The market for veterinary diagnostics was valued at USD 4.4 billion in 2018 and is anticipated to grow to USD 9.5 billion by 2026, at a CAGR of 10.0%. An essential and crucial part of managing and preventing the spread of diseases among animals is veterinary diagnostics. The market for animal diagnostics is expanding quickly due to the increased focus on preventing and controlling zoonotic animal diseases that directly affect the global human population. The Centers for Disease Control and Prevention (CDC) reported in 2017 that approximately 10,000 Americans experience zoonotic diseases each year.
The demand for efficient veterinary diagnostics techniques is likely to be driven by the rising prevalence of veterinary diseases that affect both animals and humans as well as the rising costs of treating veterinary diseases. For instance, the American Veterinary Medicine Association (AVMA) survey conducted in 2016 found that 1 in 4 dogs in the U.S. are thought to develop neoplasia. Additionally, about 50.0% of dogs with neoplasia are at risk of developing cancer.
Veterinary Diagnostics Market Drivers
The rapid increase in pet ownership worldwide is largely due to rising disposable incomes and the spreading adoption of modern lifestyles. Additionally, the availability of cutting-edge methods for diagnosing diseases in animals and rising public awareness of the importance of animal health care are likely to fuel further growth in the global market for animal diagnosis products.
The American Pet Products Association (APPA) conducted the 2017–2018 National Pet Owners Survey, which estimates that 85 million American families and 68% of American households own pets. Additionally, according to Pet Supplies Plus, baby boomers are adopting pets in record numbers because of the companionship and emotional benefits that pets can provide. In the upcoming years, the demand for veterinary diagnostics products is likely to increase due to rising awareness about the use of companion animals in the treatment of a variety of health issues, including autism and post-traumatic stress disorder among the elderly population.
Point-of-care diagnostics are gradually replacing conventional veterinary diagnosis techniques in veterinary care in an effort to speed up diagnosis turnaround time and improve convenience for both pet owners and animals. Increasing product launches & partnerships by major players as well as growing technological advancements in the diagnosis of animal disease are likely to boost the growth of the veterinary diagnostics market over the forecast period. For instance, one of the major players in the veterinary diagnosis market, AniPOC Ltd., announced the start of its distribution partnership with Vet Direct Ltd. in May 2017.
Key Points Covered In Veterinary Diagnostics Market
The global veterinary diagnostics market is expected to experience significant growth due to increasing demand for pet healthcare and rising awareness about animal diseases.
Advancements in technology and the development of new diagnostic tools and techniques are driving the growth of the veterinary diagnostics market.
The increasing prevalence of zoonotic diseases, which can be transmitted from animals to humans, is also a key factor driving market growth.
The veterinary diagnostics market is segmented into in-house diagnostics and laboratory diagnostics, with in-house diagnostics accounting for the larger share of the market.
North America and Europe are the major markets for veterinary diagnostics, due to the high awareness of pet healthcare and the presence of a large number of veterinary diagnostic companies in these regions.
Key Industry Developments:
January 2021 – Heska Corporation announced that they have entered into an agreement to complete the acquisition of Lacuna Diagnostics, Inc. This acquisition will enable Heska to expand its production and streamline its revenue.
September 2020 – Zoetis announced the launch of their new diagnostic platform, Vetscan Imagyst for the detection of intestinal parasites in pets at the time of visits to veterinary clinics. This platform uses image recognition technology, algorithms and cloud-based artificial intelligence which helps them deliver accurate test results.
April 2020 – Heska Corporation announced the acquisition of scil animal care company GmbH from Covetrus, Inc. This acquisition would help Heska Corporation become one of the leading point-of-care diagnostic companies in terms of veterinary care.
The veterinary diagnostics market is very cutthroat. One of the top companies in the veterinary diagnostics market, IDEXX Laboratories has a broad range of products to offer along with a strong global presence. In the upcoming years, it is probably going to keep holding sway. This is attributable to the focus on bolstering the marketing and sales networks across numerous nations as well as ongoing investments in research and development for the introduction of cutting-edge veterinary diagnostics.
With a sizeable market share, other manufacturers of animal diagnostic products include Zoetis, Heska Corporation, Thermo Fisher Scientific Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., DRE Veterinary, Virbac, Randox Laboratories Ltd., and other well-known manufacturers.
List Of Key Companies Covered:
IDEXX
Thermo Fisher Scientific Inc.
Zoetis
VCA Antech, Inc.
DRE Veterinary
Heska Corporation
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
Virbac
Randox Laboratories Ltd.
Others
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