Veterinary Biomarker Market Size (2024 - 2029)

Veterinary Biomarker Market Analysis

The veterinary biomarker market is expected to register a CAGR of 11.8% over the forecast period.

The COVID-19 pandemic initially had a substantial impact on the veterinary biomarker market. The strict lockdowns and government regulations intended to slow down the spread of COVID-19 resulted in limited access to veterinary services. As per the study conducted by Merck Animal Health, a division of Merck & Co., Inc., in January 2022, the pandemic impacted many veterinarians, such as veterinary assistants, veterinary technicians, and practice managers, resulting in more than 90% of the shortage of qualified veterinary staff. Also, the pandemic caused severe mental distress amongst veterinarians, which rose from 6.4% in 2019 to 9.7% in 2021, as per the readings from Kessler Psychological Distress Scale, negatively impacting the market growth. However, the sales of veterinary products increased significantly during the pandemic. For instance, as per the American Veterinary Medical Association in August 2021, veterinary services showed a significant increase during the pandemic owing to a surge in the adoption of pets. Also, the pet owners were procuring higher-value veterinary products. Thus, the COVID-19 outbreak affected the market's growth adversely in its preliminary phase; however, the market is expected to gain traction due to the significant increase in the procurement of veterinary products globally.

Further, the high prevalence of chronic diseases such as cardiovascular diseases and cancer in animals, the high adoption rate, and the burgeoning population of companion animals are certain factors that are boosting the market growth. As per the American Veterinary Medical Association in April 2022, purebred dogs had 1.9 times higher relative risk of cancer in comparison to non-purebred dogs. In veterinary oncology, biomarkers are used for diagnosis, prognosis, staging, and tracking therapeutic outcomes. Such factors are likely to boost the adoption of veterinary biomarkers, thereby contributing to the growth of the market studied.

Moreover, the market for veterinary biomarkers is also expanding due to factors including the rising pet adoption rates and the expanding population of companion animals. For instance, as per the 2021-2022 American Pet Products Association (APPA) National Pet Owners Survey, approximately 70% of United States households own a pet, which equates to 90.5 million homes. Therefore, the increasing number of companion pet adoption is augmenting the demand for the veterinary biomarkers market.

Therefore, owing to the aforementioned factors, the market studied is anticipated to witness growth over the analysis period. However, the increasing pet care costs are likely to impede the market growth.

Veterinary Biomarker Industry Segmentation

Biomarkers are significantly used in animals for diagnosing a particular disease, evaluating their health status, and monitoring therapy response.

The veterinary biomarker market is segmented by Animal Type (Companion Animals (Dogs, Cats, and Other Companion Animals) and Farm Animals (Cows, Pigs, and Other Farm Animals), Product Type (Biomarkers, Kits & Reagents, and Biomarker Readers), Application (Disease Diagnostics, Preclinical Research, and Other Applications), Disease Type (Inflammatory & Infectious Diseases, Cardiovascular Diseases, Skeletal Muscle Diseases, Tumors, and Other Disease Types), and Geography (North America (United States, Canada, and Mexico), Europe (Germany, United Kingdom, France, Italy, Spain, and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, South Korea, and Rest of Asia-Pacific), Middle East and Africa GCC, South Africa, and Rest of Middle East and Africa), and South America (Brazil, Argentina, and Rest of South America)). The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (in USD million) for the above segments.