mosquitoes. According to the World Health Organization, zoonotic diseases account for nearly 75% of all emerging diseases. As a result, there is an increased demand for veterinary diagnostics in order to detect and treat these diseases.

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Recent Developments

In September 2021, Heska Corporation acquired Biotech Laboratories to strengthen its portfolio of rapid assay point-of-care diagnostics.
In January 2021, Heska Corporation acquired Lacuna Diagnostics to strengthen its portfolio of point-of-care digital cytology technology and telemedicine services.
In July 2020, Zoetis acquired Virtual Recall to strengthen its product portfolio and help veterinary practices improve their service offerings and communication with pet owners.
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Tags veterinary diagnostics market share , veterinary diagnostics market growth , veterinary diagnostics market by application
Last Updated February 2, 2023