Global Veterinary Point of Care Diagnostics Market Insights Forecasts to 2032
- The Global Veterinary Point of Care Diagnostics Market Size was valued at USD 1.74 Billion in 2022.
- The market is growing at a CAGR of 9.37% from 2022 to 2032.
- The worldwide Veterinary Point of Care Diagnostics Market size is expected to reach USD 4.26 Billion by 2032.
- Asia Pacific is expected to grow the fastest during the forecast period.
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The Global Veterinary Point of Care Diagnostics Market Size is expected to reach USD 4.26 billion by 2032, at a CAGR of 9.37% during the forecast period 2022 to 2032.
Veterinary point of care Diagnostics refers to the use of tests for diagnosis and technologies that may be performed swiftly and conveniently at the point of treatment, such as in veterinary clinics, field settings, or on-site at farms or shelters for animals. These tests are intended to offer rapid and reliable findings to help in the diagnosis, monitoring, and treatment of animals. Veterinary point-of-care diagnostics refers to a wide range of tests and technologies that may be used to diagnose and assess various illnesses and diseases in animals. Increased pet-related expenditures, growth in pet ownership, technological improvements, and a strong demand for point-of-care diagnostics are driving the market. For example, Companies are spending in R&D to produce point-of-care diagnostic equipment.
This research report categorizes the global veterinary point of care diagnostics market based on various segments and regions and forecasts revenue growth and analyses trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global veterinary point of care diagnostics market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global veterinary point of care diagnostics market. Technological innovation and advancement will further optimize the performance of the product, enabling it to acquire a wider range of applications in the downstream market.
Global Veterinary Point of Care Diagnostics Market Report Coverage
|Market Size in 2022:||USD 1.74 Billion|
|Forecast Period 2022-2032 CAGR:||9.37%|
|2032 Value Projection:||USD 4.26 Billion|
|Historical Data for:||2019-2021|
|No. of Pages:||200|
|Tables, Charts & Figures:||130|
|Segments covered:||By Product, By Test Type, By Sample, By End-user, By Region, and COVID-19 Impact Analysis|
|Companies Covered:||IDEXX Laboratories, Zoetis, Virbac, Heska Corporation, Thermo Fisher Scientific Inc., Neogen Corporation, Mindray, Esaote SpA, FUJIFILM Corporation, Woodley Equipment Company Ltd And Other Key Venders|
|Pitfalls & Challenges:||COVID-19 has the potential to impact the global market|
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The increased usage of fast diagnostic technologies by veterinary practitioners is expected to accelerate the rise of veterinary point-of-care diagnostics. Furthermore, rising concern about the health of pets and animals is expected to propel the market for veterinary point-of-care diagnostics. Certain benefits of veterinary point-of-care diagnostics, such as cost-effectiveness, the flexibility of quantitative and qualitative technologies, ease of use, and quickness, among others, are expected to fuel the expansion of the worldwide veterinary point-of-care diagnostics market. Relaxed regulatory regulations are also projected to drive the expansion of the worldwide veterinary point-of-care diagnostics market.
Factors such as low sensitivity of the results, which leads to false positive or false negative results, are expected to limit the acceptance of point-of-care diagnostic devices among healthcare practitioners. The possibility of animal undertreatment, as well as a shortage of educated experts to analyze the clinical data obtained, are concerns limiting the global adoption of veterinary point-of-care devices.
- In 2022, the consumables segment is dominating the largest market share over the forecast period.
On the basis of product, the global veterinary point of care diagnostics market is bifurcated into different segments such as consumables and instruments. Among these segments, the consumables segment is expected to have significant development potential during the forecast period Because of the subscription-based (POC lab) or recurring payments sales strategy for reagents and consumables, as well as substantial product availability and other initiatives adopted by leading market competitors. Almost 90% of Heska Corporation's point-of-care consumables, for example, are on long-term subscriptions.
- In 2022, the clinical biochemistry segment is influencing the market with the largest market share during the forecast period.
On the basis of test type, the global veterinary point of care diagnostics market is segmented into various types such as clinical biochemistry, immunodiagnostics, molecular diagnostics, haematology, urinalysis, and other test types. Among these segments, the clinical biochemistry segment is dominating the market with the largest revenue share during the forecast period. Clinical biochemistry examines blood plasma (or serum) for a variety of substances such as substrates, enzymes, hormones, and others to diagnose and track illness progression. The tool generates results in less than 9 minutes, allowing veterinarians to discuss them with pet parents and suggest treatment alternatives during the initial consultation. In the end, this eliminates the need for a second appointment. As a result, the availability of such a product will supplement market statistics.
- In 2022, the blood segment is dominating the market with the largest market share over the forecast period.
Based on sample, the global veterinary point of care diagnostics market is classified into blood and urine. Among these segments, the blood segment is dominating the market with the largest revenue share during the forecast period due to increased initiatives by government and commercial institutions about infectious and associated illness awareness programs would boost segmental demand. According to Kirkwood Animal Hospital, periodic blood tests are advised as an important element of a companion animal's overall wellness program throughout the United States. Blood tests are performed at the Hospital to identify or rule out probable congenital disorders in dogs, to find concerns that do not apparent during a physical examination, and to get pre-surgical or interventional information.
- In 2022, the veterinary hospitals & clinics segment is influencing the market with the largest market share during the forecast period.
Based on end users, the global veterinary point of care diagnostics market is divided into veterinary hospitals & clinics, diagnostic labs, home care settings, and other end-users. Among these segments, the clinical biochemistry segment is dominating the market with the largest revenue share during the forecast period due to a growth in the number of patients visiting these institutions for treatment and diagnosis, as well as increased demand for animal diagnostic tests in the detection of infectious illnesses in small and big animals. Furthermore, government funding for veterinary hospitals and clinics is one of the key reasons fueling the business.
Regional Segment Analysis of the Veterinary Point of Care Diagnostics Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and the Rest of South America)
- The Middle East and Africa (UAE, South Africa, Rest of MEA)
North America influenced the market with the largest market share over the forecast period
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North America is influencing significant market growth over the forecast period due to pet owners being more willing to pay for veterinarian health care services. Furthermore, increased awareness about the influence of livestock health on human health and the food chain in developed North American nations would boost the worldwide veterinary point-of-care diagnostics market in these regions.
Asia Pacific is expected to experience high revenue market growth during the forecast period owing to the developing veterinary healthcare infrastructure, the growing knowledge of diagnostic alternatives, the existence of local market participants, and the growing pet population. Furthermore, FUJIFILM Corporation, Neogen Corporation, Heska Corporation, Thermo Fisher Scientific, Inc., Zoetis, IDEXX Laboratories, Inc., and others have significantly contributed to revenue generation in the Asia-Pacific market.
The report offers the appropriate analysis of the key organizations/companies involved within the global veterinary point of care diagnostics market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.
List of Key Companies
- IDEXX Laboratories
- Heska Corporation
- Thermo Fisher Scientific Inc.
- Neogen Corporation
- Esaote SpA
- FUJIFILM Corporation
- Woodley Equipment Company Ltd
Key Target Audience
- Market Players
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Value-Added Resellers (VARs)
- In June 2022, IDEXX Provides New Testing Insights to Veterinarians to Support Earlier Diagnosis and Intervention for Preventive Care and Critical Cases.
- In June 2022, Zoetis Announces the Acquisition of Basepaws, an Innovative Leader in Petcare Genetics, to Expand its Portfolio of Precision Animal Health Solutions.
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the Global Veterinary Point of Care Diagnostics Market based on the below-mentioned segments:
Global Veterinary Point of Care Diagnostics Market, By Product
Global Veterinary Point of Care Diagnostics Market, By Test Type
- Clinical Biochemistry
- Molecular Diagnostics
- Other Test Type
Global Veterinary Point of Care Diagnostics Market, By Sample
Global Veterinary Point of Care Diagnostics Market, By End User
- Veterinary Hospitals & Clinics
- Diagnostic Labs
- Home Care Settings
- Other End-User
Veterinary Point of Care Diagnostics Market, By Regional Analysis
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- South America
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of the Middle East & Africa
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