Market Size of Veterinary Diagnostics Industry
Study Period | 2020 - 2029 |
Market Size (2024) | USD 7.94 Billion |
Market Size (2029) | USD 12.55 Billion |
CAGR (2024 - 2029) | 9.57 % |
Fastest Growing Market | Asia Pacific |
Largest Market | North America |
Major Players*Disclaimer: Major Players sorted in no particular order |
Veterinary Diagnostics Market Analysis
The Veterinary Diagnostics Market size is estimated at USD 7.94 billion in 2024, and is expected to reach USD 12.55 billion by 2029, growing at a CAGR of 9.57% during the forecast period (2024-2029).
The outbreak of COVID-19 has had a substantial impact on the Veterinary Diagnostics Market because government regulations led to the suspension of various healthcare services, including Veterinary Diagnostic Services. For instance, an article published by the JAAWS in February 2022 reported that COVID-19 led to the shutting down of 70% of veterinary clinics in Canada and the US in 2020. Thus, initially, the studied market's growth was hampered due to the suspension of Veterinary Diagnostic Services to minimize COVID-19 infection. However, in the current scenario, it is anticipated that the decreasing COVID-19 cases leading to the resumption of Veterinary Diagnostic Services and a significant increase in pet adoption reported after the lockdown will lead to the stable growth of the Veterinary Diagnostics Market over the forecast period.
The factors driving the growth of the Veterinary Diagnostics Market are increased pet adoption and animal healthcare expenditure, rising incidence of zoonotic diseases, and the growing number of veterinary practitioners and disposable income in developing regions. For instance, in May 2022, Canada's 2021 Census of Agriculture report stated that farms in Canada reported a 3.4% increase in the number of hogs and pigs from the previous year (2020). In 2021, there were 14.6 million hogs and pigs in Canada, highlighting the growth potential in the Livestock Diagnostics Market. Similarly, the National Pet Owners Survey 2021-2022, conducted by the APPA, reported that the annual expenditure on routine visits for dogs accounts for USD 242 compared to USD 178 for cats in the United States. As a result, the increased pet and livestock adoption, coupled with increasing animal healthcare expenditure, are driving the growth of the Animal Diagnostics Market.
The number of zoonotic disease cases in animals has risen significantly in recent years. With the rise in the number of cases, the necessity to treat these disorders has also risen extensively, which is expected to propel the growth of the Animal Health Diagnostics Market. For instance, an article published by WHO in July 2022 reported that Africa is facing a growing risk of outbreaks caused by zoonotic pathogens, such as the monkeypox virus, which originated in animals and then switched species and infected humans. There has been a 63% increase in the number of zoonotic outbreaks in the region in the decade. The same source also reported that from 1 January 2022 to 8 July 2022, there have been 2,087 cumulative monkeypox cases, of which only 203 were confirmed. Thus, the increase in zoonotic diseases in animals is increasing the demand for Veterinary Diagnostics, thereby driving the growth of the Veterinary Diagnostics Market.
Furthermore, the expansion by the market players is also boosting the market's growth. For instance, in November 2021, Aviagen India expanded its Veterinary Diagnostic Laboratory in Tamil Nadu. The laboratory monitors the health of the Aviagen breeding stock regularly. Thus, such expansion increases the facility available for Veterinary Diagnosis and contributes to the market's growth.
Due to increased pet adoption and animal healthcare expenditure, rising incidence of zoonotic diseases, and growing investments by Veterinary Diagnostics Companies, the market is experiencing significant growth. However, the high cost of pet care and imaging devices and the lack of veterinarians are impeding the Veterinary Diagnostics Market growth.
Veterinary Diagnostics Industry Segmentation
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 Veterinary Diagnostics Market is Segmented by Product (Instruments, Kits & Reagents, and Software & Services), Technology (Immunodiagnostics, 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, Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (USD million) for the above segments.
By Product Type | |
Instruments | |
Kits and Reagents | |
Software and Services |
By Technology | |
Immunodiagnostics | |
Clinical Biochemistry | |
Molecular Diagnostics | |
Hematology | |
Other Technologies |
By Animal Type | ||||||
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Veterinary Diagnostics Market Size Summary
The veterinary diagnostics market is poised for substantial growth over the forecast period, driven by several key factors. The resurgence of pet adoption and increased spending on animal healthcare are significant contributors to this expansion. The market is also benefiting from the rising incidence of zoonotic diseases, which has heightened the demand for veterinary diagnostics. Additionally, the growing number of veterinary practitioners and increased disposable income in developing regions are further propelling market growth. The COVID-19 pandemic initially hindered market progress by disrupting veterinary services, but the subsequent resumption of these services and the surge in pet ownership have set the stage for stable growth. The molecular diagnostics segment, in particular, is expected to experience significant growth due to the preference for quick and cost-effective test results, driven by the rising prevalence of animal diseases and the increasing number of tests for conditions such as feline leukemia and canine parvovirus.
The North American region is anticipated to witness notable growth in the veterinary diagnostics market, supported by the increasing adoption of pets and livestock, advancements in diagnostic facilities, and technological innovations. The presence of key market players in this region further enhances its growth prospects. The market is characterized by a competitive and fragmented landscape, with major players focusing on improving diagnostic techniques to protect animals from diseases. The launch of new diagnostic tests and services, such as mobile testing for pets, underscores the dynamic nature of the market. Despite challenges like high pet care costs and a shortage of veterinarians, the market's growth trajectory remains positive, driven by ongoing developments in diagnostic tools and services.
Veterinary Diagnostics Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Adoption of Pet Ownership and Animal Health Expenditure
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1.2.2 Increased Burden of Animal Zonotic Diseases
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1.2.3 Growing Pet Insurance and Animal Health Investments by Pharmaceutical Companies
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1.3 Market Restraints
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1.3.1 Lack of Veterinarians
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1.3.2 High Cost of Pet Care and Imaging Devices
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1.4 Porter's Five Forces Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD million)
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2.1 By Product Type
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2.1.1 Instruments
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2.1.2 Kits and Reagents
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2.1.3 Software and Services
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2.2 By Technology
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2.2.1 Immunodiagnostics
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2.2.2 Clinical Biochemistry
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2.2.3 Molecular Diagnostics
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2.2.4 Hematology
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2.2.5 Other Technologies
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2.3 By Animal Type
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2.3.1 Companion Animals
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2.3.1.1 Dogs
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2.3.1.2 Cats
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2.3.1.3 Other Companion Animals
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2.3.2 Livestock Animals
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2.3.2.1 Cattle
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2.3.2.2 Swine
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2.3.2.3 Poultry
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2.3.2.4 Other Livestock Animals
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Middle East and Africa
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2.4.4.1 GCC
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2.4.4.2 South Africa
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2.4.4.3 Rest of Middle East and Africa
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2.4.5 South America
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2.4.5.1 Brazil
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2.4.5.2 Argentina
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2.4.5.3 Rest of South America
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Veterinary Diagnostics Market Size FAQs
How big is the Veterinary Diagnostics Market?
The Veterinary Diagnostics Market size is expected to reach USD 7.94 billion in 2024 and grow at a CAGR of 9.57% to reach USD 12.55 billion by 2029.
What is the current Veterinary Diagnostics Market size?
In 2024, the Veterinary Diagnostics Market size is expected to reach USD 7.94 billion.