PUBLISHER: The Business Research Company | PRODUCT CODE: 1425910
PUBLISHER: The Business Research Company | PRODUCT CODE: 1425910
Veterinary Point Of Care Diagnostics Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on veterinary point of care diagnostics market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for veterinary point of care diagnostics? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The veterinary point of care diagnostics market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Veterinary point-of-care diagnostics play a vital role in real-time animal health assessment, delivering clinically relevant information during clinical practice without relying on laboratory results. This approach significantly reduces the turnaround time (TAT) for animal test results, aiding clinicians in promptly determining the appropriate treatment course for their patients.
The primary products within veterinary point-of-care diagnostics include consumables, reagents, kits, instruments, and devices. Consumables, reagents, and kits are utilized in the diagnosis of infectious and metabolic diseases in both companion and livestock animals. These products encompass substances consumed during testing, materials for preparing diagnostic products, and test kits used in various diagnostic technologies such as immunodiagnostics, clinical biochemistry, molecular diagnostics, hematology, urinalysis, and other related technologies. Veterinary point-of-care diagnostics find application in veterinary clinics, hospitals, academic institutes, and even home care settings for the benefit of animal health.
The veterinary point of care diagnostics market research report is one of a series of new reports from The Business Research Company that provides veterinary point of care diagnostics market statistics, including veterinary point of care diagnostics industry global market size, regional shares, competitors with a veterinary point of care diagnostics market share, detailed veterinary point of care diagnostics market segments, market trends and opportunities, and any further data you may need to thrive in the veterinary point of care diagnostics industry. This veterinary point of care diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The veterinary point of care diagnostics market size has grown rapidly in recent years. It will grow from $1.58 billion in 2023 to $1.80 billion in 2024 at a compound annual growth rate (CAGR) of 13.6%. The growth observed in the historical period can be largely attributed to several factors, including the implementation of education and awareness programs, increased integration with telemedicine technologies, a concentrated focus on controlling infectious diseases in animals, strong regulatory support and approvals within the industry, and advancements in managing livestock and production animal health. These elements collectively contributed to the expansion and development of the veterinary sector during that timeframe.
The veterinary point of care diagnostics market size is expected to see rapid growth in the next few years. It will grow to $2.97 billion in 2028 at a compound annual growth rate (CAGR) of 13.4%. Anticipated growth in the forecast period is expected to stem from various factors, such as the continual increase in the pet population, a heightened emphasis on preventive healthcare measures, addressing the needs of remote and rural areas for veterinary access, the adoption of personalized veterinary medicine, and preparedness for global health concerns. Major trends expected in this period encompass technological advancements in veterinary medicine, ongoing product innovations within the industry, and a growing consumer preference for home testing solutions, indicating a shift towards more accessible and convenient veterinary care options.
The expanding population of companion animals is poised to drive the growth of the veterinary point-of-care diagnostics market. Companion animals, which cohabit residential spaces with humans as pets, are on the rise. This uptick in the companion animal population is fueling the demand for veterinary point-of-care diagnostics, facilitating swift clinical decision-making in diagnostics, treatment selection, monitoring, and prognosis. It also aids in operational decision-making and resource utilization. As highlighted by the American Pet Products Association's 2021-2022 National Pet Owners Survey, 70% of all US households now have a companion animal. This substantial increase in companion animals contributes significantly to the growth of the veterinary point-of-care diagnostics market.
The increasing prevalence of dermatological diseases is anticipated to be a key driver for the growth of the veterinary point-of-care diagnostics market. Dermatological diseases, encompassing a range of skin-related medical conditions, require early detection and treatment. With a rising pet population and evolving ownership trends, there is a growing demand for immediate and on-site skin evaluations. Point-of-care diagnostics play a crucial role by offering diverse tests for comprehensive dermatological assessments, supporting preventive care, and meeting client expectations for timely diagnostics. An example of this trend is the surge in cases of Lumpy Skin Disease in India, affecting over 2.4 million animals and resulting in the death of more than 110,000 cattle as of October 2022. This heightened burden of dermatological diseases is a significant factor driving the growth of the veterinary point-of-care diagnostics market.
Major companies in the veterinary point-of-care diagnostics market are actively developing new veterinary analyzers to fortify their market positions. A case in point is Chengdu Seamaty Technology Co., Ltd., a China-based medical equipment manufacturing company, which, in August 2023, launched four innovative veterinary analyzers tailored for pet hospitals. These analyzers, including the VG2 Vet Blood Gas Electrolyte Immunoassay Analyzer, VG1 Veterinary Blood Gas & Electrolyte Analyzer, Vi1 Veterinary Fluorescence Immunoassay Analyzer, and VBC30/VBC50 Hematology Analyzers, provide rapid and precise diagnostic insights for diseases, immunity assessment, and inflammation monitoring in canines and felines. With user-friendly interfaces and portable designs, these analyzers seamlessly integrate into veterinary workflows, enhancing efficiency and enabling immediate decision-making for optimal patient care.
Major players in the veterinary point-of-care diagnostics market are actively developing new assays as part of their strategy to gain a competitive advantage. Assays, which are diagnostic procedures or tests designed to detect specific biological markers, substances, or conditions associated with particular diseases or health conditions, are pivotal in advancing diagnostic capabilities. For example, in September 2023, Zomedica Corp., a prominent US-based veterinary health company, launched a new assay called endogenous ACTH (eACTH) for equine plasma. This assay is incorporated into Zomedica's TRUFORMA In-Clinic Biosensor Testing Platform, enabling equine veterinarians to conveniently diagnose and manage Cushing's Disease (pituitary pars intermedia dysfunction - PPID) directly at the clinic or stall. The eACTH assay delivers reference lab accuracy, supporting the diagnosis and monitoring of horses with PPID, a prevalent endocrine disorder in equines. Zomedica's focus on catering to the unique needs of equine practitioners highlights its commitment to enhancing both patient and practice health through the TRUFORMA diagnostic platform.
In March 2022, Vimian Group, a Sweden-based veterinary company, made a strategic move by acquiring Avacta Animal Health, the veterinary allergy division of Avacta Group PLC., for an undisclosed amount. This acquisition was a targeted effort by Vimian Group to reinforce its position in veterinary allergy diagnostics and treatments, specifically within the UK market. Avacta Group PLC, based in the UK, is a provider of diagnostic tools utilized in both human and animal healthcare. This strategic acquisition aligns with Vimian Group's broader objectives to strengthen its capabilities and offerings in the field of veterinary diagnostics, especially in the area of allergy-related diagnostics and treatments.
Major companies operating in the veterinary point of care diagnostics market report are Zoetis Inc., IDEXX Laboratories Inc., Heska Corporation, Virbac Animal Health India Pvt Ltd., Samsung Neurologica Corporation, Eurolyser Diagnostica GmbH, Randox Laboratories Ltd., Anipoc Ltd., Carestream Health Inc, Fujifilm Sonosite Inc, Neogen Corporation, Mindray Medical International Limited, GE HealthCare Technologies Inc., Abaxis Inc., Agfa-Gevaert N.V., Alvedia, Bio-Rad Laboratories Inc., bioMerieux SA, Bionote Inc., Chembio Diagnostic Systems Inc., Clindiag Systems Co. Ltd., Coris BioConcept, Creative Diagnostics, DiaSys Diagnostic Systems GmbH, Eiken Chemical Co. Ltd., Eurofins Technologies, Fujirebio Diagnostics Inc., Gold Standard Diagnostics Corp., Hangzhou AllTest Biotech Co. Ltd., Hologic Inc., InBios International Inc.
North America was the largest region in the veterinary point of care diagnostics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the veterinary point of care diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the veterinary point of care diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The veterinary point-of-care diagnostics market includes revenues earned by entities by hematology, diagnostic imaging, bacteriology, virology, cytology, clinical chemistry and parasitology. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.