Veterinary Diagnostics Market Size, Share, Industry Trends and Forecast to 2030

Veterinary Diagnostics Market Size & CAGR (2021)

The global veterinary diagnostics market is expected to have a growth rate of 5.2% CAGR from 2021 to 2026. As a result, the market is anticipated to reach a value of USD 6.2 billion by 2026. This growth can be attributed to the increasing prevalence of zoonotic diseases, rising pet ownership, and advancements in diagnostic technologies in the veterinary sector.

COVID-19 Impact on Veterinary Diagnostics Market

The COVID-19 pandemic has had a mixed impact on the veterinary diagnostics market. While there was initially a slowdown in routine veterinary visits and non-essential diagnostics due to restrictions and lockdowns, there has been an increased focus on animal health and welfare during the pandemic. This has led to a surge in demand for diagnostic services and products, particularly in the areas of infectious disease testing and preventive care.

Veterinary Diagnostics Dynamics

The veterinary diagnostics market is driven by factors such as increasing pet ownership, growing awareness about animal health, and the rising prevalence of zoonotic diseases. Advances in diagnostic technologies, such as point-of-care testing and digital imaging, are also contributing to the market growth. However, factors such as high costs associated with diagnostic tests and limited access to veterinary services in some regions may hinder market expansion.

Segments and Related Analysis

The veterinary diagnostics market can be segmented based on product type, technology, animal type, and end user. Product types include immunodiagnostic tests, molecular diagnostics, clinical chemistry, and others. Technologies used in veterinary diagnostics include PCR, ELISA, immunoassays, and others. Animal types covered in the market are companion animals, livestock, and poultry. End users of veterinary diagnostics include veterinary hospitals, clinics, and reference laboratories.

By Region Analysis

The veterinary diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is the largest market for veterinary diagnostics, driven by the presence of a well-established veterinary healthcare infrastructure and increasing expenditure on pet care. The Asia Pacific region is expected to witness significant growth due to the rising adoption of pets and increasing awareness about animal health.

Key Market Players and Competitive Landscape

Key players in the veterinary diagnostics market include IDEXX Laboratories, Zoetis Inc., Thermo Fisher Scientific, Heska Corporation, Neogen Corporation, and others. These companies are focusing on strategic collaborations, product launches, and acquisitions to strengthen their market position. The competitive landscape of the market is characterized by intense competition, technological advancements, and a focus on R&D activities.

Recent Happenings in the Veterinary Diagnostics Market

In recent years, the veterinary diagnostics market has witnessed several developments aimed at enhancing diagnostic capabilities and improving animal health outcomes. For example, IDEXX Laboratories launched a new rapid test for the detection of heartworm disease in dogs. Additionally, Zoetis Inc. acquired Ethos Diagnostic Science, a leading provider of reference lab services for companion animals.