Global Veterinary Diagnostics Market

Veterinary Diagnostics Market Size, Share, Growth Analysis, By Product(Immunodiagnostic Tests, Molecular Diagnostic Tests, Clinical Chemistry, Hematology Analyzers), By Animal(Livestock, Companion Animals), By Technology(PCR (Polymerase Chain Reaction), ELISA (Enzyme-Linked Immunosorbent Assay), Microarrays, Immunoassay), By Region - Industry Forecast 2024-2031


Report ID: SQMIG35D2175 | Region: Global | Published Date: February, 2024
Pages: 157 |Tables: 96 |Figures: 76

Veterinary Diagnostics Market Insights

Global Veterinary Diagnostics Market size was valued at USD 7.3 billion in 2022 and is poised to grow from USD 8.1 billion in 2023 to USD 19.0 billion by 2030, growing at a CAGR of 11.2% in the forecast period (2024-2031).

Due to the increasing prevalence of animal diseases, which has led to a growing need for accurate and timely diagnostic tools, the global Veterinary Diagnostics market has been experiencing significant growth in recent years.

In developed countries particularly, the rise in pet ownership has also contributed to expanding the veterinary diagnostics market. Additionally, in the veterinary field, there is a growing emphasis on preventive healthcare, leading to an increased demand for diagnostic tests for early detection of diseases.

In companion animal healthcare, where pet owners are increasingly willing to invest in diagnostic services to ensure the well-being of their animals this trend is particularly noticeable.

Geographically, North America and Europe have traditionally been key markets for veterinary diagnostics, driven by a high level of awareness about pet healthcare and well-established veterinary infrastructure. However, emerging economies in Asia-Pacific and Latin America are showing promising growth opportunities as disposable incomes rise and awareness of animal health increases.

Market Snapshot - 2024-2031

Global Market Size

USD 7.3 billion

Largest Segment

Immunodiagnostic Tests

Fastest Growth

Molecular Diagnostic Tests

Growth Rate

11.2% CAGR

Global Veterinary Diagnostics Market ($ Bn)
Country Share for North America Region (%)

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Veterinary Diagnostics Market Segmental Analysis

The global veterinary diagnostics market is segmented into four major segments i.e. by product, animal, technology, and region. Based on product type, it is divided into immunodiagnostic tests, molecular diagnostic tests, clinical chemistry, hematology analyzers, and diagnostic imaging. Based on animal type, it is bifurcated as livestock, companion animals. Based on technology it is segregated into, PCR (Polymerase Chain Reaction), ELISA (Enzyme-Linked Immunosorbent Assay), microarrays, immunoassay, diagnostic imaging technologies (X-ray, MRI, Ultrasound), and others. Based on region, the market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle East & Africa.

Analysis by Product

The broad applicability of immunodiagnostic tests, like the enzyme-linked immunosorbent assay (ELISA), to both infectious and non-infectious diseases has led to their widespread use in veterinary diagnostics. ELISA has a long history of effective application in veterinary diagnostics. Furthermore, it frequently yields dependable and prompt results, which are essential for making timely treatment decisions.

Molecular diagnostics has become more and more popular because of its high accuracy, particularly in the detection of genetic and infectious diseases. The effectiveness and accessibility of molecular diagnostic instruments, such as PCR (polymerase chain reaction) technology, are increasing due to ongoing technological advancements. Molecular diagnostics is growing because of the growing emphasis on genetic predisposition and personalized veterinary medicine.

Analysis by Application

For the detection of pathogens and genetic markers, PCR (Polymerase Chain Reaction), also referred to as supermarket, has long dominated the global veterinary diagnostic market because of its sensitivity and specificity in detecting nucleic acids. It is essential for early disease detection because of its high sensitivity and ability to identify minute amounts of DNA or RNA.

the point-of-care diagnostics market segment with the fastest rate of growth because this approach incorporates technology that allows for quick on-site testing. Because of its quick results, veterinary professionals can decide on treatments in a timely manner. Point-of-care technologies are expanding due to the trend towards distributed testing and the capacity to conduct diagnostics outside of conventional laboratory settings.

Global Veterinary Diagnostics Market By Type, 2022 (%)

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Veterinary Diagnostics Market Regional Insights

Due to its strong veterinary infrastructure, high pet ownership rates, and emphasis on advanced healthcare, North America has historically dominated the veterinary diagnostics market. the use of proven veterinary care techniques and a high degree of understanding of the significance of diagnostics. The strong societal focus on pet ownership and welfare contributes to the increased need for veterinary diagnostics.

The demand for sophisticated veterinary diagnostics is being driven by urbanisation, rising disposable income, and growing pet health awareness in Asia-Pacific, which is the region with the fastest rate of growth. Spending on pet care, including diagnostics, has increased in nations like China and India due to rising disposable incomes. Demand for diagnostic services is projected to increase as pet owners become more aware of the benefits of preventative healthcare

Global Veterinary Diagnostics Market By Region, 2024-2031
  • Largest
  • Fastest

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Veterinary Diagnostics Market Dynamics

Drivers

Increasing Prevalence of Animal Diseases, which Necessitates Accurate Diagnostic Tools

  • The expanding predominance of animal disease, which requires exact and opportune symptomatic instruments to guarantee provoke treatment and viable infection administration. The rise in pet possession, especially in created locales, is another vital calculate fueling advertise development, as pet proprietors progressively look for progressed healthcare arrangements for their creature companions. Innovative progressions in symptomatic instruments, such as atomic symptomatic tests and progressed imaging strategies, play a urgent part in upgrading the exactness and proficiency of veterinary diagnostics.

Restraints

High Cost Associated with Advanced Diagnostic Technologies

  • One of the main market constraints is the high cost of advanced diagnostic methods and methods. The initial investment and operating costs associated with advanced diagnostic equipment can be prohibitive for veterinary clinics and laboratories, especially in areas with limited financial resources. In addition, the lack of standardized regulatory frameworks across countries presents a challenge to market expansion. Different regulatory requirements can prevent the smooth introduction of new diagnostic technologies and products in certain regions.

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Veterinary Diagnostics Market Competitive Landscape

The competitive environment of the veterinary diagnostics market is dynamic and characterized by the presence of key players striving for market share through strategic initiatives and innovative product offerings. The industry leaders focus on research and development to introduce cutting-edge diagnostic technologies and expand their product portfolios. Strategic collaborations, partnerships, and mergers and acquisitions are common strategies employed to strengthen market presence and extend global reach.

Top Player’s Company Profiles

  • BioMérieux SA
  • Virbac Corporation
  • Heska Corporation
  • Abaxis, Inc.
  • NEOGEN Corporation
  • Randox Laboratories Ltd.
  • Bio-Rad Laboratories, Inc.
  • Beckman Coulter, Inc.
  • Abbott Laboratories
  • Roche Diagnostics
  • Siemens Healthcare
  • Danaher Corporation
  • Johnson & Johnson
  • Pfizer
  • Merck Animal Health
  • Boehringer Ingelheim Animal Health
  • Elanco Animal Health

Recent Developments

  • In November 2023, Aspire Telecom disclosed several strategic partnerships with firms in Australia, Singapore and Japan to support the global distribution of X Caliber, it’s AI driven veterinary Xray image diagnosis support service. Also, they have extended their services coverage to both dogs and cats. This expansion emphasises SK telecom’s commitment to advancing veterinary care and enhancing the convenience of its innovative diagnostic solutions across international markets. 

     

  • In October 2023 the us department of Agriculture showed a new collaboration between the Natural Bio and Agro Defence Facility and the National Animal Health Laboratory Network. Within this partnership, the US Days Animal and Plant Health Inspection Service will deploy five scientists to labs within each of the five NAHLN regions.  This will increase the capabilities of NAHLN by using the expertise of the scientists and thus increasing the network’s ability to address animal health challenges effectively. 

  • In September 2023, The acquisition of SYNLAB Vet, a preeminent European expert in veterinary laboratory diagnostics, by Mars was completed successfully. Located in McLean, Massachusetts, Mars, Incorporated announced that this acquisition, which involved the transfer of assets from SYNLAB Group, has been completed.

Veterinary Diagnostics Key Market Trends

Rising Integration of Advanced Technologies

  • The increasing integration of advanced technologies, such as artificial intelligence and machine learning, in diagnostic tools. These technologies enhance the speed and accuracy of diagnostics, enabling more efficient disease detection and monitoring in animals. Another significant trend is the growing focus on point-of-care diagnostics, allowing veterinarians to conduct tests directly at the site of patient care, leading to quicker decision-making and treatment initiation. The rise of telemedicine in veterinary care is also noteworthy, with digital platforms facilitating remote consultations and the exchange of diagnostic information.

Veterinary Diagnostics Market SkyQuest Analysis

SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

Global veterinary diagnostics market analysis reveals a dynamic marketplace with a number of standout trends and difficulties. The market is propelled by the increasing prevalence of animal diseases, driving demand for accurate diagnostics. However, high costs and the lack of standardized regulatory frameworks act as restraints. Immunodiagnostic tests and molecular diagnostic tools dominate the product landscape.

North America remains a key market, given its advanced veterinary infrastructure, while Asia-Pacific experiences rapid growth due to rising disposable incomes. Key trends include the integration of AI in diagnostics, a focus on point-of-care testing, and the emergence of telemedicine in veterinary care, reflecting a dynamic and evolving market landscape.

Report Metric Details
Market size value in 2022 USD 7.3 billion
Market size value in 2030 USD 19.0 billion
Growth Rate 11.2%
Base year 2023
Forecast period 2024-2031
Forecast Unit (Value) USD Billion
Segments covered
  • Product
    • Immunodiagnostic Tests, Molecular Diagnostic Tests, Clinical Chemistry, Hematology Analyzers, Diagnostic Imaging
  • Animal
    • Livestock, Companion Animals
  • Technology
    • PCR (Polymerase Chain Reaction), ELISA (Enzyme-Linked Immunosorbent Assay), Microarrays, Immunoassay, Diagnostic Imaging Technologies (X-ray, MRI, Ultrasound), and Others
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • BioMérieux SA
  • Virbac Corporation
  • Heska Corporation
  • Abaxis, Inc.
  • NEOGEN Corporation
  • Randox Laboratories Ltd.
  • Bio-Rad Laboratories, Inc.
  • Beckman Coulter, Inc.
  • Abbott Laboratories
  • Roche Diagnostics
  • Siemens Healthcare
  • Danaher Corporation
  • Johnson & Johnson
  • Pfizer
  • Merck Animal Health
  • Boehringer Ingelheim Animal Health
  • Elanco Animal Health
Customization scope

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  • Market dynamics & outlook
  • Region

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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on Veterinary Diagnostics Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on Veterinary Diagnostics Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the Veterinary Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Veterinary Diagnostics Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Veterinary Diagnostics Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the Veterinary Diagnostics Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.

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FAQs

Global Veterinary Diagnostics Market size was valued at USD 7.3 billion in 2022 and is poised to grow from USD 8.1 billion in 2023 to USD 19.0 billion by 2030, growing at a CAGR of 11.2% in the forecast period (2024-2031).

The competitive environment of the veterinary diagnostics market is dynamic and characterized by the presence of key players striving for market share through strategic initiatives and innovative product offerings. The industry leaders focus on research and development to introduce cutting-edge diagnostic technologies and expand their product portfolios. Strategic collaborations, partnerships, and mergers and acquisitions are common strategies employed to strengthen market presence and extend global reach. 'IDEXX Laboratories, Inc.', 'Zoetis, Inc.', 'Thermo Fisher Scientific Inc.', 'BioMérieux SA', 'Virbac Corporation', 'Heska Corporation', 'Abaxis, Inc.', 'NEOGEN Corporation', 'Randox Laboratories Ltd.', 'Bio-Rad Laboratories, Inc.', 'Beckman Coulter, Inc.', 'Abbott Laboratories', 'Roche Diagnostics', 'Siemens Healthcare', 'Danaher Corporation', 'Johnson & Johnson', 'Pfizer', 'Merck Animal Health', 'Boehringer Ingelheim Animal Health', 'Elanco Animal Health'

The expanding predominance of animal disease, which requires exact and opportune symptomatic instruments to guarantee provoke treatment and viable infection administration. The rise in pet possession, especially in created locales, is another vital calculate fueling advertise development, as pet proprietors progressively look for progressed healthcare arrangements for their creature companions. Innovative progressions in symptomatic instruments, such as atomic symptomatic tests and progressed imaging strategies, play a urgent part in upgrading the exactness and proficiency of veterinary diagnostics.

The increasing integration of advanced technologies, such as artificial intelligence and machine learning, in diagnostic tools. These technologies enhance the speed and accuracy of diagnostics, enabling more efficient disease detection and monitoring in animals. Another significant trend is the growing focus on point-of-care diagnostics, allowing veterinarians to conduct tests directly at the site of patient care, leading to quicker decision-making and treatment initiation. The rise of telemedicine in veterinary care is also noteworthy, with digital platforms facilitating remote consultations and the exchange of diagnostic information.

Due to its strong veterinary infrastructure, high pet ownership rates, and emphasis on advanced healthcare, North America has historically dominated the veterinary diagnostics market. the use of proven veterinary care techniques and a high degree of understanding of the significance of diagnostics. The strong societal focus on pet ownership and welfare contributes to the increased need for veterinary diagnostics.

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