Global Veterinary Diagnostics Industry Hits Milestone Growth at 15.4% CAGR, Surpassing US$6.3 Billion Valuation by 2032

According to the latest comprehensive report unveiled by Future Market Insights (FMI), the Global Veterinary Point-Of-Care Diagnostics Industry is at the forefront of a remarkable expansion, presenting lucrative opportunities in the coming years. The market is forecasted to attain a substantial value of US$1.3 billion by the conclusion of 2021, paving the way for a compelling trajectory from 2022 to 2032.

A key catalyst driving this surge is the escalating emphasis on companion animal health. The report highlights that companion animals, encompassing beloved pets such as dogs, cats, and birds, are poised to be the primary revenue generators within the market. The period spanning 2022 to 2032 is anticipated to witness companion animals contributing to an absolute dollar opportunity of nearly US$3.1 billion, signaling a momentous growth potential in this segment.

The industry, like many others, faced challenges in the initial half of 2020 due to governmental measures such as stay-at-home recommendations and social distancing protocols. Consequently, market participants were compelled to adapt, modify, or temporarily suspend their operations. Veterinary clinics and hospitals in various regions reported decreased patient volumes, with some exclusively focusing on emergency cases.

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Owners of animals, on the other hand, continued to receive veterinary care because it was widely regarded as an “important” service. The blood/plasma/serum category, which accounted for more than 40.0 percent of total revenue, is expected to drive market growth. Regular blood testing is recommended by Kirkwood Animal Hospital in the United States as an important part of a companion animal’s overall wellness regimen. Blood tests are less expensive and less invasive than medical treatment.

Dogs and cats dominate the pet population in the United States, according to the American Pet Products Association’s National Pet Owners Survey for 2019 to 2020. (APPA). Americans are expected to spend more than $100 billion on pets by 2020. It is estimated that 31.4 billion US dollars were spent solely on veterinary care and product sales. According to the APPA survey, dog and cat owners spent an average of $426 and 214 on surgical vet visits, respectively, and 212 and 160 on routine vet visits.

Key Takeaways from the Global Veterinary Point Of Care Diagnostics Industry Study

• The global veterinary point-of-care diagnostics market is expected to reach US$6.3 billion by 2032.
• North America is expected to contribute more than 30% of market revenue in 2022.
• Companion animals are expected to contribute the most revenue with a CAGR of 15.5%.
• The Consumables, Reagents, and Kits segment is expected to grow at the fastest rate, with a 15.8% CAGR.

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Global Veterinary Point Of Care Diagnostics Industry Competitive Landscape

This market is dominated by some regional and global players. Companies employ a variety of strategies to remain competitive.

• Heska Corp. announced the acquisition of Scil Animal Care Company GmbH, a provider of veterinary point-of-care diagnostics, in April 2020.
• IDEXX Laboratories announced the release of a canine Progesterone Test for the Catalyst One Chemistry and Catalyst Dx Analyzers in 2019.
• Fujifilm Sonosite announced a partnership with Partners Healthcare in 2019.
• Stablelab, a compact point-of-care blood test for horses, was introduced by Zoetis Inc. in 2019.

More Insights Available

Future Market Insights, in its new offering, presents an unbiased analysis of the Global Veterinary Point Of Care Diagnostics Industry, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032. The study reveals essential insights based on end-users across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).

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Market Segments Covered In Global Veterinary Point Of Care Diagnostics Industry Analysis

By Animal Type:

• Companion Animals
  • Dogs
  • Cats
  • Horses
  • Other Companion Animals
• Livestock Animals
  • Cattle
  • Swine
  • Poultry
  • Other Livestock Animals

By Product Type:

• Consumables, Reagents, & Kits
• Instruments & Devices

By Sample Type:

• Blood/Plasma/Serum
• Urine
• Fecal
• Other Sample Type

By Testing Type:

• Hematology
• Diagnostic Imaging
• Bacteriology
• Virology
• Cytology
• Clinical Chemistry
• Parasitology
• Serology
• Other Testing Type

Author

Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.

Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.

Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.