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The global veterinary diagnostics market size valued at USD 4.4 billion in 2018 and is projected to reach USD 9.5 billion by 2026, exhibiting a CAGR of 10.0% during the forecast period.
Veterinary diagnostics is an important and integral component for the management as well as prevention of outbreak of diseases among animals. The animal diagnostics market is growing rapidly, fueled by the growing emphasis on prevention and control of zoonotic animal diseases directly affecting the human population worldwide According to the data published by the Centers for Disease Control and Prevention (CDC) in 2017, around ten thousand Americans suffer from zoonotic diseases every year. The growing prevalence and increase in the incidence rate of zoonotic diseases have now become one of the major public concern globally.
Growing advancements in molecular biology techniques offering cost-effective, rapid, and specific veterinary diagnostic tools; and an increase in the adoption of pets around the globe are likely to upsurge the demand for veterinary diagnostics during the forecast period.
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Food and animal safety is one of the major concerns that can be made reliable based on the early detection of animal diseases using effective diagnostic tools. The demand for a safe and high quality of animal protein is likely to rise significantly over the coming years due to the concomitant increase in the diet conscious population globally. The continuous rise in the demand for animal protein is likely to contribute remarkably for the growth of animal diagnostics market size during the forecast period.
“Increasing Pet Ownership and Growing Technological Advancements in the Diagnostic Field to Drive the Veterinary Diagnostics Market”
There has been a rapid rise in pet owners around the world and this is majorly attributed to the rise in disposable incomes and growing adoption of modern lifestyles. Moreover, availability of advanced techniques to diagnose diseases in animals and growing awareness about animal health care are likely to further boost the animal diagnosis products market across the globe.
According to the 2017-2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA), an estimated 68% of U.S. households and around 85 million U.S. families own pets. Also, according to Pet Supplies Plus, baby boomers are adopting pets in record numbers due to the emotional benefits and companionship offered by pets. Growing awareness about treatment of various health issues such as post-traumatic stress disorder and autism among geriatric population with the help of companion animals are likely to bolster the demand for veterinary diagnostics products in the coming years.
Veterinary care is currently witnessing a gradual shift of preference from traditional veterinary diagnosis methods to point-of-care diagnosis to reduce diagnosis turnaround time as well as to offer higher convenience to pet owners and animals. Growing technological advancements in the diagnosis of animal disease and an increase in the product launches & partnerships by key players are likely to augment the veterinary diagnostics market growth during the forecast period. For instance, in May 2017, AniPOC Ltd., one of the significant players in the veterinary diagnosis market, announced the commencement of its distribution partnership with Vet Direct Ltd.
“Growing Prevalence of Veterinary Diseases to Fuel the Demand for Diagnostic Products”
Growing prevalence of veterinary diseases affecting both animals and the human population along with the escalating prices in the treatment of veterinary diseases are likely to drive the demand for effective veterinary diagnostics techniques. For instance, according to the survey conducted by The American Veterinary Medicine Association (AVMA) in 2016, an estimated 1 in 4 dogs in the U.S. develop neoplasia. Moreover, around 50.0% of the dogs with neoplasia are vulnerable to develop cancer.
Growing awareness about the diseases associated with the companion and livestock animals in both developed and emerging nations along with the rising expenditure in the development of veterinary diagnostic laboratories are likely to boost the demand for veterinary diagnostics in the forthcoming years. Also, extensive development in network infrastructure allowing veterinarians to access real-time data of pets is likely to increase the accuracy of disease diagnosis at an early stage.
“Introduction of Effective Consumables Likely to Propel Market Growth”
Based on product type, the veterinary diagnostics market segments include instruments and reagents & consumables. Among them, the reagents & consumables segment held the largest market share in the year 2018, and it is projected to expand at a considerably high CAGR during the forecast period. The growing expectation of rapid & accurate results along with the introduction of advanced reagents & kits is likely to drive the reagents & consumables segment growth during the forecast period. These advanced reagents and kits are highly compatible to use with various veterinary diagnostic equipment’s boosting their market share in the future.
The instrument segment is anticipated to grow at a significant rate during the forecast period attributed to the continuous investments in the research domain for the development of highly advanced instruments. Additionally, growing partnerships among players to launch innovative veterinary diagnostics instruments for the early diagnosis of disease in animals is likely to accelerate the veterinary diagnostics market share in the coming years. For instance, in 2018, MyVet Imaging, a subsidiary of Rayence, South Korea based imaging solutions provider, announced the plan to develop an advanced equine imaging solution, which will include the world’s first 4x6 inch equine intraoral sensor. This sensor will provide a comprehensive analysis of equine health based on oral conditions.
“Immunohistochemistry Segment Is Likely to Witness a Significant CAGR during the Forecast Period”
Based on technique, the veterinary diagnostics market segments include hematology, immunohistochemistry, molecular diagnostics, diagnostic imaging, clinical biochemistry, and others. Among them, immunohistochemistry segment held prominent market share and is also likely to continue its dominance by expanding at high growth rate during the analysis period. Rise in the prevalence of animal diseases and the growing demand for effective diagnostic technologies offering accurate detection are likely to boost the demand for immunohistochemistry technology segment by 2026. Antigen-Antibody detection system now has become an inexpensive portable system making them an ideal technique in the early detection of livestock viral diseases.
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Additionally, increasing product launches and the availability of a wide variety of product offerings in the immunohistochemistry could further augment the growth of this segment during the forecast period.
“Companion Animal Segment Held a Dominating Position in the Veterinary Diagnostics Market”
The animal type segment in the veterinary diagnostics market is classified into livestock and companion. Among them, the companion animal segment is expected to hold a dominating position attributable to a large number of companion animals present in developed regions such as North America and Europe and huge spending on companion animal diagnosis in these regions. However, globally, the livestock animal segment is projected to grow faster due to growing awareness about livestock animal diseases and diagnostic kits in the emerging regions.
“Veterinary Reference Laboratories Segment to Expand Faster Due to the Growing Number of Reference Laboratories in Emerging Region”
Based on end-user, the animal diagnostics market has been categorized into veterinary hospitals & clinics, veterinary reference laboratories, and others. The veterinary reference laboratories segment captured major market share segment in the veterinary diagnostics market. This is mainly due to higher facilities and advanced technology available in veterinary laboratories. The veterinary reference laboratories segment is anticipated to continue its dominance in the forthcoming years owing to the rise in the launches of products used in veterinary reference laboratories and a growing number of trained professionals in the veterinary diagnostics domain.
Veterinary hospitals & clinics segment is projected to witness remarkable growth during the forecast year owing to the growing adoption of veterinary occupation and an increase in the development of veterinary hospitals and clinics in developed and emerging nations. These increasing veterinary hospital visits, along with the rise in the epidemiology of veterinary diseases, is expected to boost the veterinary diagnostic market growth during the forecast period.
Geographically, the animal diagnostic market segments include North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Among them, North America region dominated the veterinary diagnostics market. High healthcare expenditure, rising prevalence of veterinary diseases, rise in pet ownership are likely to augment the veterinary diagnostics market in North America during the forecast period. According to a study conducted by the National Center for Biotechnology Information (NCBI) in 2018, an estimated 80% of pet dogs in the U.S. suffered from periodontal disease.
Europe is anticipated to grow at a significant rate during the forecast period owing to a rise in the prevalence of veterinary diseases and increasing awareness about the newly launched techniques involved in the early diagnosis of veterinary diseases. According to data published in The Veterinary Journal in 2015, around 2.6% of the dogs in Germany were suffering from epileptic seizures.
North America Veterinary Diagnostics Market Size, 2018 (USD Billion)
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Increasing pool of livestock and companion animals, along with the gradual shift in lifestyle, increasing disposable incomes, and increasing trend of owning pets, are likely to boost the veterinary diagnostics market in the Asia Pacific during the forecast period.
The market in Latin America and Middle East & Africa is likely to expand with the growing demand for cost-effective veterinary diagnostic equipment.
“Strong Global Presence and Wide Product Offerings Contribute to the Dominating Share of IDEXX Laboratories”
The veterinary diagnostic industry in highly competitive. IDEXX Laboratories is one of the leading players in the veterinary diagnostics market with a strong global presence combined with a wide range of product offerings. It is likely to continue its dominance in coming years. This is attributed to the strong emphasis on strengthening of marketing and sales network across various countries as well as persistent investments in research and development for the launch of advanced veterinary diagnostics.
Other players engaged in the manufacturing of the animal diagnostics products with a considerable market share include Zoetis, Heska Corporation, Thermo Fisher Scientific Inc., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., DRE Veterinary, Virbac, Randox Laboratories Ltd., and other prominent players.
The veterinary diagnostics market report provides qualitative and quantitative insights on the animal diagnostics market trends and detailed analysis of size & growth rate for all possible segments of the market. The animal diagnostics market is segmented by product type, technique, animal type, end-user, and geography. Based on the product type, the animal diagnostics market is classified into instruments and reagents & consumables.
By technique, the market is categorized as hematology, immunohistochemistry, molecular diagnostics, diagnostic imaging, clinical biochemistry, and others. Based on the animal type, the market is segmented into the livestock and companion. By the end-user, the market is segmented into veterinary hospitals & clinics, veterinary reference laboratories, and others. Geographically, the market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
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Along with this, the report provides an elaborative analysis of the veterinary diagnostics market dynamics and competitive landscape. Various key insights presented in the report are the technological advancements in veterinary diagnostics, recent key industry developments, the prevalence of veterinary disease for key countries/region, Pet Ownership Statistics, in Key Countries, 2018, Overview of Pet Insurance, in Key Countries, 2018, mergers & acquisitions, among others.
Value (USD Billion)
By Product Type
By Animal Type
As per our (Fortune Business Insights) study, the veterinary diagnostics market is predicted to reach USD 9.5 Bn by 2026.
In 2018, the veterinary diagnostics market was valued at USD 4.4 Bn.
The veterinary diagnostics market is projected to grow at a CAGR of 10.0% during the forecast period (2019-2026).
Reagents & Consumables is the leading segment in the veterinary diagnostics market by product.
Rising prevalence of veterinary disease combined with an increasing number of companion & livestock animals and growing product launches are the key factors driving the growth of the veterinary diagnostics market.
IDEXX, Thermo Fisher Scientific Inc., Zoetis, VCA Antech, Inc., DRE Veterinary, Heska Corporation Shenzhen Mindray Bio-Medical Electronics Co., Ltd., and Virbac are the top players in the veterinary diagnostics Industry.
North America is expected to hold the highest share in the veterinary diagnostics market.
Immunohistochemistry in technique segment is expected to drive the adoption of the veterinary diagnostics Industry.