Veterinary Diagnostics Market Worth $3.9 Billion By 2026 - Exclusive Report By MarketsandMarkets™

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08 Jun, 2021, 14:30 GMT

CHICAGO, June 8, 2021 /PRNewswire/ -- According to the new market research report "Veterinary Diagnostics Market by Product (Instruments, Consumables), Technology (Immunodiagnostics (Lateral Flow, ELISA), Clinical Biochemistry, PCR, Hematology, Urinalysis), Animal (Dog, Cat, Cattle, Pig, Poultry, Horse), End User - Global Forecast to 2026", published by MarketsandMarkets™, the global market is expected to reach USD 3.9 billion by 2026 from an estimated USD 2.5 billion in 2021, at a CAGR of 9.4%.

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The Market growth can largely be attributed to the growth in the companion animal population, increasing incidence of transboundary and zoonotic diseases, rising demand for animal-derived food products, rising demand for pet insurance, growing animal health expenditure, and growth in the number of veterinary practitioners and income levels in developed economies. On the other hand, rising petcare costs is expected to restrain the overall veterinary diagnostics market growth. Currently, the lack of skilled veterinarians and diagnostic infrastructure, especially in developing countries, is one of the major factors limiting the uptake of advanced diagnostic solutions among veterinarians. The high cost of advanced diagnostic tests is another major barrier to its widespread adoption.

The COVID-19 pandemic has resulted in a global healthcare crisis, causing a shift in healthcare delivery in most regions. COVID-19-or coronavirus disease 2019-is the disease that people get from being infected with the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Domestic animals do not get COVID-19 as humans do, but under natural conditions, pet cats-and, to a lesser extent, pet dogs-may, albeit rarely, become infected with SARS-CoV-2 after close and prolonged contact with a COVID-19-positive person. The number of vet visits and diagnostic testing drastically reduced in March, April, and May 2020 but started increasing from the third quarter of 2020 with a high growth rate. It is expected to normalize in the second and third quarters of 2021. Hence, the COVID-19 pandemic is expected to have a temporary and minimal impact on the market during the forecast period.

Consumables accounted for the highest share of the global veterinary diagnostics market

Based on product, the global market is segmented into instruments and consumables. In 2020, the consumables segment accounted for the largest share of the global market. The large share of the consumables segment can be attributed to the rising prevalence of zoonotic diseases, growing animal population, increasing awareness on animal healthcare, and increasing veterinary expenditure.

Immunodiagnostics segment occupies the highest share in the global veterinary diagnostics market in the forecasted period

Based on technology, the global market is segmented into Immunodiagnostics, Clinical Biochemistry, Molecular Diagnostics, Hematology, Urinalysis, and Other Veterinary Diagnostic Technologies. In 2020, the immunodiagnostics segment occupied the highest share in the global market. The large share of immunodiagnostics segment can primarily be attributed to the widespread popularity of immunodiagnostics in disease diagnosis as well as in screening disease progression and observing patients' responses to therapy. In addition, the low cost, low procedural complexity, and greater adoption of immunodiagnostics due to ease of training are further driving the growth of this market segment. Furthermore, higher preference by veterinarians, pet owners, and livestock producers and wide applications of this technology are contributing to the large share of the immunodiagnostics segment.

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The companion animal segment dominated the global veterinary diagnostics market in 2020

Based on the animal type, the global market is segmented into companion animal and livestock. In 2020, the companion animals segment accounted for the largest share of the global market. This can be attributed to the rising number of companion animals across the globe, the willingness of owners to spend more on their pets, the rising adoption of pet insurance, and the availability of cheaper and easy-to-use POC diagnostic tests for companion animals. The dogs segment accounted for the largest share of the market for companion animals. The increasing companion dog population and increasing expenditure on dogs are the key factors driving the growth of this segment.

Veterinary reference laboratories accounted for the major share of end users in the veterinary diagnostics market in 2020

Based on end users, the global market is segmented into veterinary reference laboratories, veterinary hospitals and clinics, point-of-care testing/in-house testing, and veterinary research institutes and universities. Veterinary reference laboratories were the major end users in the veterinary diagnostics market in 2020. The large share of the veterinary reference laboratories segment can be attributed to the increasing number of veterinary diagnostic reference laboratories, high test volumes at reference laboratories, and the increasing demand for veterinary diagnostic testing for infectious diseases in small and large animals. Rising awareness among pet owners regarding routine and preventive care is further expected to propel market growth.

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North America accounted for the highest share in the veterinary diagnostics market in 2020

North America accounted for the highest share of the global market during the forecast period. In 2020, the US accounted for the largest share of the North American market. The growth in the market of North America is characterized by the increasing population of companion and food-producing animals, rising meat and dairy product consumption, the availability of technologically advanced veterinary reference laboratories, rising veterinary healthcare expenditure, and growth in pet insurance coverage.

Some of the major players in the veterinary diagnostics market include Thermo Fisher Scientific Inc. (US), Zoetis Inc. (US), IDEXX Laboratories Inc. (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), Virbac (France), Heska Corporation (US), Agrolabo S.p.A. (Italy), INDICAL BIOSCIENCE GmbH (Germany), Randox Laboratories Ltd. (Ireland), IDvet (France), Biopanda Reagents (UK), Bionote, Inc. (South Korea), BioChek (Netherlands), Fassisi GmbH (Germany), Biogal Galed Labs (Israel), Alvedia (France), SKYER, Inc. (South Korea), and Shenzhen Bioeasy Biotechnology Co., Ltd. (China).

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