At 8.1% CAGR, the Asia Pacific Veterinary Diagnostics Market is Projected to be Worth US$ 1,384.92 Million by 2030, Says Business Market Insights

According to Business Market Insights research, the Asia Pacific veterinary diagnostics market was valued at US$ 744.78 million in 2022 and is expected to reach US$ 1,384.92 million by 2030, registering a CAGR of 8.1% from 2022 to 2030. Growing ownership of companion animals and rising prevalence of zoonotic disease are among the critical factors attributed to the Asia Pacific veterinary diagnostics market expansion.

In recent years, increasing disposable income and growing interest of millennials, especially adults in their early 20s and late 30s, for pet adoption are supporting the pet culture across the globe. In addition, due to the onset of the COVID-19 pandemic, people were working from home and self-isolating; this change in lifestyle inspired households to own pets. Since there was no evidence that pets could contribute to the spread of COVID-19, people felt safe with an animal companion that provided mental and emotional support during the pandemic.

According to the Global Animal Health Association, China's pet ownership increased 113% between 2014 and 2019, and by 2024, China will have most number of pets in the world due to a relaxation of pet ownership regulations and a falling birth rate. Similarly, in South Korea, ~28% of all households raise pets. Dogs were raised by 6.02 million households and cats were raised by 2.58 million households in 2020, according to the Ministry of Agriculture, Food and Rural Affairs. According to Euromonitor International, households will continue to exit poverty and reach the middle class and thus, by 2040, 856 million households will have disposable incomes between US$ 15,000 and US$ 45,000, i.e., one in three households worldwide (35.5%). Due to increasing disposable income, companion animal adoption rates are growing. The advancement in the detecting animal diseases and increasing disposable income among pet owners drive the veterinary diagnostics market globally.

On the contrary, lack of skilled professionals in veterinary research hampers the growth Asia Pacific veterinary diagnostics market.

Based on product, the Asia Pacific veterinary diagnostics market is bifurcated into instruments and consumables. The instruments segment held 65.4% share of the Asia Pacific veterinary diagnostics market in 2022, amassing US$ 487.26 million. It is projected to garner US$ 862.42 million by 2030 to expand at 7.4% CAGR during 2022-2030.

By technology, the Asia Pacific veterinary diagnostics market is segmented into immunodiagnostics, clinical biochemistry, hematology, molecular diagnostics, and other veterinary diagnostic technologies. The immunodiagnostics segment held 40.7% share of the Asia Pacific veterinary diagnostics market in 2022, amassing US$ 303.31 million. It is projected to garner US$ 620.33 million by 2030 to expand at 9.4% CAGR during 2022-2030. The immunodiagnostics segment held the largest share in 2022. The immunodiagnostics segment is further subsegmented into lateral flow assays, ELISA, immunoassay, allergen-specific immunodiagnostics test, and other immunodiagnostics. The clinical biochemistry segment is further subsegmented into clinical chemistry analysis, glucose monitoring, and blood gas and electrolyte.

By disease type, the Asia Pacific veterinary diagnostics market is segmented into infectious diseases and non-infectious diseases. The infectious diseases segment held 62.6% share of the Asia Pacific veterinary diagnostics market in 2022, amassing US$ 466.00 million. It is projected to garner US$ 897.94 million by 2030 to expand at 8.5% CAGR during 2022-2030.

By animal type, the Asia Pacific veterinary diagnostics market is bifurcated into livestock animals and companion animals. The companion animals segment held 69.4% share of the Asia Pacific veterinary diagnostics market in 2022, amassing US$ 517.13 million. It is projected to garner US$ 998.90 million by 2030 to expand at 8.6% CAGR during 2022-2030. The livestock animals segment is further subsegmented into cattle, pigs, poultry, and other livestock animals. The companion animals segment is further subsegmented into dogs, cats, horses, and other companion animals.

By end user, the Asia Pacific veterinary diagnostics market is segmented into veterinary hospitals and clinics, animal diagnostic laboratories, and veterinary research institutes and universities. The veterinary hospitals and clinics segment held 52.6% share of the Asia Pacific veterinary diagnostics market in 2022, amassing US$ 391.41 million. It is projected to garner US$ 754.53 million by 2030 to expand at 8.6% CAGR during 2022-2030.

Based on country, the Asia Pacific veterinary diagnostics market is segmented into China, Japan, India, Australia, South Korea, and the Rest of Asia Pacific. China held 60.4% share of Asia Pacific veterinary diagnostics market in 2022, amassing US$ 449.92 million. It is projected to garner US$ 873.18 million by 2030 to expand at 8.6% CAGR during 2022-2030.

Key players operating in the Asia Pacific veterinary diagnostics market are FUJIFILM Holdings Corp, Heska Corp, Idexx Laboratories Inc, Merck Animal Health, Neogen Corp, Randox Laboratories Ltd, Thermo Fisher Scientific Inc, Virbac SA, and Zoetis Inc, among others.



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