Veterinary POC Diagnostics Market Analysis

Market Size & CAGR of Veterinary POC Diagnostics Market in 2021

The global veterinary POC diagnostics market is projected to have a Compound Annual Growth Rate (CAGR) of 5.2% from 2021 to 2030. By the end of 2021, the market size is expected to reach USD 1.7 billion.

COVID-19 Impact on the Veterinary POC Diagnostics Market

The COVID-19 pandemic has significantly impacted the veterinary POC diagnostics market. Due to the pandemic, there has been a surge in the adoption of telemedicine and remote veterinary consultations, leading to a shift in diagnostic practices. The market has witnessed a greater demand for rapid and on-site diagnostics tools to manage the health of animals efficiently.

Veterinary POC Diagnostics Dynamics

The veterinary POC diagnostics market is driven by the increasing prevalence of zoonotic diseases, the rising importance of animal health, and the growing adoption of companion animals. Technological advancements in diagnostic tools and the availability of cost-effective and user-friendly devices are key factors driving the market growth.

Segments and Related Analysis

The market is segmented based on diagnostic type, animal type, and end-user. On the diagnostic type segment, the immunoassays segment dominates the market due to its high accuracy and sensitivity. In terms of animal type, the companion animals segment holds a significant market share. Veterinary clinics and hospitals are the major end-users of POC diagnostic tools in the veterinary sector.

By Region Analysis

Geographically, North America leads the veterinary POC diagnostics market, followed by Europe and Asia Pacific. The presence of established veterinary healthcare infrastructure, technological advancements, and favorable government initiatives are key factors contributing to the market growth in these regions.

Key Market Players and Competitive Landscape

Some of the key players in the veterinary POC diagnostics market include Abaxis, Inc., Heska Corporation, Zoetis, Inc., IDEXX Laboratories, Inc., and Virbac. These companies focus on strategic collaborations, product launches, and acquisitions to strengthen their market position.

Recent Happenings in the Veterinary POC Diagnostics Market

In recent years, there has been a growing trend towards the development of advanced POC diagnostic tools for veterinary applications. Companies are investing in research and development to introduce innovative solutions that offer rapid and accurate diagnostic results for various animal health conditions. The market is witnessing a shift towards portable and user-friendly devices, making diagnostics more accessible and efficient for veterinarians.