Veterinary Diagnostics Market Size, Trends, Share, Growth, and Opportunity Forecast, 2023 - 2030 Global Industry Analysis By Product Type (Consumables, and Instruments), By Technology (Immunodiagnostics, Hematology, Molecular Diagnostics, Urinalysis, and Others), By Animal Type (Companion Animals, and Livestock Animals), By End User (Veterinary Reference Laboratories, Veterinary Hospitals and Clinics, Point-of-care/In-house Testing, and Veterinary Research Institutes and Universities) and By Geography (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

The Global Veterinary Diagnostics Market was valued at USD 3,069.4 Million in 2022 and is anticipated to reach a value of USD 5,556.1 Million by 2030 expanding at a CAGR of 7.8% between 2023 and 2030.

Veterinary diagnostics helps detect diseases in animals and disease indicators through sample. Veterinary diagnostics is important for animal health, detecting health issues for faster diagnosis and treatment. Some of the common samples included in veterinary diagnostics are blood, tissue, urine or stool, and antibodies among various others. Veterinary diagnostics can support by offering disease tracking, tracing and surge vaccination. Early diagnosis can reduce the recovery duration and frequency of the treatment needed.  Veterinary diagnostics is a technique that is used in diagnosis of animal diseases caused due to microorganisms, including bacteria, fungi, viruses and pathogens among others. These solutions can be used for identifying and monitoring disease, and providing optimal treatment. With the help of veterinary diagnostics tests, veterinarians can diagnose diseases accurately and provide optimal care and help to improve animal health. The veterinary diagnostics market applicable for both residential and commercial pet owners.

Veterinary Diagnostics Market Major Driving Forces

Rising Incidence of Zoonotic Diseases: The count of zoonotic disease cases in animals has risen rapidly in recent years.  With this rise, the necessity to treat these diseases has also increased significantly, which is expected to drive the growth of the   veterinary diagnostics market.

Increased Adoption of Pet Animals: The increasing number of pet owners around the globe is significantly attributed to the growth of veterinary diagnostics market. The increased disposable incomes and affection towards pet animals are some driving factors of the veterinary diagnostics market.

Increased Animal Healthcare Expenditure: There has been a significant rise in veterinary healthcare expenditure, which is expected to drive the market growth. The veterinary healthcare expenditure is rising across the globe owing to rising pet ownerships and their spending on animal health.  

Rising Disposable Income in Developing Countries: Due to rapid adoption of modern lifestyle, spending on animal health has increased due to rising disposable income in emerging regions. This leads to increased spending on animal health which is another factor propelling the demand for veterinary diagnostics.

Veterinary Diagnostics Market Key Opportunities

Technological Advancements:  Continuous technological innovation is leading to the development of more advanced and accurate veterinary diagnostics tools. Technological advancement includes new technologies such as artificial intelligence, machine learning, and automation in veterinary diagnostics.

Expansion into Emerging Nations:

Emerging nations such as Asia pacific, Latin America, and Middle East and Africa are expected to witness a significant growth in veterinary diagnostics market. The expansion of veterinary diagnostics services into developing countries is expected to create lucrative opportunity for the market.

Development of Animal-Derived Food Products:

The development of animal-derived food products is anticipated to present opportunities for the veterinary diagnostics market. The increasing awareness toward food safety is leading to an increased demand for veterinary diagnostics. Increasing popularity of organic and sustainable food products is also driving the demand for veterinary diagnostics market.

Veterinary Diagnostics Market Key Trends

·         With the technological advancements in veterinary diagnostics, there is a growing market trend of POC testing; POC testing is the testing that can be performed easily and quickly in animals.

·         New biotechnological techniques such as gene cloning, immunogen overexpression assays, and the latest immunohistochemistry procedures is a major trend in veterinary diagnostics market.   

·         Another prominent market trend is the adoption of molecular diagnostics which is expected to witness significant growth due to growing preference toward quick test results and their cost-effectiveness. 

·         Implementation of AI in veterinary diagnostics to develop new diagnostic products and services which can be more accurate and efficient is a growing trend in veterinary diagnostics market.

Region-wise Market Insights

North America accounted for the largest market share at 39.7% in 2022 whereas, Asia Pacific is expected to register the fastest growth, expanding at a CAGR of 8.6% between 2023 and 2030.

In North America, the demand is driven by factors such as increased insurance expenditure on animal health, and robust adoption of pet animals by population in countries such as United States, Canada and Mexico. In addition, the presence of healthcare programs for the awareness of animal health and the rise in initiatives to promote animal health are some factors expected to boost the growth of veterinary diagnostics market. Furthermore, Europe is expected to expand in veterinary diagnostics market owing to improved healthcare facilities and growing adoption of veterinary testing for the quick diagnosis of veterinary diseases. The growing pet adoption in European families leads to an increase in awareness toward health of pet animals which is expected to drive the market growth in this region.  

In Asia-Pacific, the market is characterized by increasing disposable income and acceptance of pet animals especially in countries such as India, China and South Africa. The Asia Pacific is the fastest growing region owing to growing awareness about risks associated with zoonotic diseases, increasing veterinary practitioners, and rising trend of pet ownership which drives the market growth. The Middle East and Africa has been witnessing a growing demand for veterinary diagnostics products and services due to huge livestock population and initiatives for creating awareness regarding animal health.

Market Competition Landscape

The global veterinary diagnostics market is characterized by intense competition among a large number of players. Key players in the veterinary diagnostics market engage in strategies aimed at gaining a competitive edge. These strategies include product innovation, investment in research and development, and the incorporation of sustainable and organic materials to meet evolving consumer preferences. These prominent players offer a wide range of veterinary diagnostics products and solutions including reagents, consumables, instruments and software. Established brands leverage their reputation for product quality and reliability to maintain market share, while newer entrants focus on disruptive innovations and unique selling propositions.

For instance, in June 2023, IDEXX, a global leader in pet healthcare innovation, launched the IDEXX Cystastin B Test. This was the first veterinary diagnostics test for detecting kidney injury in cats and dogs, providing valuable insights in cases such as early toxin exposure. These test will be run at IDEXX Reference Laboratories in in Europe in 2024.

Key players in the global veterinary diagnostics market implement various organic and inorganic strategies to strengthen and improve their market positioning. Prominent players in the market include:

·         IDEXX Laboratories, Inc.

·         Zoetis, Inc

·         Thermo Fisher Scientific Inc.

·         bioMérieux SA

·         Heska Corporation

·         Randox Laboratories Ltd.

·         Mérieux NutriSciences

·         IDvet

·         Virbac Corporation

·         BioChek

·         Neogen Corporation

·         Bio-Rad Laboratories Inc.

·         BioNote Inc.

·         Agrolabo S.p.A.