Pune, India, Aug. 31, 2023 (GLOBE NEWSWIRE) — The veterinary diagnostics market dimension was valued at USD 6.49 billion in 2022 and the market is anticipated to broaden USD 14.48 billion by 2030, exhibiting a CAGR of 10.7% throughout forecast interval. The rise is propelled by the growing institution of recent diagnostic laboratories and rising pet insurance coverage demand.
Fortune Business Insights™ offers this info in its analysis report, titled “Veterinary Diagnostics Market, 2023-2030”.
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Key Industry Development:
May 2023 – IDEXX Laboratories partnered with Haychem Bangladesh Limited. The deal would supply entry to IDEXX kits for monitoring flock well being in Bangladesh.
Key Takeaways:
- VeraSTAT-V and VeraSTAT have been added to Randox Laboratories Ltd.’s point-of-care (POC) diagnostics portfolio for equine well being in March 2022.
- According to an article by the European Centre for Disease Prevention and Control printed in 2022, there was a rise within the variety of campylobacteriosis and salmonellosis instances in 2021 when in comparison with 2020.
- Based on a 2023 Forbes article, about 66.0% of households within the United States, equal to 86.9 million houses, are pet house owners.
- Segmented by method, the market is categorized into hematology, immunodiagnostics, molecular diagnostics, diagnostic imaging, medical biochemistry, and different strategies.
Discover the Leading Players Featured within the Report:
IDEXX Laboratories, Inc. (U.S.),Zoetis Services LLC (U.S.),Heska Corporation (U.S.),Thermo Fisher Scientific Inc. (U.S.),Avante Animal Health (U.S.),Virbac (France),Randox Laboratories Ltd. (U.Okay.),VCA Animal Hospitals (Mars, Incorporated) (U.S.),Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 10.7% |
| 2030 Value Projection | USD 14.48 billion |
| Base Year | 2022 |
| Market Size in 2023 | USD 7.13 billion |
| Historical Data | 2019-2021 |
| No. of Pages | 165 |
| Segments lined | By Product Type, Technique, Animal Type, End User, and Region |
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Segmentation:
Reagents & Consumables Segment to Lead Owing to Soaring Frequency of Veterinary Tests
On the idea of product kind, the marketplace for veterinary diagnostics is subdivided into reagents & consumables and devices. The reagents & consumables phase held a serious market share in 2022 and is anticipated to file notable enlargement over the evaluation interval. The surge is pushed by growing disposable earnings and rising prevalence of animal ailments.
Immunodiagnostics Segment to Hold Major Share Driven by Increasing Advanced Diagnostics Demand
By method, the market is fragmented into hematology, immunodiagnostics, molecular diagnostics, diagnostic imaging, medical biochemistry, and others. The immunodiagnostics phase accounted for a key share out there in 2022 and is slated to register considerable progress over the projected interval. The enlargement is impelled by the growing product adoption for the prognosis of animal ailments.
Veterinary Reference Laboratories Segment to Ace the Market Driven by High Data Reliability
Based on finish person, the marketplace for veterinary diagnostics is segregated into veterinary reference laboratories, veterinary hospitals & clinics, and others. The veterinary reference laboratories phase accounted for a dominating market share in 2022 impelled by the escalating significance of reference laboratories on account of excessive information reliability.
Companion Segment to Register Notable Growth Due to Increasing Spending on Pet Care
By animal kind, the marketplace for veterinary diagnostics is subdivided into companion and livestock. The companion phase accounted for the biggest market share in 2022. The phase share is anticipated to rise at a substantial tempo over the forecast interval. The progress is pushed by the hovering expenditure on pet care.
Based on geography, the marketplace for veterinary diagnostics has been studied throughout North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa.
By Product Type
- Instruments
- Reagents & Consumables
By Technique
- Hematology
- Immunodiagnostics
- Molecular Diagnostics
- Diagnostic Imaging
- Clinical Biochemistry
- Others
By Animal Type
By End User
- Veterinary Hospitals & Clinics
- Veterinary Reference Laboratories
- Others
By Region
- North America
- EuropeAsia Pacific
- Latin America
- Middle East & Africa
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Driving issue:
Surge in Pet Ownership to Drive Market Expansion
One of the pivotal components impelling the veterinary diagnostics market progress is the growing pattern of nuclear households and an upsurge in pet possession. The product demand will also be attributed to the elevated expenditure on pet care.
However, the dearth of expert veterinary professionals for working superior diagnostic instruments could hinder {industry} enlargement to a substantial extent.
Regional insights:
North America to Emerge as Key Region Owing to Rising Employment within the Veterinary Sector
The North America market accounted for a dominant place within the world market in 2022. The veterinary diagnostics market share within the area is anticipated to file substantial progress over the estimated interval. The rise is pushed by the hovering employment within the veterinary sector and rising expenditure on pet care.
The Asia Pacific market is touted to broaden on the quickest fee over the forecast interval. The enlargement is pushed by the rising consciousness pertaining to dangers related to zoonotic ailments within the area.
Competitive Landscape
Key Players Enter Strategic Partnerships to Increase Geographical Footprint
Major {industry} contributors are targeted on adopting a spread of methods for increasing the attain of their merchandise. These methods are additionally being adopted for growing their geographical footprints. Some of those steps embrace partnerships, acquisitions, and the launch of recent merchandise, amongst others.
FAQs
How huge is the Veterinary Diagnostics Market?
Veterinary Diagnostics Market dimension was USD 7.13 billion in 2023.
How quick is the Veterinary Diagnostics Market rising?
The Veterinary Diagnostics Market will exhibit a CAGR of 10.7% throughout the forecast interval, 2023-2030.
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Related Links:
Veterinary Imaging Market Size, Share, Growth Industry Report
Companion Diagnostics Market Share, Size, Demand, and Forecast
Poultry Diagnostics Market Size, Share, Growth Industry Report
Animal Health Market Share, Size, Demand, and Forecast
Molecular Diagnostics Market Share, Size, Demand, and Forecast
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- Veterinary Diagnostics Market
