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The global veterinary diagnostics market size was valued at USD 6.49 billion in 2022 and is projected to grow from USD 7.13 billion in 2023 to USD 14.48 billion by 2030, exhibiting a CAGR of 10.7% during the forecast period.
Veterinary diagnostics are tests carried out by analyzing blood, tissue, urine, or stool to detect disease presence, antibodies, proteins, or general indicators of overall health of various animals. The rising prevalence of veterinary diseases, increasing pet ownership, and growing government support to prevent the spread of zoonotic diseases are projected to fuel the market growth.
Molecular and immunodiagnostic tests are commonly performed for the diagnosis of complex conditions. Such factors are augmenting the growth of the market. Moreover, increasing pet insurance demand and the establishment of new diagnostic laboratories by various industry players across the globe is expected to drive the veterinary diagnostics market growth.
Reopening of Veterinary Clinics during the Second Half of the Pandemic and Rising Pet Adoption Positively Influenced the Market
In 2020, the COVID-19 pandemic had a slight positive influence on the global market. The market witnessed slower growth trends in 2020 due to the vast spread of the virus and lockdown restrictions. In the first half of 2020, veterinary diagnostic services were halted due to travel restrictions and disruptions in the supply chain created by the COVID-19 pandemic. Veterinary services were also limited due to travel restraints and market closures.
However, the market witnessed overall growth during the pandemic as veterinary diagnostics clinics were reopened in the second half of 2020. Furthermore, pet adoption increased, leading to increased veterinary diagnostics visits.
Majority of clinics re-opened in the second half of 2020. Rising visits to these clinics led to a marginal increase in their sales of animal diagnostic products, specifically for companion animals.
In 2022, veterinary visits were back to the pre-pandemic level. Such a scenario caused the company’s revenue to stabilize, diverting the market to pre-pandemic growth from 2023 to 2030.
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Growing Adoption of Point-of-Care in Animal Diagnostics due to its Potential Advantages
Over the past few years, one of the most prominent trends in the market has been the growing adoption of point-of-care diagnostics for the veterinary process. The point-of-care techniques have improved diagnostics' speed, standardization, and efficacy. These techniques require limited healthcare personnel and can overcome the issue of cross-trained, less-experienced staff at diagnostic services.
Similarly, prominent players' increased focus and initiatives on developing point-of-care diagnostics are expected to drive the growth of the market.
More companies are launching new and advanced diagnostic tests to expand livestock and companion animal diagnostics globally. The growing technological advancements aid in the high adoption of these services, propelling the market expansion.
Increasing Outbreaks of Veterinary Diseases and Positive Government Support to Boost Adoption
Livestock disease outbreaks can be a severe economic burden for countries whose economies depend on animals. Thus, timely diagnosis of the animals becomes necessary. This is anticipated to contribute to the increased demand for veterinary diagnostics.
Active government support and increased awareness among livestock owners led to an increased demand for animal disease diagnostic tests and kits, which is projected to fuel the market growth.
Rise in Pet Ownership and Willingness to Spend on Pet Well-being to Propel Growth Prospects
The rising number of pet owners can mainly be attributed to the growing trend of nuclear families and rapid adoption of modern lifestyles. Most households prefer to pet a dog or cat as compared to other animals. The increased disposable incomes and affection toward pet animals are primary factors leading to a surge in pet ownership.
The rising trend of adopting foster pets is also one of the reasons for increasing the number of pet owners. Along with the increasing pet ownership, rising investment by owners in their pets is another crucial factor propelling the demand for veterinary diagnostics. Such a rise in ownership and increased pet care spending are expected to drive the market growth.
Shortage of Skilled Veterinary Healthcare Providers to Hinder Industry Growth
One of the substantial hindrances to market growth is the lack of skilled professionals for veterinary diagnostics, especially in major emerging countries. Generally, well trained and qualified professionals are required to operate the highly advanced diagnostic tools. Shortage of skilled and qualified labor plays a significant barrier in the market.
As a result, veterinary care has remained partly inaccessible for many livestock owners in developed and emerging countries. Many animals remain deprived of veterinary assistance, subsequently impacting the demand for veterinary diagnostics.
Reagents & Consumables Segment to Dominate due to Increased Frequency of Veterinary Tests
In terms of product type, the market is segmented into reagents & consumables and instruments. The reagents & consumables segment held a significant market share in 2022. The segment growth is attributed to increased frequency and surge in spending on veterinary tests and services globally. The increased prevalence of animal diseases, growing disposable income, and a strong emphasis on developing advanced reagents and kits by leading players will further propel the market growth.
The instruments segment is projected to register a moderate CAGR over the forecast period. This is due to the rising number of veterinary hospitals and research institutes or initiatives for companion and livestock animals.
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Immunodiagnostics Segment to Lead Driven by Growing Demand for Advanced Diagnostics
Based on technique, the market is segmented into hematology, immunodiagnostics, molecular diagnostics, diagnostic imaging, clinical biochemistry, and others. Immunodiagnostics segment dominated the global veterinary diagnostics market share in 2022. Immunodiagnostic tests have become a practical and widely used tool for diagnosing animal diseases due to its expanding application areas, such as detecting critical conditions, including arboviral disease.
The clinical biochemistry segment held a significant share in the global market. This is attributable to the growing number of diagnostic tests for the analysis of blood plasma/serum to detect the levels of various substrates, such as hormones, enzymes, proteins, electrolytes, and others, in the body.
The molecular diagnostics segment held a substantial market share in 2022. Significant product launches in this section augment the market growth. In June 2022, the University of Nairobi's Faculty of Veterinary Medicine launched a state-of-the-art Animal Health, Molecular, and Diagnostics laboratory. The lab is a collaborative initiative of the University of Nairobi and Washington State University through the Feed the Future program.
Rising Pet Care Expenditure to Drive the Companion Segment
Based on animal type, the market is bifurcated into livestock and companion. The companion segment held a dominant share in the market. Acknowledgment of human and animal companionship and increasing spending on pet care especially in developing countries, are some factors anticipated to boost the segmental growth. The growing launch of various products for companion animal diagnostics is propelling the market expansion.
The livestock segment is expected to grow at a notable rate over the forecast period. This is due to the demand for dairy products and rising emphasis on ensuring livestock animal health. Similarly, the growing attention to preventing food-borne diseases and expanding the poultry sector is propelling the segmental growth prospects.
Launch of Veterinary Reference Laboratories by Key Players to Boost the Segment’s Growth
By end user, the market is divided into veterinary reference laboratories, veterinary hospitals & clinics, and others. The veterinary reference laboratories segment held a dominant share of the market. The segment growth is attributed to the growing importance of reference laboratories due to the high standards of diagnostic practices and data reliability. Moreover, the increasing focus on key players in launching reference laboratories with advanced product and service offerings propels the market expansion.
The veterinary hospitals & clinics segment is expected to grow at a lucrative rate over the forecast period. This is due to the rising preference for government veterinary hospitals and clinics in emerging countries such as India.
North America Veterinary Diagnostics Market Size, 2022 (USD Billion)
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In terms of geography, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America generated a revenue of USD 3.54 billion in 2022. Robust adoption of pet animals by the population in the U.S. and Canada, colossal expenditure on pet care, growing employment in the veterinary sector, and favorable reimbursement scenario are major contributors to the region's dominance.
Europe held a substantial share in the global market due to improved healthcare facilities and higher adoption of veterinary testing for the on-time diagnosis of veterinary diseases. Several strategic acquisitions to expand companies' capabilities by providing certain software for easy end-user workflow promote market growth.
Asia Pacific is projected to record a maximum CAGR during 2023-2030. Growing awareness about risks associated with zoonotic diseases and increasing spending on animal care are likely to drive the market growth in emerging countries such as China and India. Furthermore, Latin America and the Middle East & Africa markets are growing due to their huge livestock populations and initiatives focused on creating awareness regarding diagnostic care.
Robust Offerings and Strategic Acquisitions by IDEXX Laboratories, Inc., Zoetis Services LLC, and Heska Corporation to Support their Market Dominance
The competitive landscape of the global market is consolidated. IDEXX Laboratories, Inc., dominated the global market share in 2022. The company’s market dominance is due to its robust companion and livestock animal diagnostics product portfolio and market presence. The company introduced the latest instruments, the Catalyst Dx on the chemistry side and the ProCyte Dx for hematology applications.
Zoetis Services LLC and Heska Corporation are prominent players in the veterinary diagnostics sector due to their adoption of strategic acquisitions and partnership initiatives. Other players, such as Virbac, Zomedica Corp., and Shenzhen Mindray Bio-Medical Electronics Co., Ltd., are expanding their market presence to strengthen their industry positions.
An Infographic Representation of Veterinary Diagnostics Market
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The global veterinary diagnostics market research report provides a detailed market analysis. It highlights key segments such as product type, technique, animal type, end user, and geography. Moreover, the report highlights insights into market dynamics, the prevalence of key veterinary diseases, pet ownership statistics, pet insurance scenarios, industry developments, industry trends, technological advancements, prominent players, and the COVID-19 impact on the market. Similarly, the report provides various dynamics that contribute to the overall market development.
CAGR of 10.7% from 2023-2030
Value (USD Billion)
By Product Type, Technique, Animal Type, End User, and Region
By Product Type
By Animal Type
By End User
Fortune Business Insights says that the global market size stood at USD 6.49 billion in 2022 and is projected to reach USD 14.48 billion by 2030.
The market is projected to grow at a CAGR of 10.7% during the forecast period.
The North America market size was USD 3.54 billion in 2022.
Based on product type, the reagents & consumables segment leads the global market.
North America held the dominant share in the global market in 2022.
The rising prevalence of veterinary diseases, increasing pet ownership, and favorable government policies regarding diagnosis awareness are set to drive the global market growth.
IDEXX Laboratories, Inc., Zoetis Services LLC., and Heska Corporation are the key players in the market.
The increasing pet care spending and a surge in strategic initiatives by key players to offer suitable diagnostic products are key factors contributing to the adoption of diagnostic procedures.
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