|Fastest Growing Market:||Asia Pacific|
|Largest Market:||North America|
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The veterinary diagnostics market registered a market size of USD 4,758.9 million in 2020, and it is expected to reach USD 12,635.2 million by 2026, with a CAGR of nearly 11.7% during the forecast period, 2021-2026. The factors driving the market growth include increased animal healthcare expenditure, rising incidence of zoonotic diseases, and the growing number of veterinary practitioners as well as disposable income in the developing regions.
Globally, the COVID-19 pandemic has highlighted the adaptability and response by veterinary diagnosticians to an emerging infectious disease and their role in maintaining animal health and protecting human public health. In addition, as per the University of Glasgow, during the COVID-19 pandemic, COVID-19 has been reported in domestic cats, dogs, and non-domestic cats.
Several zoo animals have also been reported to have been infected by the virus. For instance, in May 2020, the United States Department of Agriculture’s (USDA) National Veterinary Services Laboratories confirmed SARS-CoV-2 in one tiger at a zoo in New York. This is the first instance of a tiger being infected with COVID-19. Samples from this tiger were taken and tested after several lions and tigers at the zoo showed symptoms of respiratory illness.
The diagnostic tests are generally performed by taking feces, tissue samples, and the blood of animals. Worldwide, increasing pet ownerships and migration of people from towns to urban localities across developed and emerging markets are increasing the demand for veterinary diagnostics.
Also, the rise in hemorrhagic viral disease and zoonotic and foodborne diseases has increased the responsibility of owners and animal healthcare organizations to invest more in their healthcare. For instance, according to the Center for Infectious Disease Research and Policy (CIDRAP) 2020 report, based on nasal swabbing, Chinese scientists isolated 179 swine influenza viruses from pigs across 10 Chinese provinces between 2011 and 2018.
Furthermore, in 2018, according to the data published by the American Pet Products Association (APPA), the total pet healthcare expenditure was USD 72.13 billion, as compared to USD 69.51 billion in 2017. Therefore, the rise in disposable income is another major factor influencing animal health expenditure. Apart from the per capita animal health expenditure, industries across the world are also spending more on veterinary disease diagnosis and treatment.
According to the Animal Health Institute (AHI), every year, the AHI member companies spend 10%-12% of their sales to invest in new innovations in veterinary health. Hence, numerous medical devices have been developed by scientists, as a result of which the diagnosis has improved radically, along with prevention and treatment of animal health issues.
In case of developed markets, many private insurance companies are attracting owners and companies, which is boosting the growth of the market. However, the high cost of pet care and imaging devices and the lack of veterinarians are impeding the veterinary diagnostics market growth.
Scope of the Report
As per the scope of this report, veterinary diagnostics provide medical diagnostic testing for infectious agents, toxins, and other causes of diseases in animal diagnostic samples. The market report also covers the estimated market sizes and trends for 17 different countries across major regions, globally. The veterinary diagnostics market is segmented by product (instruments, kits and reagents, and software and services), technology (immunodiagnostics, clinical biochemistry, molecular diagnostics, hematology, and other technologies), animal type (companion animals (dogs, cats, and other companion animals) and livestock animals (cattle, swine, poultry, and other livestock animals)), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.
|Kits and Reagents|
|Software and Services|
|By Animal Type|
Key Market Trends
The Molecular Diagnostics Segment is Estimated to Hold a Significant Market Share Over the Forecast Period
In 2019, the molecular diagnostic segment generated a revenue of around USD 514.73 million. Globally, the use of molecular diagnostics has been increasing for the detection of veterinary pathogens. It involves the detection of pathogens directly by checking the presence of RNA or DNA in the host or indirectly by prior amplification of the genome of the infectious agent. Moreover, modifications in a molecular diagnostic test like PCR have generated a vast array of fast, reliable, and specific assays that have widespread applications in veterinary diagnostics.
During the COVID-19 pandemic, worldwide, animal health authorities carried out tests to understand how the virus is affecting animals. The research studies and testing show that felines are more susceptible than other animals. The most recent development in the veterinary diagnostics market is the introduction of a PCR panel for testing the COVID-19 virus in animals by IDEXX Laboratories Inc. in April 2020, which has tested up to 6,000 specimens.
Globally, people are showing interest or importance toward rapid tests that help in providing results within 24 hours or during the initial examination period of an animal. Thus, molecular diagnostics are important diagnostic tools for both farm animals and pets to protect them from diseases.
As per the World Organization for Animal Health, as of 2020, there are approximately 117 animal diseases, infections, and infestations. In addition, with the rising pet ownership and increasing awareness, the veterinary diagnostics market is expected to grow over the forecast period.
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North America is Expected to Hold a Major Market Share Over the Forecast Period
In the North American region, in countries such as the United States and Canada, there are an increasing number of people adopting pets, and several facilities provide pet care services. For instance, according to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA), 67% of households or about 85 million families in the United States own a pet.
In April 2020, the CDC and the US Department of Agriculture’s (USDA) National Veterinary Services Laboratories (NVSL) confirmed the cases of two pet cats that were infected by COVID-19. These were the first pets in the United States to test positive for the disease.
As per the American Veterinary Medical Association, in April 2020, the United States announced the availability of a reverse transcriptase-polymerase chain reaction (RT-PCR) test for SARS-CoV-2 in domestic animals, including cats and dogs.
Furthermore, increasing investments in pet animals to protect them and improve the human-animal relationship are driving the veterinary diagnostics market in this region. Also, the steady importance given to agricultural contribution in these countries makes the owner more responsible for better care for farm animals, which is expected to drive the market growth over the forecast period.
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The veterinary diagnostics market is moderately consolidated competitive. The major market players are focusing on improved diagnostics techniques for animal care, especially protecting the animals from diseases due to changing weather conditions. For instance, in January 2018, IDEXX launched its IDEXX Catalyst SDMA Test to analyze kidney function in companion animals. Some of the major players in the market are bioMérieux SA, Idexx Laboratories, Virbac, Thermo Fisher Scientific, and Zoetis Inc., among others.
In April 2020, Heska Corporation acquired Scil Animal Care to emerge as a global leader in veterinary point-of-care diagnostics.
In January 2020, IDEXX launched the Rapid Digital Cytology service to accelerate its veterinary healthcare business.
Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Pet Ownership and Animal Health Expenditure
4.2.2 Increased Burden of Animal Zonotic Diseases
4.2.3 Growing Pet Insurance and Animal Health Investments by Pharmaceutical Companies
4.3 Market Restraints
4.3.1 Lack of Veterinarians
4.3.2 High Cost of Pet Care and Imaging Devices
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Product
5.1.2 Kits and Reagents
5.1.3 Software and Services
5.2 By Technology
5.2.2 Clinical Biochemistry
5.2.3 Molecular Diagnostics
5.2.5 Other Technologies
5.3 By Animal Type
5.3.1 Companion Animals
220.127.116.11 Other Companion Animals
5.3.2 Livestock Animals
18.104.22.168 Other Livestock Animals
5.4.1 North America
22.214.171.124 United States
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.4 Middle-East and Africa
18.104.22.168 South Africa
22.214.171.124 Rest of Middle-East and Africa
5.4.5 South America
126.96.36.199 Rest of South America
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 bioMerieux SA
6.1.2 Heska Corporation
6.1.3 Idexx Laboratories
6.1.5 Randox Laboratories Ltd
6.1.6 Thermo Fisher Scientific
6.1.8 Zoetis Inc.
6.1.9 BIOCHEK BV
6.1.10 INDICAL Bioscience GmbH
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Veterinary Diagnostics Market market is studied from 2018 - 2026.
What is the growth rate of Global Veterinary Diagnostics Market?
The Global Veterinary Diagnostics Market is growing at a CAGR of 11.7% over the next 5 years.
What is Global Veterinary Diagnostics Market size in 2018?
The Global Veterinary Diagnostics Market is valued at 4758 Million USD in 2018.
What is Global Veterinary Diagnostics Market size in 2026?
The Global Veterinary Diagnostics Market is valued at 12635 Million USD in 2026.
Which region has highest growth rate in Global Veterinary Diagnostics Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Veterinary Diagnostics Market?
North America holds highest share in 2020.
Who are the key players in Global Veterinary Diagnostics Market?
Idexx Laboratories, Zoetis, Inc, Thermo Fisher Scientific Inc, Biomérieux SA, Virbac are the major companies operating in Global Veterinary Diagnostics Market.