Veterinary Diagnostics Market Is Experiencing Healthy Growth Worldwide

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Several critical factors are driving this market expansion, including an increase in expenditure on animal health, a rising incidence of diseases in animals, advancements in diagnostic technologies, and an increasing rate of medicalization among pets and livestock.

The global veterinary diagnostics market was estimated at USD 9.29 billion in 2023 and is projected to experience significant growth, with a compound annual growth rate (CAGR) of 10.02% from 2024 to 2030. Several critical factors are driving this market expansion, including an increase in expenditure on animal health, a rising incidence of diseases in animals, advancements in diagnostic technologies, and an increasing rate of medicalization among pets and livestock.

 

In November 2023, IDEXX made a noteworthy advancement in the market by launching the SNAP Leish 4Dx Test in Europe and Asia, specifically designed for screening vector-borne diseases like canine leishmaniosis. This new product launch not only expands IDEXX's portfolio but also highlights the ongoing innovation within the veterinary diagnostics field. Continuous advancements in various diagnostic technologies—including molecular diagnostics, imaging modalities, and point-of-care (PoC) testing—have significantly enhanced the capabilities of veterinarians to accurately diagnose diseases in animals.

 

Veterinary diagnostic products are essential tools for identifying and managing various health conditions in animals. They enable prompt treatment, which is crucial in preventing the spread of infections. Similar to humans, animals are also vulnerable to chronic and age-related conditions. The increasing population of aging pets, alongside a heightened emphasis on preventive healthcare, is driving demand for diagnostics that facilitate early detection and management of diseases such as arthritis, diabetes, and cancer. Furthermore, the rising incidence of infectious diseases and chronic health conditions in animals is expected to further fuel the demand for veterinary diagnostics.

 

Gather more insights about the market drivers, restrains and growth of the Veterinary Diagnostics Market

 

Animal Type Insights Segmentation

 

When analyzed by animal type, the companion animals segment dominated the market, holding the highest share in 2023. Within this segment, dogs represented the largest portion, while the segment for other companion animals is anticipated to grow at the fastest rate from 2024 to 2030. Several factors contribute to this growth, including the increasing uptake of pet insurance, a growing pet population, rising expenditures on pet care, and the trend of pet humanization and medicalization. According to the North American Pet Health Insurance Association (NAPHIA), approximately 5.4 million companion animals were insured in 2022 across the U.S. and Canada, marking a 22% increase from the 4.4 million pets insured in 2021.

 

Conversely, the production animals segment is expected to register the fastest CAGR from 2024 to 2030. This growth can be attributed to escalating research and development (RD) activities and heightened awareness among end-users regarding animal health. For example, in October 2022, the Kansas State Veterinary Diagnostic Laboratory developed a new polymerase chain reaction (PCR)-based test aimed at detecting two key blood-borne diseases: anaplasmosis and Theileriosis in cattle. The substantial population of livestock animals—such as cattle, pigs, and poultry—will likely contribute to the increasing demand for effective diagnostic solutions that facilitate disease prevention and management.

 

In summary, the veterinary diagnostics market is poised for substantial growth driven by technological advancements, increasing health awareness among pet owners, and the growing need for effective disease management in both companion and production animals. The evolving landscape underscores the importance of innovative diagnostic solutions in enhancing animal health outcomes and the overall efficiency of veterinary care.

 

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