Veterinary Diagnostics Market Regional Revenue Forecasts To 2030
Veterinary Diagnostics Industry Overview
The global veterinary diagnostics market size is expected to reach USD 16.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.2% from 2022 to 2030. The growing incidence of zoonotic and foodborne diseases is expected to drive the market over the forecast period. Moreover, increasing companion ownership in developing countries is another factor propelling the market. Approximately 75% of all novel and emerging human infectious ailments are zoonotic, like COVID-19, denoting that they can jump from animals to individuals. To combat COVID-19 and future pandemics, leaders from the Group of Seven in a February 2021 statement called for “affordable and equitable access to diagnostics” along with strengthening the One Health approach that unites veterinary, medical, and environmental disciplines in a cooperative effort.
Veterinary Diagnostics Market Segmentation
Grand View Research has segmented the global veterinary diagnostics market on the basis of product, species, testing type, disease type, end-use, and region:
Based on the Product Insights, the market is segmented into Consumables, Reagents & Kits, and Instruments & Devices.
- The consumables, reagents & kits product segment held the largest share of more than 52% in 2021. The segment is projected to expand further at the fastest CAGR retaining the dominant position throughout the forecast period.
Based on the Species Insights, the market is segmented into Cattle, Canine, Feline, Caprine, Equine, Ovine, Porcine, Avian, and Others.
- The canine species segment accounted for the largest share of more than 34% of the global revenue in 2021. The dominant share captured by dog species is a result of increasing animal healthcare spending, specifically in developed regions.
- The porcine segment also held a substantial share of the market in 2021 owing to the growing consumption of pork and demand for better diagnostic procedures. In March 2021, MatMaCorp launched MYRTA, a hand-held real-time polymerase chain reaction device for over-the-counter and point-of-care molecular diagnostics solutions for human and animal health.
Based on the Testing Type Insights, the market is segmented into Analytical Services, Diagnostic Imaging, Bacteriology, Pathology, Molecular Diagnostics, Immunoassays, Parasitology, Serology, and Virology.
- The pathology testing type segment dominated the market in 2021 with a share of more than 13% owing to its wide variety of service offerings, such as various lab tests, imaging, and specialized tests. It comprises histopathology and immune histochemistry diagnostics that are used to detect changes in the tissues of animals due to a disease or medical condition.
- The molecular diagnostics segment is also expected to grow at a significant rate owing to its increased use in research purposes.
Based on the Disease Type Insights, the market is segmented into Infectious Diseases, Non-Infectious Diseases, Hereditary, Congenital & Acquired Diseases, General Ailments, Structural & Functional Diseases.
- The non-infectious diseases segment held the maximum share of more than 27% of the global revenue in 2021. The market has demonstrated an increase in the number of diagnostics entering with innovative technologies to detect diseases in animals.
- The hereditary, congenital, and acquired diseases segment is expected to register the fastest growth rate over the forecast period. These diseases are quite prevalent nowadays.
Based on the End-use Insights, the market is segmented into Laboratories, Veterinary Hospitals & Clinics, Point-Of-Care/In-House Testing, Research Institutes & Universities.
- The laboratories segment held the largest revenue share of more than 37% in 2021. Veterinary hospitals & clinics was the second-largest end-use segment owing to the availability of a wide range of diagnostic options in these facilities.
- Moreover, the use of advanced analyzers for diagnostics purposes in veterinary hospitals has increased, which is driving the market. The point of care segment is expected to exhibit the fastest CAGR over the forecast period.
Veterinary Diagnostics Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa
Key Companies Profile & Market Share Insights
The market is fragmented with the presence of many big and small industry players. Key players are adopting business strategies including diverse product offerings, regional expansion, business expansion, joint ventures, and new product launches to gain a higher market share.
Some prominent players in the global veterinary diagnostics market include
- Heska Corp.
- IDEXX Laboratories Inc.
- Agrolabo S.p.A.
- Thermo Fisher Scientific Inc.
- Neogen Corp.
- iM3Vet Pty Ltd.
Order a free sample PDF of the Veterinary Diagnostics Market Intelligence Study, published by Grand View Research.
Veterinary Diagnostics Industry Overview The global veterinary diagnostics market size is expected to reach USD 16.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.2% from 2022 to 2030. The growing incidence of zoonotic and foodborne diseases is expected to drive the…
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