Veterinary Diagnostics Market by Product (Instruments and Consumables), Technology (Immunodiagnostics, Clinical Biochemistry, Molecular Diagnostics, Hematology, Urinalysis and Others), End User (Veterinary Hospitals & Clinics, Homecare Settings, Reference Laboratories and Research Institutes & Universities): Global Market Size Estimates and Forecast (2022-2030)

The market crossed US$ 5.05 billion mark in 2022 and is expected to hit US$ 11.36 billion by 2030, recording a CAGR of 10.1% during the forecast period. 

Consumables segment held the largest share by Product Segment.

Based on the product, the veterinary diagnostics market  is segmented into instruments and consumables. The consumables segment held the largest share in the global veterinary diagnostics market  in 2022.  The increasing prevalence of new infectious diseases such as SARS-CoV-2 viral infection and the growing demand for rapid diagnostics in animals are driving the growth of this market.

Within the report, the market is segmented into product, technology, end user, and geography. On the basis of product, the veterinary diagnostics market  is divided into Instruments and Consumables. Based on technology, veterinary diagnostics market  can be segmented as immunodiagnostics, clinical biochemistry, molecular diagnostics, hematology, urinalysis and others. Based on end user, the veterinary diagnostics market  can be segmented into veterinary hospitals & clinics, homecare settings, reference laboratories and research institutes & universities Geographically, the market is sub segmented into North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa.

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Growing Spendings on Animal Health

The livestock sector contributes to the welfare of people and conservation of natural resources. Thus there is growth in animal health spendings.  As per the American Pet Products Association's 2021-2022 National Pet Owners Survey, in 2021, total pet industry expenditures in the US reached $123.6 billion, up by 19% from $103.6 billion in 2020. This is likely to favor the market growth.

Increase in R&D Activities is likely to create growth opportunities for the market.

According to the Animal Health Institute’s Research and Development Survey, animal health companies spent $ 663 million in 2006 in the R&D pertaining to new potential products as well as in the research for maintaining the long life of offered products. This constitutes a 7% increase over the spending reported in 2005. Innovative research accounts for 86% of total R&D spending, while the remaining 14% was occupied by the research required to ensure prolonged performance of existing products.

Recent strategic developments in veterinary diagnostics market    

The veterinary diagnostics market has undergone several significant developments, and a few of these have been mentioned below:

• In January 2020, IDEXX Laboratories, Inc. launched the Vcheck Feline NT-proBNP test kit for cardiac disease in cats with respiratory signs and adult cats prior to anesthesia.
• In August 2019, Zoetis Inc.expanded its product portfolio for horses by launcing Stablelab. The device is hand-held, point-of-care diagnostic blood test, which offers information regarding equine inflammation in 10 minutes.
• In Februay 2020, Zoetis Inc. acquired of Ethos Diagnostic Science, a veterinary reference lab serving leading specialty animal hospitals. This acquisition has added Ethos Diagnostic’s robust diagnostic portfolio including hematology, clinical chemistry, urinalysis, microbiology, endocrinology, serology, cytology and histology in the company’s portfolio.

The veterinary diagnostics market   is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Zoetis Inc., IDEXX laboratories, Inc, Thermo Fisher Scientific Inc, Virbac, Randox Laboratories Ltd, idvet, IDEXX Laboratories, Inc, Heska Corporation, Fujifilm Corporation, and Skyla Corporation. are among the prominent players operating in the market.

Target audience for the report:

• Market companies
• Raw material suppliers
• Organizations, Forums, Alliances & Associations
• Product distributors
• Dealers & Suppliers And Vendors

Scope of the report:

In this report, the market has been segmented on the basis of:

• Product
  • Instruments
  • Consumables
• Technology
  • Immunodiagnostics
  • Clinical Biochemistry
  • Molecular Diagnostics
  • Hematology
  • Urinalysis 
  • Others

• End-User
  • Veterinary Hospitals & Clinics
  • Homecare Settings
  • Reference Laboratories
  • Research Institutes & Universities
• Region
  • North America
  • Europe
  • Asia Pacific (APAC)
  • South & Central America
  • Middle East & Africa
• Companies profiled
  • Zoetis Inc.
  • IDEXX laboratories, Inc
  • Thermo Fisher Scientific Inc
  • Virbac
  • Randox Laboratories Ltd
  • IDvet
  • IDEXX Laboratories, Inc
  • Heska Corporation
  • Fujifilm Corporation
  • Skyla Corporation