Market Overview:

The market for Veterinary Diagnostics was valued at approximately USD 9.28 Billion in 2023. Over the course of the forecast period (2024–2031), the market is expected to develop at a compound annual growth rate (CAGR) of 10.02%, reaching a value of USD 19.41 Billion by 2031.

The market is expanding due to several major factors, such as rising costs for animal health, an increase in the frequency of animal diseases, improvements in diagnostics, and an increasing rate of medicalization. For the purpose of screening for vector-borne illnesses like canine leishmaniosis, IDEXX announced in November 2023 that the SNAP Leish 4Dx Test would be available in Europe and Asia. This increased the portfolio of the business. The capacity to diagnose diseases in animals has greatly increased thanks to ongoing developments in veterinary diagnostic technologies, such as molecular diagnostics, imaging modalities, and point-of-care (PoC) testing.

Innovative techniques for comprehensive healthcare are sought after by veterinarians and pet owners, who in turn drive industry growth by improving diagnostic speed and accuracy. One major driver now is the development and use of PoC diagnostic technologies that offer quick, on-site results. In veterinary offices, these tools facilitate prompt decision-making, allowing for early and effective treatment—a critical component of animal health outcomes. The necessity for prompt and reliable diagnostics has been highlighted by an increase in the prevalence of infectious diseases, notably zoonotic diseases, in animals.

Veterinary diagnostic products are essential for diagnosing and treating illnesses, stopping the spread of infections, and enabling timely medical intervention. Animals are prone to age-related and chronic diseases, much like people. The need for diagnostics that can help in the early identification and control of illnesses including arthritis, diabetes, and cancer is fueled by the aging pet population as well as an increasing emphasis on preventative healthcare. It is anticipated that the need for veterinary diagnostics would increase due to the rising prevalence of both chronic and infectious animal illnesses.

Market Dynamics:

Market Drivers:

Rising Pet Ownership and Spending on Veterinary Care

• The increasing prevalence of pet ownership and rising veterinary care costs are driving the veterinary diagnostics industry. Because pets are now viewed as part of the family, there is a greater need for advanced diagnostic tests and preventive healthcare services. Pet owners are more likely to seek veterinarian treatment for their animals, such as routine check-ups, vaccines, and diagnostic testing, as awareness of pet health and wellness grows. Furthermore, the field of veterinary diagnostics has broadened due to developments in veterinary medicine & the accessibility of a variety of diagnostic instruments and tests. This has made it possible to identify and treat companion animal illnesses early on. The need for veterinary diagnostics goods and services, such as point-of-care testing, lab diagnostics, imaging, & molecular diagnostics, is driven by the expanding pet population as well as increased spending on veterinarian services.

Prevalence of Zoonotic Diseases and Foodborne Pathogens

• The veterinarian diagnostics sector is driven by the rising prevalence of zoonotic diseases and foodborne pathogens. Zoonotic diseases, which are infections that can transfer from animals to humans, are a significant global health risk. 
  Furthermore, human foodborne illnesses can be brought on by bacteria from food, including Salmonella, Campylobacter, & Escherichia coli. These pathogens are frequently obtained from diseased or contaminated animal products. Robust veterinary diagnostic skills, including quick and precise testing procedures for pathogen identification, disease monitoring, & outbreak investigation, are essential for the effective surveillance, diagnosis, and management of zoonotic diseases and foodborne pathogens. Veterinary diagnostics ensure the safety and quality of food items derived from animals as well as the protection of public health by identifying and treating infectious diseases at the animal-human interface.The need for veterinary diagnostic solutions for surveillance of diseases, monitoring, and management in both livestock & companion animal populations is driven by the increased awareness of zoonotic dangers and the significance of food safety.

Market Trends:

Shift Towards Point-of-Care Testing (POCT)

• The growing use of point-of-care testing (POCT) solutions is driving the veterinary diagnostics market. Point-of-care testing, or POCT for short, is the term used to characterize diagnostic procedures performed in non-traditional laboratory settings such as farms, fields, or veterinary offices. Technological progress has resulted in the creation of lightweight, easily navigable diagnostic tools that provide prompt and precise examination for a range of veterinary ailments and ailments. Increased patient care, quicker turnaround times, instantaneous results, and less sample handling are just a few benefits of these POCT devices. POCT solutions are being included into veterinary practices and animal health experts' workflows more frequently in order to speed up communication with clients, treatment decisions, and diagnosis. Additionally, POCT increases the availability of diagnostic services for veterinarian patients in impoverished or rural locations by enabling decentralized & remote testing in resource-constrained contexts. As a result, the requirement for quick, easy, and accessible diagnostics testing options is predicted to fuel the growth of POCT solutions in veterinary diagnostics.

Integration of Advanced Imaging Modalities

• The integration of modern imaging modalities for diagnosis in animals is the veterinarian diagnostics market. In order to examine interior structures and organs for the purpose of diagnosing diseases and developing treatment plans, veterinary imaging for diagnosis comprises a variety of techniques, such as radiography, ultrasonography, computerized tomography (CT), MRI (magnetic resonance imaging), and nuclear medicine. The highest-quality imaging systems developed specifically for veterinary purposes are now more complex due to recent advancements in imaging technology. Today's veterinary professionals can more accurately detect and diagnose diseases, injuries, and anatomical abnormalities because of the improved viewing capabilities, higher picture quality, and improved diagnostic accuracy of these modern imaging modalities. In addition, a comprehensive and interdisciplinary approach to veterinary diagnostics is made possible by the coupling of cutting-edge imaging modalities with extra diagnostic methods like laboratory testing and clinical assessment. With the increasing availability and use of modern imaging technology in veterinary practice, improved patient care, more precise diagnosis, and better treatment outcomes for animals of all kinds and conditions are possible.

Market Restraining Factors:

High Cost of Advanced Diagnostic Equipment and Tests

• The market for veterinary diagnostics is driven by the high price of sophisticated diagnostic tools and procedures. Veterinary diagnostic tools, like blood analyzers, imaging systems, point-of-care testing equipment, and molecular diagnostic platforms, frequently come with hefty upfront costs in addition to continuous maintenance and operating costs. Moreover, some veterinary operations may not be able to afford the expense of specialized diagnostic tests, including PCR assays, serological testing, and imaging investigations, especially in smaller clinics or rural locations with limited funding. Because of this, certain veterinary professionals may find it difficult to adopt sophisticated diagnostic tools due to their high cost. This could result in underutilization of diagnostic technology, which could have an adverse effect on patient care and diagnostic accuracy.

Key Industry Developments:

• In June 2023, Heska was fully acquired by Mars, Inc. through a merger with its Petcare Sciences & Diagnostic business. Consequently, its portfolio was increased.
• In Augest 2022, A brand-new mobile diagnostic testing service was introduced by PepiPets. Customers will be able to get diagnostic testing for their pets at home after the new service is introduced, according to a business announcement. Pets may feel more at ease during the procedure and spend less time traveling to an in-person appointment thanks to PepiPets' at-home testing service.

Report Coverage:

The report will cover the qualitative and quantitative data on the global Veterinary Diagnostics Market. The qualitative data includes latest trends, market players analysis, market drivers, market opportunity, and many others. Also, the report quantitative data includes market size for every region, country, and segments according to your requirements. We can also provide customize report in every industry vertical.

Report Scope and Segmentations:

Veterinary Diagnostics Market Players Analysis:

• IDEXX Laboratories, Inc.
• Zoetis
• Antech Diagnostics, Inc. (Mars Inc.)
• Agrolabo S.p.A.
• Embark Veterinary, Inc.
• Esaote SPA
• Thermo Fisher Scientific, Inc.
• Innovative Diagnostics SAS
• Virbac
• FUJIFILM Corporation

Veterinary diagnostics Market Players & Competitor Analysis: The report covers the key players of the industry including Company Profile, Product Specifications, Production Capacity/Sales, Revenue, Price and Gross Margin 2024-2031 & Sales with a thorough analysis of the market’s competitive landscape and detailed information on vendors and comprehensive details of factors that will challenge the growth of major market vendors.

Veterinary diagnostics Market Segmentation Analysis:

By Product

• Consumables, Reagents & Kits
• Equipment & Instruments

By Testing Category

• Clinical Chemistry
• Microbiology
• Parasitology
• Histopathology
• Cytopathology
• Hematology
• Immunology & Serology
• Imaging
• Molecular Diagnostics
• Other

By Animal Type

• Production Animals
• Companion Animals

By End User

• Reference Laboratories
• Veterinarians
• Animal Owners/ Producers

The report also helps in understanding Global Veterinary diagnostics Market dynamics, structure by analyzing the market segments, and project the Global Veterinary diagnostics Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Veterinary diagnostics Market make the report investor’s guide.

Segmentation Analysis:

The market is divided into segments based on By Product, By Testing Category, By Animal Type, By End User.

By Testing Category

Based on the Testing Category of the market is segmented into Clinical Chemistry, Microbiology, Parasitology, Histopathology, Cytopathology, Hematology, Immunology & Serology, Imaging, Molecular Diagnostics, Other.

In 2023, the clinical chemistry category held the largest market share with 23.44%. Tests for organ function and those that facilitate a sample's chemical analysis are included in this section. These tests can be used to identify certain diseases such as pancreatitis or diabetes, as well as to assess how well the animal is responding to treatment. The broad availability and uptake of these diagnostics is responsible for the significant portion of this group.

The cytopathology category is anticipated to grow at the quickest CAGR of 13.95% between 2024 and 2030. This section covers the analysis of cells from body tissues or fluids in order to make a diagnosis. IDEXX used its proprietary VetConnect PLUS software along with a new in-clinic device to launch digital cytology services in January 2020. This enables digital connections with over 100 veterinary pathologists worldwide, enabling doctors to receive cytology interpretations in as little as two hours. Major corporations could encourage the segment's growth by using similar measures.

By Product

Based on the Product of the market is categorised into Precision Consumables, Reagents & Kits, Equipment & Instruments.

In 2023, the segment with the largest market share was consumables, reagents, and kits. The essential elements required to perform a broad range of diagnostic tests in the field of veterinary medicine are consumables, reagents, and kits. Blood tests, urinalysis, and immunoassays are just a few of the diagnostic procedures for which these items are utilized in labs, veterinary clinics, & point-of-care settings. The range of diagnostic applications covered in this segment is extensive. Reagents and consumables are essential in a variety of diagnostic situations due to their diversity and adaptability.

The segment with the fastest predicted growth in the foreseeable future is Equipment & Instruments. This is caused by improvements in diagnostic equipment technology, a rise in POCT device use, a need for imaging equipment, and investments in veterinary care. For veterinary facilities in North America, Esaote, for instance, introduced the Magnifico Vet MRI system in January 2023.For the purpose of diagnosing different illnesses and viewing internal structures, diagnostic imaging is essential in veterinary medicine. Thus, it is expected that demand for cutting-edge imaging equipment—such as digital radiography, ultrasound devices, MRIs, and CT scans—will rise over time.

Regional Snapshots:

By region, Insights into the markets in North America, Europe, Asia-Pacific, and the rest of the world are provided by the study.  North America accounted for 38.6% of the market in 2023, the largest proportion. This is a result of several factors, including the firmly established veterinary medical system, the extensive use of state-of-the-art technology, high levels of disposable income, and the presence of notable companies like IDEXX, Mars, and Zoetis. The strategic initiatives of these companies ought to continue encouraging the growth of the local market. To improve its Vetscan Imagyst platform, Zoetis launched AI blood smear testing for cats and dogs in April 2022.

On the other hand, the Asia Pacific region is expected to develop at the fastest rate of 12.0% CAGR between 2024 and 2030. Numerous emerging nations, especially those in Southeast Asian countries, whose markets have enormous unrealized potential, are located in this region. Veterinary diagnostic companies expect to gain market share as attention turns to animal wellness and economic development. The need for thorough diagnostics is being driven by the growing tendency of treating dogs as family members as urban environments and lifestyles change.

Veterinary diagnostics Market Report is also available for below Regions and Country Please Ask for that

North America

• U.S.
• Canada

Europe

• Switzerland
• Belgium
• Germany
• France
• U.K.
• Italy
• Spain
• Sweden
• Netherland
• Turkey
• Rest of Europe

Asia-Pacific

• India
• Australia
• Philippines
• Singapore
• South Korea
• Japan
• China
• Malaysia
• Thailand
• Indonesia
• Rest Of APAC

Latin America

• Mexico
• Argentina
• Peru
• Colombia
• Brazil
• Rest of South America

Middle East and Africa

• Saudi Arabia
• UAE
• Egypt
• South Africa
• Rest Of MEA

Points Covered in the Report:

The points that are discussed within the report are the major market players that are involved in the market such as market players, raw material suppliers, equipment suppliers, end users, traders, distributors and etc.

The complete profile of the companies is mentioned. And the capacity, production, price, revenue, cost, gross, gross margin, sales volume, sales revenue, consumption, growth rate, import, export, supply, future strategies, and the technological developments that they are making are also included within the report. This report analysed 5 years data history and forecast.

The growth factors of the market are discussed in detail wherein the different end users of the market are explained in detail.

Data and information by market player, by region, by type, by application and etc., and custom research can be added according to specific requirements.

The report contains the SWOT analysis of the market. Finally, the report contains the conclusion part where the opinions of the industrial experts are included.

Key Questions:

• How much the global Veterinary diagnostics Market valued?
• Which region has the largest share in 2022 for the global Veterinary diagnostics Market?
• What are the driving factors for the market?
• Which is the leading segment in the global market?
• What are the major players in the market?

Research Scope of Veterinary diagnostics Market:

• Historic year: 2019- 2022
• Base year: 2023
• Forecast: 2024 to 2031
• Representation of Market revenue in USD Million

Veterinary diagnostics Market Trends: Market key trends which include Increased Competition and Continuous Innovations Trends: