Global Veterinary Diagnostics Market

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

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

Global 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

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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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