Veterinary Point of Care Market: Precision and Growth on Track for a US$ 3.8 Billion Valuation by 2033
The Market for Veterinary Points of Care The healthcare landscape is changing as the global veterinary point of care market sets a course for impressive growth over the next decade. According to extensive research by Future Market Insights, the market is expected to grow at a significant Compound Annual Growth Rate (CAGR) of 8.2% during the forecast period.
In line with this projection, the market value is anticipated to surge from US$ 1.7 Billion in 2023 to a remarkable US$ 3.8 Billion by the year 2033. This growth trajectory reflects a significant upswing from the valuation of US$ 1.6 Billion recorded at the close of 2022, highlighting the sector’s potential to foster substantial development.
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The veterinary point of care market is poised to witness robust year-on-year growth of 7.4% in 2023 alone, as revealed by the research. This promising expansion is attributed to a convergence of factors such as advancements in technology, rising awareness regarding pet health, and the increasing demand for efficient and timely veterinary diagnostics.
Key industry stakeholders, including manufacturers, healthcare providers, and investors, are expected to capitalize on this burgeoning opportunity. The evolving needs of pet owners and veterinarians are driving the demand for innovative point-of-care solutions that offer rapid, accurate, and convenient diagnostic results. This trend aligns with the rising importance of timely medical interventions for pets, resulting in enhanced well-being and quality of life.
The projected growth signifies not only a significant market expansion but also a reaffirmation of the commitment to improving animal healthcare. As the global veterinary point of care market progresses, it has the potential to revolutionize the way veterinarians deliver diagnoses and treatments, ultimately enhancing the overall veterinary care experience.
The journey towards a US$ 3.8 Billion veterinary point of care market by 2033 is a testament to the industry’s potential to positively impact the lives of animals and their human companions alike. With technology as an enabler and innovation as the driving force, this growth trajectory underlines a promising future for the veterinary healthcare sector.
Competitive Landscape :
The veterinary point of care market is characterised by fierce competition. Major market participants are actively seeking to expand their market presence in emerging economies through strategic partnerships, mergers and acquisitions, and other means. They are also prioritising the development and deployment of innovative, cutting-edge point-of-care diagnostics for animal health. According to our competitive analysis, several global and local businesses currently dominate market shares. In addition to collaborating with key market players through mergers, acquisitions, and alliances.
Some important examples of development include:
On December 12, 2022, Virbac R&D reached a significant milestone with the opening of the company’s new R&D facility in Taiwan’s Pingtung Agricultural Biotechnology Park (PABP).
On September 29, 2021, Virbac and others will Jectas Innovators has announced a strategic collaboration agreement to develop animal health vaccine(s).
Similarly, the Future Market Insights team has tracked recent developments in the veterinary point of care market, which are detailed in the full report.
Key Companies Covered :
•IDEXX Laboratories, Inc.
•Thermo Fisher Scientific Inc.
•Woodley Equipment Company Ltd
•Consumables, Reagents & Kits
•Instruments & Devices
By Animal Type:
By Sample Type:
By End User:
•Specialty Veterinary Centers
•Veterinary Mobile Facilities
•Middle East & Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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