The global veterinary diagnostics market size was estimated at USD 9.29 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 10.02s% from 2024 to 2030. Some of the key factors driving the market growth include increased expenditure on animal health, rising incidence of diseases in animals, advancements in diagnostics, and increasing medicalization rate. In November 2023, IDEXX announced the launch of- SNAP Leish 4Dx Test in Europe and Asia for screening vector-borne diseases, such as canine leishmaniosis. This expanded the company’s portfolio. Continuous advancements in veterinary diagnostic technologies, including molecular diagnostics, imaging modalities, and PoC testing, have significantly expanded the capabilities of diagnosing diseases in animals.

These innovations not only enhance the accuracy and speed of diagnostics but also contribute to the overall industry growth as veterinarians and pet owners seek state-of-the-art solutions for comprehensive healthcare.The development and adoption of PoC diagnostic tools that provide rapid and on-site results have become a significant driver. These tools allow for quick decision-making in veterinary practices, enabling timely and efficient treatment, which is crucial for the health outcomes of animals. A rise in the prevalence of infectious diseases among animals, including zoonotic diseases, has emphasized the need for accurate and timely diagnostics.

Gather more insights about the market drivers, restrains and growth of the Global Veterinary Diagnostics Market

Detailed Segmentation:

Testing Category Insights

The clinical chemistry segment dominated the market in 2023 with a share of 23.44%. The segment comprises tests that facilitate the study of the chemical composition of a sample and organ function tests. These tests can help identify specific disorders, such as pancreatitis or diabetes, and may also be used to monitor how the animal is responding to treatment. The wide availability and adoption of these tests contribute to the segment’s high share.

Animal Type Insights

By animal type, the companion animals segment held the highest market share in 2023. The dogs segment held the largest share while other companion animals segment is projected to grow at the fastest rate from 2024 to 2030. The uptake of pet insurance and growing pet population, expenditure on pets, pet humanization, & medicalization rate are some of the key factors driving the segment growth. As per the NAPHIA, about 5.4 million companion animals had insurance in 2022 across the U.S. and Canada. This represented about 22% increase from 4.4 million pets insured in 2021.

Product Insights

The consumables, reagents & kits segment accounted for the highest market share in 2023. Consumables, reagents, and kits are fundamental components necessary for conducting a wide array of diagnostic tests in veterinary medicine. These products are used in laboratories, veterinary clinics, and point-of-care settings for various diagnostic procedures, including blood tests, urinalysis, and immunoassays. The segment covers a broad spectrum of diagnostic applications. The versatility and diversity of consumables and reagents make them indispensable across various diagnostic scenarios.

End-use Insights

The veterinarians segment held the highest share in 2023 as veterinarians play a central role in the diagnosis, treatment, and overall healthcare of animals.Veterinary professionals utilize a comprehensive range of diagnostic tools and services, including imaging equipment, laboratory tests, and point-of-care diagnostic devices.The segment's dominance is driven by the reliance of animal owners on veterinarians for expert guidance and the comprehensive nature of the diagnostic services they offer.

Regional Insights

North America held the largest market share of 38.6% in 2023. This is owing to established veterinary healthcare infrastructure, advanced technology adoption, high disposable income, and presence of key companies, such as Mars, IDEXX, and Zoetis. Strategic initiatives undertaken by these companies are expected to continue fueling regional market growth. In April 2022, Zoetis improved upon its Vetscan Imagyst platform by adding AI blood smear testing for dogs and cats.

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Key Veterinary Diagnostics Company Insights:

The market is characterized by the presence of several, large, medium, and small companies. Some of the key players operating in the market include IDEXX Laboratories, Inc.; Zoetis; Antech Diagnostics, Inc. (Mars Inc.); and Agrolabo S.p.A. Market players often engage in collaborations and partnerships with veterinary clinics, research institutions, and academic organizations. These collaborations aim to enhance R&D efforts, share knowledge, and expand the reach of diagnostic products in the veterinary healthcare ecosystem. Companies are also increasingly expanding their geographical presence to tap into emerging markets and capitalize on the growing awareness about veterinary diagnostics. Globalization allows companies to reach a wider customer base and address the diverse needs of veterinarians and pet owners worldwide. Furthermore, the market has experienced some consolidation as larger companies aim to achieve economies of scale, gain a competitive edge, and establish a more comprehensive presence in the global market.

Key Veterinary Diagnostics Companies:

The following are the leading companies in the veterinary diagnostics market. These companies collectively hold the largest market share and dictate industry trends. Financials, strategy maps & products of these veterinary diagnostics companies are analyzed to map the supply network.

·        IDEXX Laboratories, Inc.

·        Zoetis

·        Antech Diagnostics, Inc. (Mars Inc.)

·        Agrolabo S.p.A.

·        Embark Veterinary, Inc.

·        Esaote SPA

·        Thermo Fisher Scientific, Inc.

·        Innovative Diagnostics SAS

·        Virbac

·        FUJIFILM Corporation

Recent Developments

·        In June 2023,Mars, Inc. completed the acquisition of Heska by merging it into its Petcare Science & Diagnostics division. This expanded its portfolio

·        In June 2023, IDEXX launched the first test for detecting kidney injury in cats and dogs called the IDEXX Cystatin B Test

·        In December 2021, PetDx- specializing in liquid biopsy for pets, raised about USD 62 million in series B funding. This enabled the company to expand the implementation of its liquid biopsy test for cancer detection in dogs called OncoK9 and to increase testing at its central laboratory in San Diego

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