Veterinary Point-of-Care Diagnostics Market Size, Trends [2031]

Report Description

Veterinary Point-of-Care Diagnostics Market Outlook 2031

The global veterinary point-of-care diagnostics market size was USD 1.7 billion in 2022 and is likely to reach USD 4.35 billion by 2031, expanding at a CAGR of 11% during 2023–2031. The market growth is attributed to the technological advancements in pet healthcare and ownership procedures.

The increasing demand for point-of-care treatments and diagnostics, due to high customer expenditure on pet care, is expected to drive the market in the coming years. Additionally, an increasing number of technological advancements and investments in research & development by the key market players is boosting the market during the forecast period. For instance,

• On June 13, 2023, Mars, Incorporated acquired Heska Corporation, aiming to broaden access to diagnostics and technology for expanding R&D activities. The acquisition further aims to provide pet care solutions across the globe.

Get Free Sample Report

The market report states that the COVID-19 pandemic slightly affected the global veterinary point-of-care diagnostics market. This was a result of the slowdown in logistic operations, due to the lockdowns imposed by different national governments to curb the virus spread. Moreover, the lack of diagnostic equipment availability hampered the market during the pandemic.

Impact of Artificial Intelligence on Veterinary Point-of-Care Diagnostics Market

Integration of artificial intelligence (AI) technology into veterinary medicine and diagnostics is gaining significant popularity among the major market players. This emerging technology, along with the assistance of machine learning techniques, enables computer programs to analyze huge image datasets and perform relevant tasks required in veterinary diagnostics. Additionally, the surging number of product launches among the market leaders is propelling the overall market. For instance,

• On September 9, 2020, Zoetis Services LLC announced the launch of Vetscan Imagyst, which is a diagnostic platform with a combination of cloud-based AI, image recognition technology, and algorithms. The diagnostic tool allows veterinarians to view images, identify parasites, and obtain results in around nine minutes. Such developments are anticipated to drive the market.

Veterinary Point-of-Care Diagnostics Market Dynamics

Get Free Sample Report

Major Drivers

Rising animal adoption rate for companionship is expected to drive the global market, as people need pet healthcare services to maintain the health of their pet animals. This further boosts the market, as people choose point-of-care diagnostic solutions for surgeries and other diagnoses. For instance,

• As per a report by American Pet Products Association, Inc.’s National Pet Owners Survey 2021-2022, the total annual surgical veterinary expenditure of a participant in the US on cats was around USD 201, and that of dogs was about USD 458.

Increasing demand for safe and high-quality diagnostic services and pet insurance, along with improvised medication and after-care, is fueling the market. Furthermore, the rising pet and overall animal population is anticipated to help in the growth of the market.

Existing Restraints

High cost of diagnostic equipment, including imaging instruments, is expected to restrain the market during the projection period, as it affects the total set-up cost of the diagnostic care center. Moreover, the lack of experts skilled in different diagnostics and surgeries, and the risk of undertreatment of pets & animals are expected to hamper the market growth.

Emerging Opportunities

Governments of several developed nations are projected to invest in R&D for animal health studies and develop diagnostic solutions for complicated surgeries and illnesses in animals. This is anticipated to generate lucrative market growth opportunities.

Additionally, the leading market players are focusing on product launches, which helps in business expansion and create opportunities for the global market. Furthermore, this helps the leading market players to enter untapped emerging countries, which further helps in the market expansion.

Scope of Veterinary Point-of-Care Diagnostics Market Report

The report includes an assessment of trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Veterinary Point-of-Care Diagnostics Market Segment Insights

Product Segment Analysis

Based on product, the veterinary point-of-care diagnostics market is divided into consumables, instruments & devices, and others. The consumables segment is expected to expand at a major growth rate during the projection period, owing to the rising demand for rapid disease detection services.

Consumables also include reagents and kits, which help in detecting various zoonotic diseases. Thus, the benefits of using consumables, kits, and reagents are anticipated to boost the segment in the coming years.

The instruments & devices segment is anticipated to account for a significant market share during the forecast period, due to the rising number of innovations in different devices and instruments used for animal disease diagnosis and treatments.

Moreover, many devices such as immunodiagnostic kits and clinical chemistry help in different disease diagnoses. Moreover, increasing demand for detecting the health profiles of various animals is further fueling the segment.

Get Free Sample Report

Animal Type Segment Analysis

On the basis of animal type, the global market is bifurcated into companion animals and livestock animals. The companion animals segment is projected to expand at a considerable CAGR during the forecast period, due to high animal adoption rate during the pandemic. Several animal shelters, private breeders, and non-profit rescues reported a large number of animals being adopted for human companionship.

Additionally, different point-of-care diagnostic materials such as urinalysis strips, pregnancy kits, and blood glucose monitors are increasingly being adopted by pet parents across the world, which, in turn, is expected to boost the market.

The livestock animals segment accounts for a significant market share, as livestock is a major source of income for majority of people around the world. Livestock monitoring increases productivity and profit, hence, many livestock owners opt for P-o-C diagnostic solutions for maintaining animal health, which drives the segment. Cattle, poultry, and swine are the most common type of livestock animals. People depend on zoonotic disease diagnosis for maintaining the health of livestock. This factor boosts the segment.

Sample Segment Analysis

Based on sample, the market is divided into blood, plasma, & serum, fecal, urine, and others. The blood segment is expected to expand at a major growth rate during the assessment period, as blood tests are a vital part of the overall wellness administration process, as they provide apparent and accurate test results. Furthermore, this ensures timely diagnosis and reduces financial stress on pet and livestock owners, which is expected to drive the segment.

The urine segment is anticipated to account for a significant market share during the projection period, as urinalysis is an effective, less expensive, and easy-to-conduct procedure. It is a crucial initial diagnostic process that allows for analysis of the occurrence and severity of urinary tract diseases. Additionally, urinalysis helps in preventing kidney dysfunction in animals, thus, it is considered as an important sample testing method. This is further likely to boost the market.

Testing Type Segment Analysis

On the basis of testing type, the veterinary point-of-care diagnostics market is segmented into hematology, parasitology, diagnostic imaging, virology, clinical chemistry, cytology, serology, and others.

The parasitology segment is expected to expand at a robust growth rate during the projection period, as it is a testing type used for both external and internal parasite testing, which is one of the common problems in animals. Parasite testing is one of the most effective testing types, as it provides instant diagnosis results. This factor boosts the segment.

The hematology segment is expected to hold a significant share of the market, as it includes critical testing that involves platelets, red blood cells, and white blood cells. These tests help in analyzing the condition of animals whether they are anemic or have any other chronic diseases. This helps in the major well-being of animals; thus, hematology diagnostics register huge demand among companion and livestock owners. This is expected to propel the segment during the forecast period.

End-user Segment Analysis

Based on end-user, the market is divided into veterinary hospitals & clinics, home care, and others. The veterinary hospitals & clinics segment is expected to expand at a major growth rate during the projection period, due to the rising number of people who prefer to make a veterinary visit for small or large animals. This ensures that animals are diagnosed with high accuracy and are healthy.

This factor fuels the segment, as hospitals and clinics have a high availability of skilled veterinary professionals. Additionally, increasing government and private investments in the development of veterinary hospitals & clinics is propelling the segment.

The home care segment is anticipated to account for a significant market share during the forecast period, owing to ist comfort and convenience for the animals and pet & livestock owners. User-friendly and technologically developed diagnostic solutions, including in-house analyzers, offer instant diagnostic outcomes; thus, such benefits are likely to drive the segment during the projection period.

Get Free Sample Report

Regional Outlook

In terms of region, the global veterinary point-of-care diagnostics market is classified as Asia Pacific, North America, Latin America, Europe, and the Middle East & Africa. North America is expected to dominate the market during the forecast period, as the region has numerous animal healthcare companies. Countries, including the US and Canada, have high scope for advanced healthcare infrastructure development, which helps in the regional market growth.

The market in Asia Pacific is anticipated to expand at a rapid pace during the forecast period, due to the development of accurate diagnostic methods with innovative technology. Product launches by key market players, with advanced software and application-based platforms, are projected to drive the regional market.

Furthermore, the high demand for advanced R&D for animal well-being along with a large number of collaborations is expected to create revenue generation opportunities for the major market players, which, in turn, fuels the market in the region.

Get Free Sample Report