Veterinary Diagnostics Market Trends, Business Analysis, Key Players
Veterinary Diagnostics Market Overview:
At a CAGR of 9.4%, the Veterinary Diagnostics Market is predicted to reach USD 3.9 billion by 2026, up from an estimated USD 2.5 billion in 2021. The rise in the number of companion animals, the rising incidence of transboundary and zoonotic diseases, the rise in demand for animal-derived food products, the rise in demand for pet insurance, the rise in animal health expenditure, and the rise in the number of veterinary practitioners and income levels in developed economies are all contributing to the industry's growth. Rising petcare expenditures, on the other hand, are likely to hinder overall industry growth. One of the key challenges restricting veterinarians' adoption of sophisticated diagnostic technologies is a dearth of skilled veterinarians and diagnostic infrastructure, particularly in developing countries. Another key impediment to wider adoption is the expensive cost of modern diagnostic tests.
COVID-19 Impact on Global Veterinary Diagnostics Market
COVID-19-or coronavirus disease 2019-is the disease that people get from being infected with the severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2). Domestic animals do not get COVID-19 as humans do, but under natural conditions, pet cats-and, to a lesser extent, pet dogs-may, albeit rarely, become infected with SARS-CoV-2 after close and prolonged contact with a COVID-19-positive person. In other words, a person with COVID-19 might transmit the virus that causes this disease to pet cats and dogs (and perhaps pet ferrets) in the same way we might transmit it to another person. Since the initial outbreak of COVID-19, multiple countries have reported infections of SARS-CoV-2 in non-human animals. There is no compelling evidence to date that any domestic animal, including cats, dogs, and ferrets, readily transmits SARS-CoV-2 to other animals, including humans, under natural conditions. Further, the global number of naturally infected animals is far less than the number of people with COVID-19, indicating that animals, including pets, are not a driver of the COVID-19 pandemic-the pandemic continues to be driven by human-to-human transmission. Due to an increase in the prevalence of COVID-19 across the globe, testing volumes on humans and animals continue to rise. This has also prompted players and reference laboratories to develop new and improved animal tests.
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The companion animal segment dominated the global veterinary diagnostics market in 2020
Based on the animal type, the global veterinary diagnostics market is segmented into companion animal and livestock. In 2020, the companion animals segment accounted for the largest share of the global veterinary diagnostics market. This can be attributed to the rising number of companion animals across the globe, the willingness of owners to spend more on their pets, the rising adoption of pet insurance, and the availability of cheaper and easy-to-use POC diagnostic tests for companion animals. The dogs segment accounted for the largest share of the veterinary diagnostics market for companion animals. The increasing companion dog population and increasing expenditure on dogs are the key factors driving the growth of this segment.
Veterinary reference laboratories accounted for the major share of end users in the veterinary diagnostics market in 2020
Based on end users, the global veterinary diagnostics market is segmented into veterinary reference laboratories, veterinary hospitals and clinics, point-of-care testing/in-house testing, and veterinary research institutes and universities. Veterinary reference laboratories were the major end users in the veterinary diagnostics market in 2020. The large share of the veterinary reference laboratories segment can be attributed to the increasing number of veterinary diagnostic reference laboratories, high test volumes at reference laboratories, and the increasing demand for veterinary diagnostic testing for infectious diseases in small and large animals. Rising awareness among pet owners regarding routine and preventive care is further expected to propel market growth.
Some of the major players in the veterinary diagnostics market include Thermo Fisher Scientific Inc. (US), Zoetis Inc. (US), IDEXX Laboratories Inc. (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), Virbac (France), Heska Corporation (US), Agrolabo S.p.A. (Italy), INDICAL BIOSCIENCE GmbH (Germany), Randox Laboratories Ltd. (Ireland), IDvet (France), Biopanda Reagents (UK), Bionote, Inc. (South Korea), and BioChek (Netherlands). The other players include Fassisi GmbH (Germany), Biogal Galed Labs (Israel), Alvedia (France), SKYER, Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), and Precision Biosensor, Inc. (South Korea).
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