DUBLIN–(BUSINESS WIRE)–The “Veterinary Diagnostics Market Size, Share & Trends Analysis Report by Species (Canine, Feline), by End-use (POC/In-House, Labs), by Testing Type (Immunoassays, Pathology), by Product, by Disease Type, and Segment Forecasts, 2022-2030” report has been added to ResearchAndMarkets.com’s offering.
The global veterinary diagnostics market size is expected to reach USD 16.9 billion by 2030. The market is expected to expand at a CAGR of 11.2% from 2022 to 2030.
The growing incidence of zoonotic and foodborne diseases is expected to drive the market over the forecast period.
Moreover, increasing companion ownership in developing countries is another factor propelling the market. Approximately 75% of all novel and emerging human infectious ailments are zoonotic, like COVID-19, denoting that they can jump from animals to individuals. To combat COVID-19 and future pandemics, leaders from the Group of Seven in a February 2021 statement called for “affordable and equitable access to diagnostics” along with strengthening the One Health approach that unites veterinary, medical, and environmental disciplines in a cooperative effort.
In November 2021, Ellie Diagnostics proclaimed a new capital partnership to expand its diagnostic services across the U.S. Ellie provides diagnostics testing to veterinary clinics and specialty animal hospitals. On a global level, animal product consumption is witnessing a surge. This is supported by increasing human population, per capita, and animal health awareness in developing nations. Due to all these elements, the global demand for animal diagnostics has increased. The In-vitro (IVD) test kits and analyzers are rapidly filling the market. Apart from that, there is growth observed in the point of care treatments for animals as it provides convenience for the animals and their caretakers.
Moreover, the shift towards advanced test techniques, such as immune & molecular diagnostics, hematology, and nanotechnology, which are quick and efficient in producing the results is further propelling the growth. The U.S. is observed to have the highest number of companies dealing in this space, which, in turn, has contributed to the large share of North America in the global market. However, Asia Pacific is expected to emerge as the fastest-growing regional market. The upcoming tools and techniques in veterinary diagnostics space are nucleic acid, non-PCR techniques, biosensors, fluorescence polarization technology, whole-genome sequencing (WGS), biomarkers, nanotechnology, digitalization, and big data use, wearables, and apps, such as Vet on Demand, Treat, Pet life and Pet+Pixie.
Veterinary Diagnostics Market Report Highlights
- Global meat production is expected to rise tremendously due to high demand, growing population, and increasing per capita income in emerging nations. This will drive the overall market growth
- Consumables held the largest revenue share in 2021 owing to an increased usage of consumables in point of care diagnostics
- Under the species segment, the canine type held the major share in 2021 followed by, feline & porcine. The growth can be attributed to increasing pet healthcare expenditure and growing companion ownership
- Pathology held the largest revenue share of testing type in 2021 owing to the high demand for diagnostic consumables & instruments utilized during laboratory testing and the increased volume of pathology tests performed for production animals, avians, and pets
- Non-infectious diseases held the highest market share in the diseases segment in 2021. But the number of hereditary, congenital, structural, and functional diseases in livestock and companion animals is increasing worldwide
- The point of care segment is expected to show the fastest CAGR over the forecast years due to its rapidity, efficiency, and user convenience
- Increasing companion animals population and pet owners
- rising number of veterinarians and veterinary visits
- growing demand for pet insurance
- Technological Advancements
- Increasing demand for point-of-care diagnostics
- Economic differences in developed & developing markets
- Differences in culture, dietary preferences, animal ownership preferences, & animal care standards
- Epidemiological differences and disease dynamics
- Availability of conducive climate, arable land, & fresh water
- Unstructured and lenient rules & regulations
- Time-consuming R&D processes and higher investments
- Heska Corporation
- IDEXX Laboratories, Inc.
- Agrolabo S.p.A.
- Thermo Fisher Scientific, Inc.
- Neogen Corporation
- iM3Vet Pty Ltd.
For more information about this report visit https://www.researchandmarkets.com/r/k22q8n
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