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The veterinary point-of-care (POC) diagnostic market is driven by the increasing trend of pet ownership and the growing humanization of pets. As more people consider pets as integral members of their families, there is a higher demand for accessible and rapid diagnostic solutions for animal healthcare.
Major factor driving the veterinary point of care diagnostic market is high prevalence of different animal diseases such as infectious diseases, allergic conditions, cancer and others. In the cases of companion animals and livestock, timely treatment and management of diseases require timely accurate diagnosis aimed at containing the spread of infections.
It is continuous technological evolution in the area of veterinary diagnostics which steers the market. Innovations occurring in POC diagnostic devices, such as higher accuracy, mobility, and user-friendliness enable veterinarians to diagnose and treat animal problems with more capability.
There is increased focus on preventive trends in veterinary practice thus leading to increased demand for instruments that can detect early stages of diseases. Preventive healthcare services are facilitated by vet POC diagnostics since the vet can detect and manage health problems early before they blow out of proportion.
The veterinary POC diagnostic market is indirectly affected by increasing public knowledge of the zoonotic diseases. The importance of diagnosing and managing diseases of animals is not only limited to animal health but rather goes beyond in protecting human beings from suffering together with zoonotic infections.
Veterinarian goods and services leadto the increase in the veterinary POC diagnostic market especially in the emerging economies. Rise in veterinary care availability in these geographies gives a thrust to the implementation of point- of care diagnostic products.
The use of remote monitoring as well as telemedicine in veterinary care impacts the market for the POC diagnostic. Mobile and connected diagnostic devices allow remote animal observations whereby the information acquired can be used by a veterinarian in decision making away from the site.
The economic factors as veterinary care affordability affect the implementation of POC diagnostic solutions. As a result, manufacturers have much motivation to produce affordable instruments for service providers at different physiotherapy levels as well as to enhance the potential market shaping.
Accessibility and reach of pet insurance directly affect the vet POC diagnostic market. People who have insurance pertaining to the ownership of their pets would be more willing to avail diagnostic tests for their animals and contribute to the market consumption of POC diagnostic devices.
The One Health approach, recognizing the interconnectedness of human, animal, and environmental health, influences the veterinary POC diagnostic market. As awareness of the importance of veterinary diagnostics in the broader context of public health grows, the demand for POC solutions increases.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | Â Â 9.70% |
Veterinary POC Diagnostic Market Highlights:
Veterinary POC Diagnostic Market Overview
Veterinary POC Diagnostic Market Size was valued at USD 3.20 Billion in 2023. The Veterinary POC Diagnostic industry is projected to grow from USD 3.47 Billion in 2024 to USD 6.87 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 8.90% during the forecast period (2024 - 2032). Various healthcare systems such as the Point of Care Systems have helped to improve veterinary diagnosis across the world.
Several advancements to enhance animal care with technology and medical care will be impactful. The growing adoption of pets and demand for effective solutions to maintain their health will drive the market. Therefore, the market is depicted to observe a significant growth as the veterinary POC helps in detecting any pandemic diseases occurring in animals.
COVID-19 Analysis
In the initial phase of COVID-19 disease, there were no tests for detecting this disease among patients. However, various alternative tests were conducted but they were not effective enough. But the increase in COVID-19 disease led to an increase in various opportunities to develop the diagnostic kits. As a result, various kits were developed on the global as well as the local market. This factor pimp the presence of various new start-ups and provided new opportunities for Veterinary POC Diagnostic Market Growth.
In December 2022, EKF Diagnostics, a worldwide business that specializes in in vitro diagnostics, introduces a new iteration of its Lactate Scout analyzer, specifically tailored for veterinary applications. The Lactate Scout Vet utilizes the same established technology that was originally created to offer accurate and user-friendly handheld lactate testing for professional sports coaches and athletes.
Veterinary POC Diagnostic Market Trends
Market Drivers
The increasing number of pet adoption from across the world is one of the crucial drivers of the Veterinary POC Diagnostic Market. Along with that, the rising number of veterinary doctors and increasing income among people of developed counties will be favorable for the market. Also, the increasing zoonotic disease of animals and transmission o humans are increasing the demand for better diagnosis.
Restraints
Mainly the high costs of the imagery instruments of the veterinary section can be restraint the market growth.
Opportunities
However, the increasing expenditure for animal health and pet insurance will further drive the market in the studied forecast period.
Challenges
The increasing costs required for pet care can be challenging for the Veterinary POC Diagnostic Market.
Cumulative Analysis
Significant drivers such as increasing pet adoption and technological advancement in the veterinary sector are promoting market growth. It is anticipated that the Americas will hold the largest share in the market in the upcoming years.
Value Chain Analysis
The rising technological advancements, investments by key players are the significant factors for market growth. As a result, these factors will further improve the Veterinary POC Diagnostic Market Trends. Also, with the development and growing awareness across the world, the value chain will further improve in the upcoming years.
Veterinary POC Diagnostic Market Segment Insights
The Veterinary POC Diagnostic Market is segmented into product, instruments, technology, application, animal types, and end-user. Based on instruments, the market is segmented into Imaging systems. However, the imaging system is again segmented into Digital Equipment, Radiography Systems, Analysers, and Veterinary Picture Archiving and Communication Systems.
Veterinary POC Diagnostic Animal Type Insights
Veterinary POC Diagnostic Market is segmented into Companion Animals and Livestock Animal. The companion animal segment is divided into horses, cats, and dogs. Furthermore, livestock animals segments are bifurcated into Poultry, Swine, and Cattle. The poultry sub-segment is anticipated to grow at 9% CAGR in the upcoming years.
Veterinary POC Diagnostic Animal Product Insights
Veterinary POC Diagnostic Market is segmented into consumables. This segment held the largest Veterinary POC Diagnostic Market Share. However, it is further bifurcated into Imaging System Reagents, and Reagents and Kits.
Veterinary POC Diagnostic Animal Technology Insights
Veterinary POC Diagnostic Market is segmented into Molecular Diagnostics, Urinalysis, Haematology, Immunodiagnostics, and Clinical Biochemistry.
Veterinary POC Diagnostic Application Insights
Market is divided into Neurology, Oncology, Gynaecology, Cardiology, Virology, Parasitology, Traumatology and Orthopaedics, Bacteriology, Clinical Pathology, and Neurology.
Veterinary POC Diagnostic end-user Insights
The market is divided into Home Care Settings and Veterinary Clinics and Hospitals. According to the Veterinary POC Diagnostic Market Analysis, the veterinary clinics and hospitals held the largest share due to the increasing number of patients.
Regional Analysis
The Veterinary POC Diagnostic Market Size based on region is divided into Asia-Pacific, Africa, and the Middle East, Americas, and Europe. It is expected that the Americas will dominate the market in the upcoming years. In 2019, this region comprised revenue of 1.7 billion due to increasing pet adoption and health expenditure of animals.
Europe is anticipated to largest the second-largest Veterinary POC Diagnostic Market Share. This region is anticipated to grow at 7.9% in the studied forecast period. Therefore, the increasing emphasis on biological and vaccine developments will boost the market.
Furthermore, it is evaluated that the Asia-Pacific region will register the fastest growth. Drivers such as the increasing number of healthcare facilities in developing countries such as India and China will propel the market growth. Also, the investments by the key players for the development and research of new products will be positive for the market growth.
Africa and the Middle East region have experienced a significant rise in the past several years. The sudden increase in technological development in the healthcare sector is expected to fuel the Veterinary POC Diagnostic Market Growth in the future years.
Competitive Landscape
Various key players are enhancing the growth of the Veterinary POC Diagnostic Market. They do acquisitions, collaborations, mergers, partnerships to improve their business withhold across the world. The key players in the market are as follows.
- Zoetis, Inc. (US)
- Randox Laboratories Ltd. (UK)
- Heska Corporation (US)
- Anipoc Ltd. (UK)
- Fujifilm Sonosite Inc. (Japan)
- GE Healthcare (YS)
- Examion GmbH (Germany)
- Esoate spa (Italy)
- Neurologica Corporation
- Woodley Equipment Company Ltd. (UK)
- Carestream Health Inc (US)
- Mindray Medical International Limited (China)
- Minxray Inc. (US)
- Thermo Fisher Scientific Inc (US)
- Virbac (France)
- Sedecal (Spain)
- s.r.l. (Italy)
Recent Developments
- IDEXX Laboratories in 2019 announced the launch of the canine Progesterone Test for the Catalyst One Chemistry and Catalyst Dx Analysers.
- Fujifilm Sonosite in 2019 announced the partnership with a company called Partners Healthcare.
- Zoetis Inc. in 2019 announced the launch of a new product called Stablelab which is a POC blood test for the equine.
Report Overview
The report overview of Veterinary POC Diagnostic Market Forecast is as follows.
- Market Overview
- COVID-19 Analysis
- Dynamics of the Market
- Value Chain Analysis
- Market Segmentation
- Regional Analysis
- Competitive Analysis
- Recent Development
Report Score
The report score is to provide valuable information about Veterinary POC Diagnostic Market Outlook. It highlights information about drivers, key players, opportunities, developments, etc. Furthermore, the information provided in this report is collected from secondary as well as primary sources.
Veterinary POC Diagnostic Market Segmentation
Veterinary POC Diagnostic Product Outlook
- Consumables
- Imaging System Reagents
- Reagents and Kits
Veterinary POC Diagnostic Instruments Outlook
- Imaging System
- Digital Equipment
- Radiography Systems
- Analyzers
- Veterinary Picture Archiving and Communication System
Veterinary POC Diagnostic Technology Outlook
- Molecular Diagnostics
- Urinalysis
- Hematology
- Immunodiagnostics
- Clinical Biochemistry
Veterinary POC Diagnostic Application Outlook
- Neurology
- Oncology
- Gynecology
- Cardiology
- Virology
- Parasitology
- Traumatology and Orthopaedics
- Bacteriology
- Clinical Pathology
- Neurology
Veterinary POC Diagnostic Animal types Outlook
- Companion Animals
- Cat
- Dog
- Horses
- Livestock Animal
- Poultry
- Swine
- Cattle
Veterinary POC Diagnostic End-User Outlook
- Home Care Settings
- Veterinary clinics and Hospitals
Veterinary POC Diagnostic Regional Outlook
- Europe
- Americas
- Asia-Pacific
- Africa and the Middle East
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