Veterinary Point Of Care Diagnostics Market Size Worth $2.69 Billion By 2028: Grand View Research, Inc.

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12 Jan, 2022, 10:35 GMT

SAN FRANCISCO, Jan. 12, 2022 /PRNewswire/ -- The global veterinary point of care diagnostics market size is expected to reach USD 2.69 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.3% from 2021 to 2028. The key factors driving the market include rising demand for easy-to-use and rapid diagnostic products, strategic initiatives by market players, and growing animal health concerns.

Key Insights & Findings from the report:

By product, instruments and devices are expected to witness the fastest growth over the forecast period as these are easily available, offer a wider test menu, and are affordable in the long term. The growing R&D initiatives to improve point of care diagnostic products are anticipated to propel the market growth in the coming years
By sample type, the blood/plasma/serum segment dominated the market in 2020. This was owing to the growing number of blood tests recommended as part of routine testing, annual checkups, and as a preliminary test before recommending further testing in animals
The general ailments indication segment is expected to witness the highest growth over the forecast period as pets live longer and the demand for improving the pet's quality of life rises over time
The veterinary hospitals and clinics end-use segment held the largest revenue share of over 50.0% in 2020 as these are the first point of care facilities for treating pets. In addition, pet owners having pet insurance can receive reimbursements for vet visits, diagnostic services, and treatment, thus contributing to the growth of the segment

Read 150 page market research report, "Veterinary Point Of Care Diagnostics Market Size, Share & Trends Analysis Report By Animal Type (Companion, Livestock), By Sample Type, By Product, By Testing Category, By Indication, By End Use, By Region, And Segment Forecasts, 2021 - 2028", by Grand View Research

The COVID-19 pandemic led to several challenges for the animal health industry including point of care diagnostics. These include reduced visits to vet clinics and hospitals, dampened sales for several market participants, supply chain hurdles, and low consumer demand. Market participants gradually adapted to the changing scenario by adopting various strategies such as optimizing production, implementing work from home, and adopting curbside services. As governments eased the movement restrictions, the market saw a gradual recovery in demand and footfalls. The uncertainty of the pandemic and changing government regulations however continue to challenge the market.

Several key animal health companies also registered increased profits during 2020. This was owing to the deployment of various strategic initiatives such as diverting their resources to profitable segments to ensure business continuity, acquisitions, and the launch of new products. Heska, for instance, reported 97.4% of growth in its revenue during the first quarter of 2021. IDEXX Laboratories, Inc. reported a 12% increase in year-on-year revenue, driven by the Companion Animal Group (CAG) diagnostics segment, during 2020. However, the company reported that CAG diagnostics revenue was constrained by 10% due to a decline in IDEXX VetLab instrument revenues. This was a result of restricted access to veterinary practices because of the COVID-19 pandemic.

The pandemic has accelerated awareness and concerns over zoonotic diseases. This is anticipated to propel the demand for accurate, fast, and reliable point of care diagnostic products to detect a range of diseases in animals. In fact, the AVMA recommends that if an animal shows symptoms such as coughing, difficulty breathing, fever, lethargy, nasal discharge, vomiting, and/ or diarrhea, veterinarians are advised to first rule out common causes of these clinical signs before considering testing the animal for SARS-CoV-2. Point of care testing devices ensure easy and rapid diagnosis thus enabling the timely treatment, this is estimated to increase the demand for point of care devices over time.

Market Segmentation:

Grand View Research has segmented the global veterinary point of care diagnostics market on the basis of animal type, product, sample type, testing category, indication, end use, and region:

Veterinary Point Of Care Diagnostics Animal Type Outlook (Revenue, USD Million, 2016 - 2028)

Companion Animals

Dogs
Cats
Horses
Others

Livestock Animals

Cattle
Swine
Poultry
Others

Veterinary Point Of Care Diagnostics Product Outlook (Revenue, USD Million, 2016 - 2028)

Consumables, Reagents & Kits
Instruments & Devices

Veterinary Point Of Care Diagnostics Sample Type Outlook (Revenue, USD Million, 2016 - 2028)

Blood/Plasma/Serum
Urine
Fecal
Others

Veterinary Point Of Care Diagnostics Testing Category Outlook (Revenue, USD Million, 2016 - 2028)

Hematology
Diagnostic Imaging
Bacteriology
Virology
Cytology
Clinical Chemistry
Parasitology
Serology
Others

Veterinary Point Of Care Diagnostics Indication Outlook (Revenue, USD Million, 2016 - 2028)

Infectious Disease
General Ailments
Others

Veterinary Point Of Care Diagnostics End-use Outlook (Revenue, USD Million, 2016 - 2028)

Veterinary Hospitals & Clinics
Home Care Settings
Others

Veterinary Point Of Care Diagnostics Regional Outlook (Revenue, USD Million, 2016 - 2028)

North America

U.S.
Canada

Europe

Germany
U.K.
France
Italy
Spain

Asia Pacific

China
India
Japan
Australia
South Korea

Latin America

Brazil
Mexico
Argentina

South Africa
Saudi Arabia
Israel

List of Key Players of Veterinary Point Of Care Diagnostics Market

IDEXX Laboratories
Zoetis
Virbac
Heska Corporation
Thermo Fisher Scientific, Inc.
Neogen Corporation
Mindray
Esaote SpA
FUJIFILM Corporation
Woodley Equipment Company Ltd.

Check out more studies related to veterinary care, medicine, and treatment, published by Grand View Research:

Veterinary Care Market – The global veterinary care market size was valued at USD 74.7 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 5.4% from 2021 to 2028. Increasing cases of chronic diseases in pets and livestock animals are fueling the demand for better veterinary care.
Veterinary Medicine Market – The global veterinary medicine market size was estimated at USD 29.2 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.4% from 2021 to 2028. The increasing cases of zoonotic and chronic diseases are the key factors driving the market for veterinary medicine.
Veterinary Dermatology Drugs Market – The global veterinary dermatology drugs market size was valued at USD 7.4 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 9.3% from 2021 to 2028. The rising prevalence of skin diseases in animals, as well as high investments by market players in the segment, are the factors expected to drive the market growth.

Browse through Grand View Research's coverage of the Global Animal Health Industry.

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About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

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