Veterinary Diagnostics Market Trends 2022 Segment Analysis by Key Players, CAGR Status, Revenue, Price Trends, Size and Growth Outlook, New Technology Forecast till 2030
According to the most recent analysis by Emergen Research, the global market for veterinary diagnostics was valued at USD 6.63 billion in 2021 and is predicted to grow at a rate of 11.2% over the projected period. Due to recent developments in diagnostics, more laboratories are adopting more innovative approaches, which is a key reason fueling the market’s revenue growth. An essential and crucial part of managing and preventing the spread of disease among animals is veterinary diagnostics. Citrus tristeza virus and tomato yellow leaf curl virus are two unusual viruses that have recently arisen or reemerged and severely affected a number of businesses, including animal husbandry, dairy, and other sectors. Major viral infections cannot be treated, but they can spread more slowly if they are detected early and continuously monitored. As a result, new Point-of-Care (PoC) diagnostic tools and advancements in virus identification are required internationally.
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Globally, more governmental and non-governmental organisations are investing more money in animal health, which is one of the major drivers impacting revenue growth. In order to boost market penetration for veterinary diagnostic goods, it is anticipated that increased entry of various government and non-government funds will result in improvements in the world’s infrastructure for animal healthcare. An additional element that is boosting demand for veterinary diagnostics and propelling market revenue growth is the rise in the occurrence of infectious animal diseases.
Some Key Highlights From the Report
In 2021, the consumables sector had the biggest revenue share. Veterinary drugs, also known as veterinary medicinal products (VMPs), veterinary meds, or medical supplies for animal usage, are pharmaceuticals used to treat, prevent, or diagnose sickness in animals. The growing demand for safe and high-quality animal products, such as meat, milk, and other goods, is one of the main factors influencing revenue development. In order to prevent and treat infections, modern animal husbandry requires the use of veterinary medications such antibiotics, antimicrobials, antihistamines, antiprotozoals, and hormones. Humans who consume meat and other animal products that contain residues run the risk of becoming directly or indirectly contaminated by veterinary medicine.
Due to an increase in the prevalence of diseases affecting cows such mastitis and bovine tuberculosis, the bovine category had the greatest revenue share in 2021. Numerous diagnostic techniques, such as blood tests and PCR, are available for bovine tuberculosis. Additionally, it is anticipated that the prevalence of the aforementioned diseases in cattle would increase, increasing demand for test kits and, as a result, the market share of companies that manufacture kits.
In 2021, the market in North America accounted for the biggest revenue share. This is a result of the growing number of government initiatives aimed at encouraging students to enter the veterinary health sector. Additionally, as a result of increased government and non-government assistance, the infrastructure installations at different veterinary schools have improved, which is anticipated to greatly raise demand for veterinary diagnostic faculties.
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The latest study provides an insightful analysis of the broad competitive landscape of the global Veterinary Diagnostics market, emphasizing the key market rivals and their company profiles. A wide array of strategic initiatives, such as new business deals, mergers & acquisitions, collaborations, joint ventures, technological upgradation, and recent product launches, undertaken by these companies has been discussed in the report. The report analyzes various elements of the market’s competitive scenario, such as the regulatory standards and policies implemented across the industry over recent years. Our team of experts has leveraged several powerful analytical tools, such as Porter’s Five Forces analysis and SWOT analysis, to deliver a comprehensive overview of the global Veterinary Diagnostics market and pinpoint the fundamental growth trends.
Some major companies in the global market report include
Zoetis, Heska Corp., IDEXX Laboratories Inc., Agrolabo S.p.A., IDvet, Virbac, Thermo Fisher Scientific Inc., Neogen Corp., Covetrus, and iM3Vet Pty Ltd.
Emergen Research has segmented the global veterinary diagnostics market based on type, species, end-use, and region:
Type Outlook (Revenue, USD Billion; 2019-2030)
Instruments & Devices
Reagents & Kits
Species Outlook (Revenue, USD Billion; 2019-2030)
End-use Outlook (Revenue, USD Billion; 2019-2030)
Key insights presented in the report:
Market revenue shares by major business players, by type, by application, and market scope of global Veterinary Diagnostics market
Sales revenue by key players and new entrants
Competitive analysis of key players, including aspects such as company overview, product or services specification, vendors, and buyers
Recent mergers, acquisitions, product launches, recent investments, and joint ventures
Regional analysis to provide insight into recent trends and opportunities
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Regional Landscape section of the Veterinary Diagnostics report offers deeper insights into the regulatory framework, current and emerging market trends, production and consumption patterns, supply and demand dynamics, import/export, and presence of major players in each region.
The various regions analyzed in the report include:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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