Veterinary Diagnostics Market to Reach USD 17.60 billion by 2032; Mars Inked an Acquisition Agreement with Heska for Portfolio Expansion

The global veterinary diagnostics market size stood at USD 7.13 billion in 2023. The market value is slated to rise from USD 7.97 billion in 2024 to USD 17.60 billion by 2032 at a CAGR of 10.4% during 2024-2032. The expansion is driven by the growing formulation of favorable government policies and surging pet ownership.

Fortune Business Insights™ presents this information in its report titled “Veterinary Diagnostics Market Size, Share & COVID-19 Impact Analysis, By Product Type (Instruments and Reagents & Consumables), By Technique (Hematology, Immunodiagnostics, Molecular Diagnostics, Diagnostic Imaging, Clinical Biochemistry, and Others), By Animal Type (Livestock and Companion), By End User (Veterinary Hospitals & Clinics, Veterinary Reference Laboratories, and Others), and Regional Forecast, 2024-2032”.

Reopening of Veterinary Clinics during COVID-19 Pandemic Pushed Market Expansion

The second half of 2020 registered the reopening of veterinary clinics. This led to a rise in the product consumption, particularly for companion animals. The number of visits were restored to the pre-pandemic level in 2022. These factors propelled the industry expansion to a considerable extent.

Mars Entered into an Agreement for Acquiring Heska to Strengthen its Product Portfolio

In April 2023, Heska Corporation and Mars, Inc., inked a definite agreement. Under the same, Mars would acquire Heska at a value of USD 120.00 per share. The acquisition would help the expansion of Mars’ diagnostic offerings under the Science & Diagnostics division.

Furthermore, the deal would help in providing point-of-care veterinary diagnostic services to the pet healthcare community across the globe.

Growing Outbreaks of Veterinary Diseases to Propel Industry Expansion

The global veterinary diagnostics market growth is being driven by the growing outbreak of livestock diseases and increasing product demand. Additional factor favoring industry expansion is favorable government policies.

However, the industry growth could be restrained by the shortage of skilled professionals, particularly in emerging economies.

To get a detailed report summary and research scope of this market, click here:

https://www.fortunebusinessinsights.com/industry-reports/veterinary-diagnostics-market-101040

Leading Companies Ink New Strategies to Strengthen Industry Foothold

Major industry players are centered on adopting a range of strategic initiatives for strengthening their positions in the market. These include collaborations, partnership agreements, merger agreements, and others. Additional steps comprise research and development activities and the increasing formation of alliances.

Key Players Profiled:

• IDEXX Laboratories, Inc. (U.S.)


• Zoetis Services LLC (U.S.)


• Heska Corporation (U.S.)


• Thermo Fisher Scientific Inc. (U.S.)


• Avante Animal Health (U.S.)


• Virbac (France)


• Randox Laboratories Ltd. (U.K.)


• VCA Animal Hospitals (Mars, Incorporated) (U.S.)


• Shenzhen Mindray Bio-Medical Electronics Co., Ltd (China)   

Notable Industry Development

• May 2023 – IDEXX Laboratories and Haychem Bangladesh Limited inked a partnership. The deal would enable the deployment of IDEXX kits as a tool for diagnosing common poultry illnesses such as chicken anemia, reoviral disease, Newcastle disease, avian influenza, infectious bronchitis, Gumboro, and others.

Further Report Findings

• North America is anticipated to register notable growth over the forecast period. The region accounted for a dominant veterinary diagnostics market share in 2022. The upsurge is impelled by increasing pet adoption in Canada and the U.S.


• The Europe market is slated to record substantial growth over the projected period. The rise can be credited to the availability of improved healthcare facilities.


• Based on product type, the market is fragmented into instruments and reagents & consumables. The reagents & consumables segment accounted for a key share in 2022 and is poised to register considerable growth over the study period. The expansion is driven by the soaring prevalence of animal diseases and growing disposable income.


• On the basis of technique, the market is segmented into hematology, immunodiagnostics, diagnostic imaging, molecular diagnostics, chemical biochemistry, and others. The immunodiagnostics segment held a prominent share in the market in 2022 and is poised to register a notable surge over the forecast period.


• By end user, the market is subdivided into livestock and companion. The companion segment held a leading share in the market in 2022 and is estimated to grow at a considerable rate over the projected period. The expansion is impelled by the increasing pet care spending.

Table of Segmentation