Global Veterinary Diagnostics
Delivery Includes:- Market Timeline 2018 till 2030, Market Size, Revenue/Volume Share, Forecast and CAGR, Competitor Analysis, Regional Analysis, Country Analysis, Segment Analysis, Market Trends, Drivers, Opportunities, Restraints, ESG Analysis, Porters Analysis, PESTEL Analysis, Market Attractiveness, Patent Analysis, Technological Trend, SWOT Analysis, COVID-19 Analysis, Consumer Behavior Analysis, etc.
|Author Name: Anushka Gore | Report ID: CMR423398 | |
The base year for the calculation is 2023 and 2018 to 2023 will be historical period. The year 2023 will be estimated one while the forecasted data will be from year 2023 to 2028. When we deliver the report that time we updated report data till the purchase date.
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As per the Cognative Market Research's latest report, The global Veterinary Diagnostics market was valued at USD 3.2 billion in 2022 and will reach USD 6.7 billion by 2030, registering a CAGR of 9.75% for the forecast period 2023-2030.
|Historical Data Time Period||2018-2023|
Veterinary Diagnostics Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
Veterinary diagnostics are used to identify diseases, track the development of diseases or how well animals respond to treatment, and check for underlying diseases in animals that appear to be in good condition. These include laboratory tests, imaging testing, and physical exams. The ultimate goal of veterinary diagnostics is to ensure the best possible health outcomes for animals, and the accuracy of these tests is essential to achieving this goal.
Increasing pet adoption, rising prevalence of veterinary diseases, technological advancement in diagnostics, and Companies worldwide are investing enormous quantities in the veterinary diagnostics market. Major pharmaceutical and biotechnology firms incorporating veterinary diagnostics into their existing products are major factors that grow the market expansion.
Around the world, there has been a significant rise in the number of pets, which is mostly due to rising disposable incomes, increasing urbanization, nuclear family structures, pet humanization, and the expanding embrace of modern lifestyles. Additionally, the availability of cutting-edge methods for diagnosing illnesses in animals and rising public awareness of the importance of animal health care is projected to further propel the market for animal diagnosis products globally. According to the 2023-2024 APPA National Pet Owners Survey, 66% of U.S. households own a pet, which equates to 86.9 million households. Where cats are 46.5 million and Dogs are 65.1 million.
Due to the increasing number of pet adoption, veterinary diseases are also increasing which highly affects the animal as well as humans. In the United States and around the world, zoonotic illnesses are quite prevalent. Zoonoses make up a significant portion of all newly discovered infectious illnesses as well as many already-known ones. Some illnesses, like HIV, start as zoonotic strains before evolving into human-only varieties. According to scientific estimates, 3 out of every 4 new or emerging infectious illnesses in humans and more than 6 out of every 10 recognized infectious diseases in humans can be transmitted from animals. Due to increasing veterinary diseases, the demand for veterinary diagnostics increases.
Recent advancements in veterinary diagnostics have completely changed the testing procedure, making it more efficient, accurate, and minimally intrusive. The veterinary diagnostics industry is primed for disruption by new technologies including point-of-care (POC) diagnostics, artificial intelligence (AI), and big data analytics. Veterinarians may now identify illnesses in the field without sending samples to a lab because of the development of point-of-care diagnostics. Additionally, improvements in imaging technology have made it easier to recognize and diagnose complicated disorders. The use of gene editing to avoid hereditary diseases, predictive testing to identify genetic predispositions to particular ailments, and mobile applications that allow pet owners to monitor their dogs' health are some of the most notable advancements in veterinary diagnostics
The cost of procedures for veterinary diagnostics increases due to the high cost of veterinary diagnostics and the significant investment needed for installation. This has caused difficulty for pet owners to afford numerous diagnostic tests as their costs and to switch to secondhand systems, which negatively affects their bottom lines. Numerous complex diagnostic tests require advanced techniques and skills, and equipment cost increase due to maintenance and power supply requirements. Due to this conundrum, there will be a fall in the demand for veterinary diagnostic tests, which will eventually hinder the growth of the industry as a whole.
Another obstacle to the growth of the veterinary diagnostics industry is the shortage of qualified veterinarians. Particularly in developing countries where access to high-quality education and training is constrained, there is a shortage of highly skilled professionals who can precisely identify and treat various kinds of animal ailments. The quality of diagnosing and treating animal diseases is seriously hampered by the lack of skilled specialists, which restricts market growth.
The worldwide COVID-19 epidemic has affected every industry. No animals can spread this virus, according to the OIE. However, a few nations have recorded cases of human-to-animal transfer. Due to strict lockdown regulations, veterinary clinics were only able to operate to a limited extent during the COVID-19 epidemic, which negatively influenced the market. Government rules forced the suspension of several healthcare services, including veterinary diagnostics services, which significantly impacted the market for veterinary diagnostics because of the COVID-19 epidemic.
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Most Comprehensive Renal Testing Portfolio
The first veterinary diagnostic test for spotting kidney damage in dogs and cats has been released, according to IDEXX Laboratories, a global innovator in pet healthcare. According to a recent IDEXX survey, kidney damage may be the cause of up to one-third of renal cases that veterinarians see; nevertheless, a diagnosis might be difficult due to oblique or ambiguous symptoms. To provide novel clinical insights for an anticipated two million patient visits each year, the IDEXX Cystatin B Test will be included in test panels evaluating kidney health.
Egg Count Analysis to Vetscan Imagyst Platform
The leader in animal health worldwide, Zoetis, has announced the addition of two new apps to its multi-purpose diagnostics platform, Vetscan Imagyst: one for AI dermatology, which is already available, and another for AI equine FEC analysis, which will be made accessible in the spring of 2023. With these diagnostic additions, Vetscan Imagyst testing capabilities are expanded to include new in-clinic tests that are completely integrated into the company's cloud-based artificial intelligence capabilities, in addition to existing AI blood smear analysis, AI canine, and feline fecal analysis and digital cytology applications.
Specifically created for use in veterinary settings, a new version of the Lactate Scout analyzer has been released by EKF Diagnostics, a leading global provider of in vitro diagnostics. Utilizing the same tried-and-true technology that was first created to give professional sports coaches and players a precise and user-friendly portable lactate test. The new Lactate Scout Vet is perfect for use in both small and big animal clinics since it has a species selection for dogs, horses, pigs, and cattle.
At the 2022 Seoul Veterinary Conference, SK Telecom announced the introduction of "X Caliber," the first AI-based service in Korea to aid with veterinary X-ray picture analysis. A web-based service called "X Caliber" utilizes AI to examine canine X-ray photos that have been submitted by a veterinarian to the "X Caliber Vet AI" AI platform, and it promptly returns the analysis findings to the vet.
The privately held U.S. Company Specific Diagnostics, which has created a rapid antimicrobial susceptibility test (AST) system that delivers phenotypic AST directly from positive blood cultures, has agreed to be acquired by bioMérieux, a global leader in in vitro diagnostics.
Top Companies Market Share in Veterinary Diagnostics Industry: (In no particular order of Rank)
Global Veterinary Diagnostics Market Report 2023 talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Veterinary Diagnostics Industry growth. Veterinary Diagnostics market has been segmented with the help of its Product Type, Application Animal Type, and others. Veterinary Diagnostics market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
The market is segmented into kits & reagents, instruments, and software & services. In which kits & reagents held the largest revenue share in the market. Diagnostic kits & reagents are frequently employed to identify diseases or the immune responses that go along with them in individuals or herds of animals. The identification of infection in clinically unwell animals, the monitoring of infectious animal illnesses to help control and eradicate efforts, and the certification of health status for international commerce are all potential uses. In addition, point-of-care diagnostics such as blood glucose meters, pregnancy tests, urine strips, and others are widely used on companion animals
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Veterinary Diagnostics Industry. Request a Free Sample PDF!
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities for each application of Veterinary Diagnostics from 2018 to 2030. This will also help to analyze the demand for Veterinary Diagnostics across different end-use industries. Our research team will also help acquire additional data such as Value Chain, Patent analysis, Company Evaluation Quadrant (Matrix), and much more confidential analysis and data insights.
Some of the key Application of Veterinary Diagnostics are:
The above Graph is for representation purposes only. This chart does not depict actual Market share. Please purchase the Veterinary Diagnostics market report 2023 Edition by contacting our team.
The market is segmented by animal type into companion and livestock animals. In which companion animals held the largest revenue share in the market. Veterinary diagnostics are widely used in diagnosing and caring for companion animals, such as dogs, cats, and horses. The growth of this market segment may be due to the rising acceptance of pet ownership and preventative healthcare practices. The companion market is expanding quickly as pet owners' concerns over animal health grow. Early illness diagnosis in companion animals is made possible by diagnostic tools under the companion segment.
By technology, the market is segmented into immunodiagnostics, haematology, molecular diagnostics, and other technologies. In which immunodiagnostics held the largest revenue share in the market. When an animal develops an infectious illness, the host often makes an immune reaction as a kind of defense. Determining this reaction can therefore be useful in diagnosing. These cutting-edge technologies can significantly improve the capacity to identify animal illnesses while reducing the cost and time associated with conventional procedures. Immunodiagnostic tests can be used to detect viral diseases, diagnose endocrine disorders, and detect medication levels in the blood. The immunodiagnostics market is predicted to increase significantly because of its expanding use in research.
By disease type, the market is segmented into infectious diseases, non-infectious diseases, congenital, hereditary, general ailments, acquired diseases, structural, and functional diseases. In which non-infectious diseases held the largest revenue share in the market. According to the market, the number of diagnostics using cutting-edge technology to find ailments in animals has increased. For instance, bodily fluids including urine, blood, and milk may be examined for electrolytic imbalance using Lab on a Chip technology. Many elderly dogs, cats, and other animals might be afflicted with an illness like cancer. Pets and several other wild animals can get arterial sclerosis.
The expenditure on veterinary treatment has significantly increased in North America, which is predicted to spur market expansion. Additionally, it is projected that the existence of healthcare programs and the development in the number of efforts to enhance animal health would boost this region's growth potential. The North American Pet Health Insurance Association, for instance, is committed to raising public awareness of pet health insurance. Research by the National Center for Biotechnology Information (NCBI) in 2018 found that over 80% of American companion dogs have periodontal disease. Market competitors’ rising number of diagnostic test releases is also fueling the market’s expansion.
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|Market Split by Animal Type|
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|Market Split by Disease Type|
|Market Split by Species|
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Research Associate at Cognitive Market Research
Anushka Gore is a seasoned market researcher specializing in the dynamic landscape of the Pharmaceutical industry. With a keen analytical mind and a deep passion for healthcare advancements, she has dedicated herself unraveling the intricate market trends and consumer behaviors that shape the future of medical technologies and services.
Our study will explain complete manufacturing process along with major raw materials required to manufacture end-product. This report helps to make effective decisions determining product position and will assist you to understand opportunities and threats around the globe.
The Global Veterinary Diagnostics Market is witnessing significant growth in the near future.
In 2023, the Kits & Reagents segment accounted for noticeable share of global Veterinary Diagnostics Market and is projected to experience significant growth in the near future.
The Veterinary Reference Laboratories segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Abbott Laboratories , LightDeck Diagnostics and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
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