Veterinary Diagnostics Market Worth $9.58 billion by 2029 -- Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

REDDING, Calif., March 2, 2022 /PRNewswire/ -- According to a new market research report "Veterinary Diagnostics Market by Product (Consumables, System & Software), Technology (Immunodiagnostics, Hematology, PCR), Animal Type (Canine, Feline, Ruminant, Poultry), End User (Reference Lab, Veterinary Hospital, Point of Care Testing) — Global Forecast to 2029", published by Meticulous Research^®, the veterinary diagnostics market is expected to grow at a CAGR of 9.5% from 2022 to 2029 to reach      $9.58 billion by 2029.

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The demand for animal-derived food products, such as meat, milk products, and eggs, is expected to increase in the coming years. According to the FAO, feeding a world population of 9.7 billion would require raising the overall agri-food production by around 50–70% by 2050. However, agricultural productivity has been declining in recent years, largely due to declining resources, particularly less cultivable lands. Hence, the demand for animal-derived food products is expected to increase worldwide. This increased demand for animal-derived food products can be met by increasing the number of animals by adopting better reproductive strategies and improving health coverage based on newer veterinary diagnostic technologies.

In addition, governments worldwide are focusing on increasing awareness about animal diseases by undertaking initiatives related to diagnosis. Furthermore, governments are working with domestic and international partners to promote animal health products. These initiatives help educate decision-makers, regulatory agencies, reference laboratories, and other end users regarding the importance of veterinary diagnosis. For instance, to the IAEA's COVID-19 response launch, the Zoonotic Disease Integrated Action (ZODIAC) initiative was established in June 2020 to help countries prevent pandemics caused by bacteria, parasites, fungi, or viruses that originate in animals and can be transmitted to humans. ZODIAC will establish a global network to help national laboratories in monitoring, surveillance, early detection, and control of animal and zoonotic diseases such as COVID-19, Ebola, avian influenza, and Zika.

Impact of COVID-19 on Veterinary Diagnostics Market

SARS-CoV-2 (the virus that causes COVID-19) infections have also been reported in a small number of animals worldwide, mostly in animals that had close contact with a person infected with the virus. At this time, routine testing of animals was not recommended. State and local animal health and public health officials are working with USDA and the U.S. Centers for Disease Control and Prevention (CDC) to determine whether animals should be tested for SARS-CoV-2. In June 2020, the United States Department of Agriculture's (USDA) National Veterinary Services Laboratories (NVSL) announced the first confirmed case of SARS-CoV-2 infection in a pet dog (German shepherd) in New York state. This is the first dog in the United States to test positive for SARS-CoV-2. Presently, there is no evidence that animals play a significant role in spreading SARS-CoV-2 to humans. However, reports from infected mink farms in the Netherlands and Denmark suggest that in these environments, there is the possibility for the spread of SARS-CoV-2 from mink to humans.

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The CDC, USDA, and state public health and animal health officials in several countries are working to conduct active surveillance of SARS-CoV-2 in pets, including cats, dogs, and other small mammals, that had contact with a person infected with COVID-19. The animals are being tested for SARS-CoV-2 infection and observed to find whether these animals develop antibodies for this virus. Although testing of animals uses the same techniques as those used for humans, the National Veterinary Services Laboratories (NVSL) and other laboratories incorporate animal-specific reagents to preserve needed supplies for testing of humans. For instance, in April 2020, IDEXX Laboratories, Inc. (U.S.) launched the IDEXX SARS-CoV-2 (COVID-19) RealPCR Test for pets in response to the growing evidence that in rare cases, pets living with COVID-19 positive humans can be at risk of SARS-CoV-2 infection.

Thus, the research on SARS-Cov-2 in animals is limited, but several studies are underway to learn more about COVID-19 infections in animals. These studies would lead to the development of various assays and kits for testing, which is expected to increase the adoption of veterinary diagnostic products.

Veterinary Diagnostics Market Overview

The overall veterinary diagnostics market is segmented on the basis of product (consumables, system & software), technology (immunodiagnostics, PCR), animal type (canine, feline, ruminant, poultry), end user (reference lab, veterinary hospital, point of care testing) and geography. The study also evaluates industry competitors and analyzes their market shares at the global and regional levels.

Based on technology, the immunodiagnostics segment is estimated to account for the largest share of the overall veterinary diagnostics market in 2022. The large share of this segment is attributed to its features, such as rapid, convenience, and accuracy for detecting and quantitation of targets. The continuous development of new biomarkers & their cost-benefits and the adoption of automated platforms for ELISA is also expected to drive the adoption of this technology.

Based on product type, the consumables segment is estimated to account for the largest share of the overall veterinary diagnostics market in 2022. The large share of this segment is attributed to the growing incidences of foodborne and zoonotic diseases, its frequent and repetitive usage, and the commercial availability of a diverse range of reagents and consumables for various diseases and animal health screening. In addition, the emergence of various POC tests and assays is expected to create significant growth opportunities in the veterinary diagnostic consumables market.

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Based on animal type, the companion animal segment is estimated to account for the largest share of the overall veterinary diagnostics market in 2022 and is expected to register the fastest growth rate during the forecast period. The large share of this segment is attributed to the increasing number of pet ownerships in developed countries and rising pet healthcare expenditure.

Based on the end user, the reference laboratories segment is estimated to account for the largest share of the overall veterinary diagnostics market in 2022. The large market share of this segment is attributed to the increasing preference for diagnostic services offered by reference laboratories and the increasing number of product developments through strategic alliances between laboratories and companies.

The report also includes an extensive assessment of the product portfolios, geographic analysis, and key strategic developments adopted by leading market participants over the past four years. The veterinary diagnostics market has witnessed several new product launches, approvals, partnerships, agreements, and acquisitions in recent years. For instance, in September 2021, Heska Corporation (U.S.) acquired Biotech Laboratories U.S.A. LLC (U.S.), a developer of rapid assay diagnostic testing. This acquisition was aimed at enabling Heska to expand its product portfolio and enter into the rapid assay point of care diagnostics market. Similarly, in July 2020, Zoetis Inc. (U.S.) acquired Fish Vet Group (U.K.) from Benchmark Holdings, PLC (U.K.) to develop and commercialize fish vaccines and offer services in vaccination and diagnostics for aquaculture.

Some of the key players operating in the global veterinary diagnostics market are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Heska Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), INDICAL BIOSCIENCE GmbH (Germany), Agrolabo SpA (Italy), Neogen Corporation (U.S.), IDvet (France), and GD Animal Health (Netherlands) among others.

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Scope of the Report:

Veterinary Diagnostics Market, by Product

• Consumables
• Systems
• Software

Veterinary Diagnostics Market, by Technology

• Immunodiagnostics
• ELISA
• Other Immunodiagnostic Technologies

Note: Other immunodiagnostic technologies include lateral flow assays, rapid immunoassays, and allergy-specific immunodiagnostic tests.

• Molecular Diagnostics
• PCR
• Other Molecular Diagnostics Technologies

Note: Other molecular diagnostic tests include microarrays and genetic testing.

• Clinical Chemistry
• Urinalysis
• Hematology
• Other technologies

Note: Other Technologies comprises agar gel immunodiffusion, virus neutralization test, and hemagglutination inhibition

Veterinary Diagnostics Market, by Animal Type

• Companion Animals
• Canines
• Felines
• Other Companion Animals

Note: Other companion animals comprise rabbits and parrots

• Livestock Animals
• Ruminants
• Swine
• Poultry
• Other Livestock Animals

Note: Other livestock animals comprise equine and fish

Veterinary Diagnostics Market, by End User

• Reference Laboratories
• Veterinary Hospitals
• Point of Care Testing

Veterinary Diagnostics Market, by Geography

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• U.K.
• Italy
• Spain
• Rest of Europe (RoE)
• Asia-Pacific (APAC)
• Japan
• China
• India
• Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa

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https://www.meticulousresearch.com/product/veterinary-immunodiagnostics-market-size-2022/

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