Veterinary Diagnostics Market Growth, Size, Share, Trends, and Forecast 2032

Global Veterinary Diagnostics Market: Insights

According to the report published by Zion Market Research, the global Veterinary Diagnostics Market size was valued at USD 7.58 Billion in 2023 and is predicted to reach USD 18.61 Billion by the end of 2032. The market is expected to grow with a CAGR of 10.50% during the forecast period. The report analyzes the global Veterinary Diagnostics Market’s growth drivers, restraints, and impact on demand during the forecast period. It will also help navigate and explore the arising opportunities in the Veterinary Diagnostics Market industry.

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Global Veterinary Diagnostics Market: Overview

Veterinary diagnostics refers to the tests that assist in recognizing and determining several diseases in animals. These tests are carried out through numerous methods that use their feces, blood, and tissue samples. The new technologies and methods that have been designed for human diagnostics are also used widely in veterinary diagnostics.

Global Veterinary Diagnostics Market: Growth Factors

The key factors contributing to the growth of the market for veterinary diagnostics include the growing alertness about zoonotic diseases, growing demand for pet insurance, growing pet adoption, growing digit of veterinary practitioners and their increasing income levels, rising order for animal-derived food products, and increasing animal healthcare spending.

Key Insights

• As per the analysis shared by our research analyst, the global Veterinary Diagnostics Market is estimated to grow annually at a CAGR of around 10.50% over the forecast period (2024-2032).
• In terms of revenue, the global Veterinary Diagnostics Market size was valued at around USD 7.58 Billion in 2023 and is projected to reach USD 18.61 Billion by 2032.
• Based on the animal type,the companion animals (e.g., dogs, cats, horses) dominate the market, holding a significant share due to increased pet adoption and heightened spending on pet healthcare. For instance, in 2023, companion animals accounted for over 60% of the total market. 
• Based on the product, the Reagents & Consumables hold a substantial market share, attributed to the frequent need for diagnostic tests and services globally. This segment's growth is fueled by the rising prevalence of animal diseases and the continuous development of advanced diagnostic kits.
• Based on the end-user, the Veterinary Reference Laboratories lead the market due to their high standards in diagnostic practices and data reliability. The establishment of advanced reference laboratories by key players further propels this segment's dominance.
• Based on the technology, the Molecular Diagnostics commands a significant portion of the market, accounting for 34.3% of the technology segment. Its prominence is due to the high sensitivity and specificity in detecting diseases at early stages.
• Based on the region, the North America holds the largest market share, driven by advanced veterinary healthcare infrastructure, high pet ownership rates, and substantial expenditure on animal health.

Veterinary Diagnostics Market: Dynamics

Key Growth Drivers

The veterinary diagnostics market is experiencing significant growth, driven by the increasing pet adoption rates and rising awareness about animal health. The growing prevalence of zoonotic diseases and the need for early diagnosis to prevent disease transmission are further propelling market expansion. Advances in diagnostic technologies, including molecular diagnostics, imaging systems, and rapid testing kits, enhance the accuracy and efficiency of veterinary diagnostics. Additionally, increased spending on pet healthcare, supported by pet insurance coverage, encourages regular veterinary check-ups and diagnostic procedures. The expanding livestock population and the need for disease management in farm animals also contribute to the demand for veterinary diagnostic solutions.

Restraints

Despite the positive market growth, certain factors act as restraints. The high cost of advanced veterinary diagnostic tools and services can limit their accessibility, especially in developing regions. A lack of skilled veterinary professionals to operate sophisticated diagnostic equipment poses another challenge. Furthermore, the regulatory landscape for veterinary diagnostics can be stringent, with lengthy approval processes delaying the launch of new products. In rural and underserved areas, limited access to veterinary healthcare facilities further restricts the adoption of diagnostic services. Additionally, the economic burden on livestock owners in low-income regions can impede the demand for regular diagnostic testing.

Opportunities

Significant opportunities exist within the veterinary diagnostics market, particularly with the growing focus on preventive healthcare for animals. The development of point-of-care diagnostic devices enables quick and accurate results, facilitating timely treatment and improved animal health outcomes. Technological advancements, including the integration of artificial intelligence (AI) and telemedicine in veterinary diagnostics, also create new growth prospects. Emerging markets in Asia-Pacific, Latin America, and Africa, where livestock farming is a critical economic activity, present lucrative opportunities for market expansion. Moreover, increased research and development efforts to create affordable and portable diagnostic solutions are further expected to boost market growth.

Challenges

The veterinary diagnostics market faces several challenges, including the lack of standardization in diagnostic procedures and testing methods across different regions. Variability in disease prevalence and the need for region-specific diagnostic solutions add to the complexity for manufacturers. Additionally, ensuring the accuracy and reliability of diagnostic test results remains a major challenge, particularly in remote settings with limited resources. Competition among market players is intense, requiring constant innovation and competitive pricing strategies. Furthermore, maintaining a balance between regulatory compliance and rapid product development can be challenging for companies operating in this market.

Veterinary Diagnostics Market: Report Scope

Global Veterinary Diagnostics Market: Segmentation

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The global veterinary diagnostics market can be segmented on the basis of animal type, product, end-user, technology, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

The animal type segment of the market is divided into companion animals and food-producing animals.

• The companion animals segment of the market is classified into cats, dogs, horses, and other companion animals.
• The food-producing animals segment of the market is categorized into poultry, cattle, sheep & goat, pigs, and other food-producing animals.

The product segment of the veterinary diagnostics market is diversified into instruments, consumables, and services.

The end-user segment of the market is sub-segmented into veterinary hospitals & clinics, research institutions, reference laboratories, and point-of-care testing/in-house testing.

The technology segment of the veterinary diagnostics market is grouped into clinical chemistry, blood gas-electrolyte analysis, hematology, diagnostic imaging, glucose monitoring, immunodiagnostic, and molecular diagnostics.

• The blood gas-electrolyte analysis segment of the market is divided into cartridges and blood gas electrolyte analyzer.
• The hematology segment of the veterinary market is sub-segmented into hematology cartridges and hematology analyzers.
• The diagnostic imaging segment of the market is diversified into ultrasound imaging systems, CT scanners, radiography systems, MRI scanners, and others.
• The glucose monitoring segment of the market is classified into blood glucose strips, glucose meters, and urine glucose strips.
• The immunodiagnostics segment of the market is grouped into ELISA tests, lateral flow rapid tests, immunoassay analyzers, lateral flow rapid tests, allergen-specific immunodiagnostic tests, and others.

The regional segment includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa.

Global Veterinary Diagnostics Market: Regional Analysis

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The veterinary diagnostics market is experiencing significant growth across various regions, driven by factors such as increasing pet ownership, advancements in diagnostic technologies, and a heightened focus on animal health. Here's a regional breakdown:

North America

North America leads the veterinary diagnostics market, accounting for a substantial revenue share. This dominance is attributed to a well-established veterinary healthcare infrastructure, widespread adoption of advanced technologies, and a high rate of pet ownership. The United States, in particular, has seen notable developments; for instance, IDEXX Laboratories reported a 6% growth in its Companion Animal Group diagnostics segment, reflecting increased demand for veterinary testing products.

Europe

Europe represents a significant portion of the veterinary diagnostics market, driven by stringent animal health regulations, a growing number of veterinary clinics, and increased awareness about animal welfare. Countries like Germany and the UK are at the forefront, with rising pet ownership and proactive government initiatives supporting market expansion. For example, Germany has reported outbreaks of various diseases, such as African Swine Fever and Avian Influenza, underscoring the need for advanced diagnostic solutions.

Asia-Pacific

The Asia-Pacific region is experiencing rapid growth in the veterinary diagnostics market, fueled by increasing livestock production, rising disposable incomes, and growing awareness of animal health. China and India, with their large cattle populations, are significant contributors. Government initiatives, such as India's development of diagnostic kits under the "Make in India" initiative, are further propelling market growth. ​

Latin America

Latin America is witnessing notable growth in the veterinary diagnostics market, driven by expanding livestock industries and increased investments in animal healthcare infrastructure. Brazil, for instance, has seen a rise in pet ownership and advancements in diagnostic technologies, contributing to market expansion.

Middle East & Africa

The Middle East and Africa are emerging markets for veterinary diagnostics, with growth spurred by increasing pet adoption and a focus on improving animal health. Countries like Saudi Arabia are investing in expanding poultry production, necessitating advanced diagnostic tools to ensure animal health and productivity.

Global Veterinary Diagnostics Market: Competitive Players

The major players in the market for veterinary diagnostics include:

• ABAXIS, Inc.
• Thermo fisher Scientific, Inc.
• Heska Corporation
• VCA, Inc.
• Neogen Corporation
• Zoetis, Inc.
• ID.Vet.

The other prominent players in the market are:

• IDEXX Laboratories
• Mindray Medical Internationals Ltd.
• Virbac
• GE Healthcare
• Agfa Healthcare.

The Global Veterinary Diagnostics Market is segmented as follows:

By Animal Type 

• Companion Animals 
• Food-producing Animals 

By Product 

• Instruments 
• Consumables
• Services 

By End-user 

• Veterinary Hospitals & Clinics 
• Research Institutions
• Reference Laboratories 
• Point-of-care Testing/in-house Testing 

By Technology 

• Clinical Chemistry 
• Blood Gas-electrolyte Analysis 
• Hematology 
• Diagnostic Imaging 
• Glucose Monitoring
• Immunodiagnostic 
• Molecular Diagnostics 

Global Veterinary Diagnostics Market: Regional Segment Analysis

• North America
  • U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa

What Report Provides

• Full in-depth analysis of the parent market
• Important changes in market dynamics
• Segmentation details of the market
• Former, on-going, and projected market analysis in terms of volume and value
• Assessment of niche industry developments
• Market share analysis
• Key strategies of major players
• Emerging segments and regional markets
• Testimonials to companies in order to fortify their foothold in the market.