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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Veterinary Diagnostics Market Outlook
The global veterinary diagnostics market stood at a value of USD 3.39 billion in 2023 and is projected to reach USD 7.21 billion by 2032 at a CAGR of 8.7% over the forecast period of 2024-2032.
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Veterinary diagnostics are tests that assist in identifying and detecting different animal-related illnesses. Diagnostic testing is done by taking the animals' blood, faeces, and tissue samples. Increased pet ownership with improved urban lifestyle and numerous shifts from cities to metropolitan locations are driving the veterinary diagnostics industry further.
Market Segmentation
Veterinary diagnostics refers to a process of diagnosing diseases which affects the health of domestic and wild animals, further preventing the transmission of animal diseases to people. The veterinary diagnostics market can be divided on the basis of segments like technology, product, and animal type.
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The veterinary diagnostics market can be broadly categorised on the basis of its technology into:
- Immunodiagnostics
- Clinical Biochemistry
- Molecular Diagnostics
- Hematology
- Urinalysis
- Others
The industry can be divided on the basis of product types into instruments and consumables. The veterinary diagnostics market can be categorised based on animal types into companion animals and livestock animals. While companion animals can be further sub-divided into dogs, cats, horses, and others, livestock animals can be further segmented into cattle, pigs, poultry, and others.
The EMR report looks into the regional veterinary diagnostics markets like North America, Latin America, Europe, the Middle East and Africa, and the Asia Pacific.
Market Analysis
The growing prevalence of animal zoonotic diseases and the growth in animal population, along with the increased pet ownership, rising demand for animal-based food products, rise in the number of veterinary practitioners, growing income levels, rising demand for pet insurance, and growing animal health expenditure are the major factors, that are accelerating the growth of the industry. Increasing pet care cost is a drawback that may affect industry growth in the coming years.
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Competitive Landscape
The report presents a detailed analysis of the following key players in the global veterinary diagnostics market, looking into their capacity, competitive landscape, and latest developments like capacity expansions, plant turnarounds, and mergers and acquisitions:
- Randox Laboratories, Ltd.
- Idvet
- Biomérieux SA
- Virbac
- Heska Corporation
- Neogen Corporation
- Thermo Fisher Scientific
- Qiagen
- Zoetis, Inc. (NYSE: ZTS)
- Abaxis, Inc.
- Idexx Laboratories
- Others
The EMR report gives an in-depth insight into the industry by providing a SWOT analysis as well as an analysis of Porter’s five forces.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Technology |
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| Breakup by Product |
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| Breakup by Animal Type |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
The global veterinary diagnostics market reached a value of USD 3.39 billion in 2023.
The veterinary diagnostics market is likely to grow at a CAGR of 8.7% during the forecast period of 2024-2032.
The major drivers of the market include the increasing prevalence of animal zoonotic diseases and animal population growth, increased demand for animal-based food goods, increased rates of employment, increased demand for pet insurance, and increased spending on animal welfare.
The increase in the number of veterinary practitioners and increased pet ownership are the key trends driving the market growth.
The major regions in the market are North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
The major technology segments in the market are immunodiagnostics, clinical biochemistry, molecular diagnostics, hematology, and urinalysis, among others.
The various products in the market are instruments and consumables.
The animal types in the market include companion animals and livestock animals. While companion animals can be further sub-divided into dogs, cats, and horses, among others, livestock animals can be further segmented into cattle, pigs and poultry, among others.
The key players in the market are Randox Laboratories, Ltd., Idvet, Biomérieux SA, Virbac, Heska Corporation, Neogen Corporation, Thermo Fisher Scientific, Qiagen, Zoetis, Inc., Abaxis, Inc., and Idexx Laboratories, among others.
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