Veterinary Infectious Disease Diagnostics Market is expected to grow at a 9.0% CAGR through 2032
[330 Pages Report] From US$ 1.5 billion in 2021 to US$ 3.8 billion in 2032, the veterinary infectious disease diagnostics market is predicted to grow at a 9.0% CAGR through 2032, finds an exclusive report by Future Market Insights.
As per veterinary infectious disease diagnostics market study, there is a rise in the number of pets, the rising incidence of zoonotic diseases, the growing adoption for animal-derived food products, the rising demands for pet insurance, the upsurge in animal health expenditure, and the surge in the number of veterinary practitioners and income levels in developed economies which are contributing to the veterinary infectious disease diagnostics market growth.
The overall veterinary infectious disease diagnostics market growth is projected to be hindered by rising pet care expenses. One of the critical challenges restricting veterinarians’ adoption of veterinary infectious disease diagnostics is a dearth of skilled veterinarians and diagnostic infrastructure, particularly in developing countries. Another key hindrance to broader adoption is the expensive cost of modern diagnostic tests.
The COVID-19 pandemic is predicted to have a temporary and moderate effect on the veterinary infectious disease diagnostics market during the forecast period.
On a global scale, there has been an increase in the overall companion animal population and adoption rate. As a result, demand for pet care products and services are predicted to rise as the pet population grows, supporting the growth of related sectors such as veterinary infectious disease diagnostics.
Although the pet insurance industry is growing, the number of animals covered for treatment remains low. As a result, the animal’s owner usually bears the majority of the cost of treatment. Along with the rising cost of pet insurance, the cost of veterinary diagnostic lab treatment is also rising at a rapid pace.
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The majority of veterinary clinics have basic veterinary laboratory testing capabilities.
Veterinary practitioners are under pressure to raise their fees due to the lower pay in this sector compared to other advanced-degree professions such as dentistry and law. In addition, high pet care expenses directly impact the number of visits pet owners make to veterinary lab facilities, limiting the veterinary infectious disease diagnostics market growth.
In the present COVID-19 pandemic, testing has shown that the virus travels more from animal diagnostics to the animal than from human to human or human to animal. Therefore, the demand for PCR panels for virus testing is projected to rise as more pet owners begin testing their animals for the absence of these diseases. This will unlock the veterinary infectious disease diagnostics opportunity for new molecular diagnostics panels to enter the vet lab market.
There is a significant imbalance between veterinary diagnostics demand and supply for veterinary specialists in developing economies such as Brazil, China, and Southeast Asia. The majority of veterinarians operate in private vet labs dedicated to companion animals around the world, resulting in a scarcity of resources for agricultural or food-producing animals.
According to end-users, reference laboratories are likely to dominate veterinary infectious disease diagnostics market growth. The veterinary diagnostics market is being bolstered by an increase in the number of samples for examination and an increase in in-house testing.
The Asia-Pacific area is set to grow lab for vets at a breakneck pace. Veterinary Infectious Disease Diagnostics manufacturers and important players will find attractive prospects in emerging economies like China, India, and South Korea. The region’s market is developing due to rising zoonotic disease occurrences and demand for infectious disease diagnostics.
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- The highest veterinary infectious disease diagnostics market is further expected to reach US$ 3.8 Bn by 2032.
- According to AVMA, there were around 26,000 veterinary hospitals & clinics in the U.S. in 2019, and more than 80% of them provided point-of-care testing.
- The consumables, reagents & kits product segment held the largest veterinary infectious disease diagnostics market share of more than 52% in 2021.
- The study finds that Asia-Pacific has the highest veterinary infectious disease diagnostics market growth, which is growing due to the contribution of the following emerging countries such as India, with a CAGR of 11.7%.
- The non-infectious diseases segment held the maximum veterinary infectious disease diagnostics market share of more than 27% of the global revenue in 2021.
- The pathology testing type segment dominated the veterinary infectious disease diagnostics market in 2021 with a share of more than 13% owing to its wide variety of service offerings, such as various lab tests, imaging, and specialized tests.
- The laboratories segment held the largest revenue share of more than 37% in 2021.
Competitive LandscapeThe veterinary infectious disease diagnostics market is competitive, with only a few leading competitors.
Due to their significant regional footprint in many locations, these critical veterinary infectious disease diagnostics manufacturers had a strong market position. Biomerieux S.A., Heska Corporation, IDVet, IDEXX veterinary Laboratories, Inc., and Indical Bioscience are some market leaders.
Recent Developments in the Veterinary Infectious Disease Diagnostics Market
- INDICAL BIOSCIENCE GmbH (Germany) acquired the Svanova product portfolio from Boehringer Ingelheim in April 2021, allowing INDICAL to expand its portfolio by 25 assays for cattle.
- BioChek (Netherlands) expanded to Johannesburg, South Africa, in April 2021.
- Lacuna Diagnostics (US) was acquired by Heska Corporation (US) in January 2021, bolstering the company’s portfolio of point-of-care digital cytology technology and telemedicine services.
- NEOGEN Corporation (US) partnered with Transnetyx Inc. (US) in November 2020, allowing NEOGEN to expand its footprint in the animal genomics and diagnostics sector.
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Veterinary Infectious Disease Diagnostics Market Key Segments By Technology:
- Molecular Diagnostic
By Animal Type:
- Companion animal
- Food-producing animals
By End User:
- Reference Laboratories
- Veterinary Hospitals and Clinics
- Point of Care
- Research Institutes & Universities
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.