Veterinary Diagnostics Market Outlook
According to the report by Expert Market Research (EMR), the global veterinary diagnostics market trends reached a value of approximately USD 3.11 billion in 2022. Aided by the growing prevalence of animal zoonotic diseases and the growth in animal population, the market is projected to further grow at a CAGR of 9% between 2023 and 2028 to reach a value of USD 5.11 billion by 2028.
Veterinary diagnostics refers to tests that help identify and determine the causes of various diseases in animals. These diagnostic tests support veterinarians’ decision-making regarding recommended treatment modalities and are crucial for preventative healthcare. Additionally, they are crucial in maintaining animal health, ensuring the safety of food, and preventing the spread of zoonotic diseases.
The expansion of the global veterinary diagnostics market is primarily driven by the growing emphasis on the health and welfare of pets. There has been a considerable shift towards early disease diagnosis and preventative healthcare due to the increase in pet ownership and the increased awareness of pet health, which has caused a spike in demand for effective veterinary diagnostic tools. Additionally, the growing trend of “pet humanisation,” in which animals are treated with the same respect and consideration as human family members has increased interest in veterinary diagnostics.
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The expanding applications of veterinary diagnostics in various sectors significantly contribute to veterinary diagnostics market growth. These diagnostics are employed in the livestock industry to guarantee the health and productivity of the animals, which has a direct impact on the quality and safety of food products obtained from animals. While laboratories and academic institutions employ these diagnostics in a variety of animal research and studies, the wildlife sector uses them for wildlife conservation and disease surveillance.
Additionally, there have been significant advancements in veterinary diagnostic technologies as a result of the increasing emphasis on rapid and accurate diagnostic solutions in animal health. The field of veterinary diagnostics is undergoing a revolution as a result of the development of portable and user-friendly diagnostic tools, as well as developments in molecular diagnostics, immunodiagnostics, and biochips. In addition, the use of artificial intelligence (AI) and machine learning (MI) in diagnostics is poised to offer a new route to the veterinary diagnostics market expansion due to continuous research and development efforts.
Veterinary Diagnostics Market Segmentation
The market can be divided based on technology, product, animal type, and region.
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Market Breakup by Technology
- Clinical Biochemistry
- Molecular Diagnostics
Market Breakup by Product
Market Breakup by Animal Type
- Companion Animals
- Livestock Animals
Market Breakup by Region
- North America
- Asia Pacific
- Latin America
- Middle East and Africa
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and acquisitions and mergers, among other major developments, of the global veterinary diagnostics companies. Some of the major key players explored in the report by Expert Market Research are as follows:
- Randox Laboratories, Ltd.
- Biomérieux SA
- Heska Corporation
- Neogen Corporation
- Thermo Fisher Scientific
- Zoetis, Inc.
- Abaxis, Inc.
- Idexx Laboratories
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