Global Veterinary Diagnostics Market - 2022-2029

Global Veterinary Diagnostics Market - 2022-2029

Market Overview

Veterinary Diagnostics market size was valued at US$ YY million in 2021 and is estimated to reach US$ YY million by 2029, growing at a CAGR of 9.4% during the forecast period (2022-2029).

Veterinarians employ a variety of veterinary instruments to diagnose disease, monitor disease progression or response to therapy, and screen for the presence of underlying disease in apparently healthy animals.

Market Dynamics

The growing number of pets adopted, increasing spending on pets’ health and well-being, a growing number of veterinary infectious diseases, and the increasing desire of millennials to have a household pet are driving the global veterinary market growth.

The growing number of pets adopted worldwide is fueling the global veterinary diagnostics market growth during the forecast period.

The growing number of pets adopted worldwide fuels the global veterinary diagnostics market. According to the Health for Animals Organization, families in the U.S., Brazil, EU and China alone make up more than half a billion dogs and cats and more than half the world has a household pet. Families in the U.S. has around 85 million dogs and 65 million cats, the EU has about 92 million dogs and 113 million cats, families from China have nearly 74 million dogs and 67 million cats, and families from Brazil have over 54.2 million dogs and 23.9 million cats.

Furthermore, the health benefits offered by pet ownership are also driving the global veterinary diagnostics market. For instance, pet ownership delivers a range of therapeutic, physiological, psychological, and psychosocial advantages to owners, such as reduced blood pressure, decreased threat of heart attacks, boosted physical activity, raised sensory stimulation, emotional support, and a powerful sense of physical and psychological well-being.

The increasing pet care costs and shortage of veterinarians will hamper the global veterinary diagnostics market growth.

However, the increasing pet care costs and shortage of veterinarians are anticipated to hinder the growth of the veterinary diagnostics market. The U.S. Bureau Of Labor Statistics Occupational Employment and Wages, in May 2021, indicated that only 77,260 veterinarians are practicing for the 90.5 million U.S households with pets. Also, the average cost of owning a pet can range from $700 to $1,100 per year, as per the type and size of pet, according to the American Society for the Prevention of Cruelty to Animals. Thus, it will slow the global veterinary diagnostics market growth in the forecast period.

COVID-19 Impact

COVID- 19 pandemic has positively impacted the global veterinary market growth. Since the pandemic, there has been an increase in pet adoption, and more attention has been paid by the pet owner to the health of their pets. For instance, a total of 3.9 million pets were insured in the U.S. at year-end 2021, showing a 28 percent rise since 2020, according to the North American Pet Health Insurance Association's State of the Industry Report 2022. As per the Pet Food Manufacturers' Association, a total of 3.2 million households in the U.K. have acquired a pet since the start of the pandemic. Thus, positively impacting the global veterinary diagnostics market growth.

Segment Analysis

Molecular diagnostics are expected to grow at the fastest CAGR during the forecast period (2022-2029).

Molecular diagnostics are expected to dominate the global veterinary diagnostics market during the forecast period (2022-2029), owing to the new molecular diagnostics product launches. For instance, in August 2021, HORIBA UK Limited introduced several new pathogen PCR tests for its POCKIT Central, an in-house veterinary PCR analyzer having the potential for rapid, accurate PCR testing in every veterinary lab. In January 2022, Ringbio introduced a website called petrapidtest.com to ease the marketing of Flexy Pet Rapid Test, which are based on the working principles of ELISA, real-time PCR and lateral flow immunoassay detecting diseases in companion animal, helping pet owners and vet clinics. In January 2022, Antech Diagnostics rolled out a KeyScreen GI Parasite PCR. This molecular diagnostic test detects 20 parasites, such as anthelmintic drug-resistant hookworm and zoonotic Giardia, with a single, storable 0.15-gram sample. Thus, the above data estimates that molecular diagnostics will dominate the global veterinary diagnostics market throughout the forecast period.

Geographical Analysis

North America holds the largest share of the global veterinary diagnostics market.

North America dominated the global veterinary diagnostics market. It is estimated to dominate the global veterinary diagnostics market throughout the forecast period (2022-2029), owing to the growing pet adoptions and increasing spending on pet health in this region. According to the Human Society of the United States 2021-2022 American Pet Products Association Survey, out of 128.451 million households in the United States, 90.5 million have a pet accounting for 70% of total households, of which 69 million owns a dog as a pet spending $1,344 per year on a veterinary visit while over 45.4 million owns a cat spending $801 annually on an average for veterinary visits. In addition, according to the American Pet Products Association's 2021-2022 National Pet Owners Survey, total U.S. pet industry expenditures in 2020 were around $103.6 billion, which rose to $123.6 billion in 2021, showing a growth of 19 percent. Therefore, with the increasing number of pet adoptions and rising spending in the pet industry expenditures, North America is estimated to dominate the global veterinary market during the forecast period.

Competitive Landscape

The key business players in the global veterinary diagnostics market are Zoetis, Thermo Fisher Scientific, Covetrus, Inc., PetDx, HORIBA UK Limited, Ringbio, Virbac, Zoetis, IDVet, Abaxis, Heska Corporation, IdeYY, Biochem, and VCA Antech. The key players are embracing diverse strategies like product launches, mergers & acquisitions, partnerships, and collaborations, which play a part in expanding the veterinary diagnostics market globally. For instance, in January 2022, PetDx collaborated with IDEXX Laboratories Inc. to broaden access to canine cancer liquid biopsy testing. Also, in MAY 2022, Covetrus introduced Ascend, a powerful, cloud-based Practice Management software (PMS) developed to allow veterinary practices across the United Kingdom, EMEA and the Asia Pacific.

Zoetis

Overview:

Zoetis is one of the world’s leading animal health companies. In May 2013, Pfizer split off Zoetis. Zoetis is involved in discovering, developing and manufacturing vaccines, medicines, diagnostics and other technologies for companion and livestock animals. As of December 31, 2021, around 12,100 employees were working with Zoetis. Zoetis has its products sold in over 100 countries with 30 different manufacturing facilities around the globe as of June 2022.

Product Portfolio:

Zoetis’s product portfolio for veterinary diagnostics has VETSCAN VS2 Chemistry Analyzer: An easy-to-use mobile chemistry analyzer that works on rotor technology with a highly sophisticated intelligent Quality Control (iQC) system, ensuring every test's trustworthiness. It is compact and portable, having an expansive menu that includes chemistry, electrolytes, acid-base and immunoassay tests.

Key Development:

In September 2022, Zoetis acquired Urox, a leading livestock and companion animal product provider.

The global veterinary diagnostics market report would provide access to approximately 40+ market data tables, 45+ figures, and in the range of 200 (approximate) pages.


1. Methodology and Scope
1.1. Research Methodology
1.2. Research Objective and Scope of the Report
2. Market Definition and Overview
3. Executive Summary
4. Market Dynamics
4.1. Market Impacting Factors
4.1.1. Drivers
4.1.1.1. Increasing Pet Adoptions
4.1.1.2. Increasing Spending
4.1.1.3. Growing Prevalence of Animal Diseases
4.1.2. Restraints
4.1.2.1. Shortage of Veterinarians
4.1.2.2. High Pet Care Cost
4.1.3. Opportunity
4.1.4. Impact Analysis
5. Industry Analysis
5.1. Porter's Five Forces Analysis
5.2. Supply Chain Analysis
5.3. Regulatory Analysis
6. COVID-19 Analysis
6.1. Analysis of Covid-19 on the Market
6.1.1. Before COVID-19 Market Scenario
6.1.2. Present COVID-19 Market Scenario
6.1.3. After COVID-19 or Future Scenario
6.2. Pricing Dynamics Amid Covid-19
6.3. Demand-Supply Spectrum
6.4. Government Initiatives Related to the Market During the Pandemic
6.5. Manufacturer’s Strategic Initiatives
6.6. Conclusion
7. By Product Type
7.1. Introduction
7.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Product Type
7.1.2. Market Attractiveness Index, By Product Type
7.2. Analyzers
7.2.1. Introduction
7.2.2. Market Size Analysis, US$ Million, 2021-2029 and Y-o-Y Growth Analysis (%), 2021-2029
7.3. Consumables
8. By Animal Type
8.1. Introduction
8.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Animal Type
8.1.2. Market Attractiveness Index, By Animal Type
8.2. Livestock
8.2.1. Introduction
8.2.2. Market Size Analysis, US$ Million, 2021-2029 and Y-o-Y Growth Analysis (%), 2021-2029
8.2.2.1. Cattle
8.2.2.2. Pigs
8.2.2.3. Poultry
8.2.2.4. Others
8.3. Companion
8.3.1. Feline
8.3.2. Canine
8.3.3. Equine
8.3.4. Others
9. By Technology
9.1. Introduction
9.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technology
9.1.2. Market Attractiveness Index, By Technology
9.2. Molecular Diagnostics
9.2.1. Introduction
9.2.2. Market Size Analysis, US$ Million, 2021-2029 and Y-o-Y Growth Analysis (%), 2021-2029
9.3. Immunodiagnostics
9.4. Clinical Biochemistry
9.5. Hematology
9.6. Other Technologies
10. By Application
10.1. Introduction
10.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
10.1.2. Market Attractiveness Index, By Application
10.2. Infectious Disease
10.2.1. Introduction
10.2.2. Market Size Analysis, US$ Million, 2021-2029 and Y-o-Y Growth Analysis (%), 2021-2029
10.3. Autoimmune Disorder
10.4. Endocrinology& Oncology
10.5. Bone and Mineral diseases
10.6. Others
11. By End-User
11.1. Introduction
11.1.1. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End-User
11.1.2. Market Attractiveness Index, By End-User
11.2. Reference Laboratories
11.2.1. Introduction
11.2.2. Market Size Analysis, US$ Million, 2021-2029 and Y-o-Y Growth Analysis (%), 2021-2029
11.3. Veterinary Hospitals & Clinics
11.4. Point of care/ In-house testing
11.5. Other
12. By Region
12.1. Introduction
12.1.1. Market Size Analysis, US$ Million, 2021-2029 and Y-o-Y Growth Analysis (%), 2021-2029, By Region
12.1.2. Market Attractiveness Index, By Region
12.2. North America
12.2.1. Introduction
12.2.2. Key Region-Specific Dynamics
12.2.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Product Type
12.2.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Animal Type
12.2.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technology
12.2.6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
12.2.7. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End User
12.2.8. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
12.2.8.1. The U.S.
12.2.8.2. Canada
12.2.8.3. Mexico
12.3. Europe
12.3.1. Introduction
12.3.2. Key Region-Specific Dynamics
12.3.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Product Type
12.3.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Animal Type
12.3.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technology
12.3.6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
12.3.7. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End User
12.3.8. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
12.3.8.1. Germany
12.3.8.2. The U.K.
12.3.8.3. France
12.3.8.4. Italy
12.3.8.5. Spain
12.3.8.6. Rest of Europe
12.4. South America
12.4.1. Introduction
12.4.2. Key Region-Specific Dynamics
12.4.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Product Type
12.4.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Animal Type
12.4.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technology
12.4.6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
12.4.7. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End User
12.4.8. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
12.4.8.1. Brazil
12.4.8.2. Argentina
12.4.8.3. Rest of South America
12.5. Asia Pacific
12.5.1. Introduction
12.5.2. Key Region-Specific Dynamics
12.5.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Product Type
12.5.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Animal Type
12.5.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technology
12.5.6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
12.5.7. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End User
12.5.8. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Country
12.5.8.1. China
12.5.8.2. India
12.5.8.3. Japan
12.5.8.4. Australia
12.5.8.5. Rest of Asia Pacific
12.6. Middle East and Africa
12.6.1. Introduction
12.6.2. Key Region-Specific Dynamics
12.6.3. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Product Type
12.6.4. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Animal Type
12.6.5. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Technology
12.6.6. Market Size Analysis, and Y-o-Y Growth Analysis (%), By Application
12.6.7. Market Size Analysis, and Y-o-Y Growth Analysis (%), By End User
13. Competitive Landscape
13.1. Key Developments and Strategies
13.2. Company Share Analysis
13.3. Product Benchmarking
14. Company Profiles
14.1. Zoetis
14.1.1. Company Overview
14.1.2. Product Portfolio and Description
14.1.3. Key Highlights
14.1.4. Financial Overview
14.2. Thermo Fisher Scientific
14.3. Covetrus, Inc.
14.4. PetDx
14.5. HORIBA UK Limited
14.6. Ringbio,
14.7. Virbac
14.8. IDVet
14.9. Abaxis
14.10. Heska Corporation
14.11. IdeYY
14.12. Biochem
14.13. VCA Antech
LIST NOT EXHAUSTIVE
15. DataM
15.1. Appendix
15.2. About Us and Services
15.3. Contact Us

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