Veterinary Diagnostics Market worth $ 3.9 billion by 2026– Exclusive Report by MarketsandMarkets™

Veterinary Diagnostics Market by Product (Instruments, Consumables), Technology (Immunodiagnostics (Lateral Flow, ELISA), Clinical Biochemistry, PCR, Hematology, Urinalysis), Animal (Dog, Cat, Cattle, Pig, Poultry, Horse), End User – Global Forecast to 2026” The veterinary diagnostics market is expected to reach USD 3.9 billion by 2026 from an estimated USD 2.5 billion in 2021, at a CAGR of 9.4%. Market growth can largely be attributed to the growth in the companion animal population, increasing incidence of transboundary and zoonotic diseases, rising demand for animal-derived food products, rising demand for pet insurance, growing animal health expenditure, and growth in the number of veterinary practitioners and income levels in developed economies. On the other hand, rising petcare costs is expected to restrain the overall market growth. Currently, the lack of skilled veterinarians and diagnostic infrastructure, especially in developing countries, is one of the major factors limiting the uptake of advanced diagnostic solutions among veterinarians. The high cost of advanced diagnostic tests is another major barrier to its widespread adoption.

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Key Market

Some of the major market players in the veterinary diagnostics market include IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Heska Corporation (US), Thermo Fisher Scientific Inc. (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), Virbac (France), Agrolabo S.p.A. (Italy), INDICAL BIOSCIENCE GmbH (Germany), Randox Laboratories Ltd. (Ireland), IDvet (France), Biopanda Reagents (UK), Bionote, Inc. (South Korea), BioChek (Netherlands), Fassisi GmbH (Germany), Biogal Galed Labs (Israel), Alvedia (France), SKYER, Inc. (South Korea), and Shenzhen Bioeasy Biotechnology Co., Ltd. (China).

IDEXX Laboratories is the leading player in the veterinary diagnostics market. The company has a diversified product portfolio, which comprises a wide range of companion animal diagnostic products and livestock & poultry diagnostic products. IDEXX’s position in the market can be attributed to its active R&D activities and wide distribution footprint across the world, which enables it to serve customers in more than 175 countries. To garner a larger share in the veterinary diagnostics market, the company continuously focuses on product developments and launches. For instance, in August 2020, IDEXX launched its ProCyte One Hematology Analyzer, which analyzes approximately 24 whole blood parameters in canine, feline, and equine species. In May 2020, OPTI Medical Systems received Emergency Use Authorization from the US FDA for OPTI SARS-CoV-2 RNA PCR Test Kit for the detection of the virus causing COVID-19 for veterinary applications. To limit the spread of the SARS-CoV-2 virus in animals, IDEXX launched the diagnostic test and started testing.

Zoetis held the second position in the global veterinary diagnostics market. The company’s leading position can be attributed to its strong brand name and its wide range of products. The company has a diversified product portfolio of hematology, chemistry, blood glucose, and urine analyzers. The company also offers rapid tests through VETSCAN and WITNESS tests. The company focuses on acquisitions to increase its share in the veterinary diagnostics market. In July 2018, the company acquired Abaxis (US), a leading player in the development, manufacturing, and marketing of diagnostic instruments for veterinary point-of-care services. This acquisition helped Zoetis to increase its product portfolio for POC diagnostics and increased its share in the entire veterinary diagnostics market.

Thermo Fisher Scientific held the third position in the global veterinary diagnostics market. To maintain its position in the market, the company focuses on R&D and collaborations. The company has a broad portfolio of rapid test products under the VetMAX range of tests. The company’s leading position can be attributed to its strong brand name and wide range of products in immunodiagnostics, hematology, molecular diagnostics, clinical biochemistry, and urinalysis. The company also has a diversified product portfolio of veterinary antimicrobial susceptibility testing systems. The Sensititre AST System is one of the company’s flagship products. This system is offered by the company’s Specialty Diagnostics segment, one of the company’s largest revenue-generating segments. The company mainly operates across the Americas, Africa, Western/Eastern Europe, the Middle East, and Asia.

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North America accounted for the highest share in the veterinary diagnostics market in 2020

North America accounted for the highest share of the global veterinary diagnostics market during the forecast period. In 2020, the US accounted for the largest share of the North American veterinary diagnostics market. The growth in the veterinary diagnostics market of North America is characterized by the increasing population of companion and food-producing animals, rising meat and dairy product consumption, the availability of technologically advanced veterinary reference laboratories, rising veterinary healthcare expenditure, and growth in pet insurance coverage.

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