Veterinary Diagnostic Market: $3.3B To $5.0B Growth Forecast (2023-2029) | Marketsandmarkets™

(MENAFN- GlobeNewsWire - Nasdaq) Chicago, Aug. 07, 2024 (GLOBE NEWSWIRE) -- The "Veterinary Diagnostic market Size, Share & Trends by Product (Instrument, Consumable), technology (Immuno (ELISA, RIA, Lateral flow), Molecular (PCR, Microarray), Hematology, Imaging), Distribution Channel, End User, Unmet Need, Buying Criteria - Global Forecast to 2029”, report highlights substantial growth projections. It anticipates the market to escalate from $3.3 billion in 2023 to $5.0 billion by 2029, at a notable CAGR of 7.1%. The veterinary diagnostics market is driven by the global increase in pet populations, rising demand for animal-based products, growing pet insurance due to increased diseases, and heightened awareness of animal health. Key growth drivers include the rising incidence of zoonotic and transboundary diseases, which significantly impact both human and animal health. However, the market faces challenges from escalating pet care costs and a shortage of veterinarians in developing regions. Opportunities are emerging in untapped markets in Asia Pacific, Latin America, and Africa, where growing investments and advancements in veterinary diagnostics are expected. The market is influenced by a high prevalence of bacterial infections and an expanding role of reference laboratories, which offer extensive testing capabilities. Molecular diagnostics, particularly PCR and genomic testing, are experiencing significant growth due to their specificity, reliability, and cost-effectiveness. North America leads the market, bolstered by high insurance expenditure and an increase in pet ownership. Major market players include IDEXX Laboratories, Zoetis, Thermo Fisher Scientific, and others, which are expanding their market presence through strategic initiatives and broad distribution networks.

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IDEXX Laboratories, Inc.: Market Leader in Veterinary Diagnostics

IDEXX Laboratories, Inc. is a dominant player in the veterinary diagnostics market, leading with its expansive range of products across four major segments: Companion Animal Group (CAG), Livestock, Poultry and Dairy (LPD), and Water Quality Products. The company excels in providing in-clinic diagnostic solutions including blood and urine chemistry, hematology, rapid assays, and urinalysis, with CAG and LPD segments together commanding over half of the market. IDEXX invests approximately 7.5% of its revenue into R&D, driving continuous innovation and maintaining a global presence. Recent advancements include the introduction of Fecal DX and PCR Direct testing services, as well as updates to its IDEXX 4Dx, VetConnect Plus Mobile App, SediVue Dx Urine Sediment Analyzer, and Catalyst SDMA Test. The acquisition of ezyVet in 2021 has further bolstered IDEXX's cloud software offerings, enhancing its technology solutions and market position.

Zoetis, Inc.: Strong Competitor in Veterinary Diagnostics

Zoetis, Inc. holds the second position in the veterinary diagnostics market, focusing exclusively on companion animal and livestock products. The company's extensive product line in blood glucose testing, chemistry, hematology analysis, and urinalysis underpins its strong market position. Zoetis allocates around 6% of its revenue to R&D, which fuels innovation and the integration of AI capabilities into its products. Notable updates include the AI dermatology and AI equine FEC analysis features on the VEtscan Imagst platform. Strategic acquisitions, such as the purchase of Jurox, enhance Zoetis's portfolio and strengthen its presence in the companion animal segment.

Thermo Fisher Scientific: Leading with Comprehensive Veterinary Solutions

Thermo Fisher Scientific ranks third in the veterinary diagnostics market, offering a broad range of consumables, instruments, software, and services. The VetMX line of rapid assay tests is particularly popular among end users. The company's strong global presence, substantial R&D investment, continuous product upgrades, and extensive distribution network contribute to its leadership in the market. Thermo Fisher's effective quality assurance and precise manufacturing have facilitated quick approvals for its diagnostic instruments across major regions, reinforcing its competitive edge.

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Veterinary Diagnostics Market Segmentation

The veterinary diagnostics market is primarily divided into two major product categories: consumables and instruments. Consumables dominate the market due to the high demand for test kits such as ELISA, PCR, lateral flow assays, rapid assays, urinalysis clips, cartridges, and reagents for hematology analysis. These items are typically used once and required in large quantities, driven by the growing volume of samples at reference labs in developed countries. Test strips for blood glucose monitoring, controls for hematology, and preloaded reagent clips and cartridges are integral for chemistry, hematology, and blood gas-electrolyte analysis. Advances in technology for consumables are limited, as each product has specific, non-interchangeable properties. Consequently, the significant need for consumables justifies their substantial market share.

Application-Based Market Insights

The market is segmented by application into infectious diseases, endocrinology, cardiology, oncology, and other areas. Endocrinology holds the second-largest market share after infectious diseases. This segment includes tests for conditions such as diabetes mellitus, hypothyroidism, hyperthyroidism, Cushing's disease, Addison's disease, and pheochromocytoma in animals. The rise in diabetes cases among pets, with over half a million diagnoses annually according to the North American Veterinary Community (NAVC), drives growth in this segment. Similarly, the prevalence of feline hyperthyroidism, often caused by functional thyroid adenoma, influences market expansion for endocrine diagnostics.

End-User Market Analysis

The market is also segmented by end-user into veterinary reference laboratories, veterinary hospitals and clinics, veterinary research institutes and universities, and point-of-care or in-house testing. Veterinary hospitals and clinics hold the second-largest share after reference laboratories. Diagnostic products in these settings are crucial for detecting fatal diseases and infections through clinical chemistry, urinalysis, hematology, immunodiagnostic, and molecular diagnostic tests. The increasing number of veterinary appointments and patient visits, as reported by the American Veterinary Medical Association (AVMA), reflects the growing importance of diagnostics in these facilities. Emerging markets in Asia Pacific and Latin America offer significant growth opportunities due to rising companion animal ownership, increased livestock and poultry production, and expanding healthcare infrastructure.

Regional Market Overview

Geographically, the veterinary diagnostics market is divided into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America led the market in 2022, driven by high rates of companion animal ownership, widespread livestock farms, and increasing demand for quality animal-derived food products. Europe follows, with significant growth fueled by a large pet population and rising animal health expenditure. According to the European Pet Food Industry Federation (FEDIAF), there were 110 million cats and 90 million dogs in Europe in 2022, with pet food sales reaching 29.3 billion euros. This surge in pet ownership and health expenditure underscores the growing demand for veterinary diagnostics across the region.

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