Overview of This Study:
The study involved four major activities in estimating the size of the global veterinary point-of-care diagnostics market. Exhaustive secondary research was done to collect information on the adoption of different technologies and their regional adoption trends. Industry experts further validated the data obtained through secondary research through primary research.
Furthermore, the market size estimates and forecast provided in this study are derived through a mix of the bottom-up approach (country-level incidence data for various diseases) and top-down approach (assessment of utilization/adoption/penetration trends, by product, technology, application, animal type, and end user). After that, market breakdown and data triangulation methods were used to estimate the market size of segments and subsegments.
Expected Revenue Growth:
The global veterinary point-of-care diagnostics market size is projected to reach USD 2.4 billion by 2025 from USD 1.4 billion in 2019, at a CAGR of 8.9%.
Major Growth Boosting Factors:
Factors such as increasing prevalence of zoonotic diseases among companion and livestock animals and the growing need for the rapid detection of these diseases, along with the advantages of POCT over laboratory analysis are driving the growth of this market during the forecast period. However, the high cost of veterinary imaging instruments is restraining the growth of this market to some extent.
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Global Industry Segmentation:
The veterinary point-of-care diagnostics market is segmented based on product, technology, application, end user, and animal type.
In 2018, the consumables segment dominated the veterinary point-of-care diagnostics market
Based on the product, the consumables segment accounted for the largest share of the veterinary point-of-care diagnostics market in 2019. The increasing volume of clinical chemistry tests performed globally, due to the rising prevalence of chronic diseases in animals, has triggered the development of consumables.
By technology, the clinical biochemistry segment accounted for the largest share of the veterinary point-of-care diagnostic kits and analyzers market in 2018
Based on technology, the market is segmented into immunodiagnostics, clinical biochemistry, molecular diagnostics, hematology, urinalysis, and other technologies. In 2018, the clinical biochemistry segment accounted for the largest share of the veterinary point-of-care diagnostic kits and analyzers industry. The higher preference for various advanced clinical diagnostic products by veterinarians and pet owners are contributing to the large share of this segment.
By application, the clinical pathology segment accounted for the largest market share in 2018
Based on application, the veterinary point-of-care diagnostics market is segmented into clinical pathology, bacteriology, virology, parasitology, and other applications. The clinical pathology segment accounted for the largest market share in 2018. This segment is also projected to register the highest CAGR during the forecast period. The growth in this segment can be attributed to the increasing adoption of chemistry analyzers for the primary diagnosis of diseases in clinics.
By animal type, the companion animals segment accounted for the largest share of the veterinary point-of-care diagnostics market in 2018
Based on animal type, the market is segmented into companion and livestock animals. In 2018, the companion animals segment accounted for the largest share of the veterinary point-of-care diagnostics market. The increasing companion animal ownership, growing awareness about animal health among pet owners, and rising pet healthcare expenditure are some the factors stimulating the growth of this segment.
By end user, the veterinary clinics segment accounted for the largest share of the veterinary point-of-care diagnostics market in 2018
Based on end user, the market is segmented into veterinary hospitals & academic institutes, veterinary clinics, and home care settings. In 2018, the veterinary clinics segment accounted for the largest share of the market. The large share of this segment is attributed to the growing number of patients visiting vet clinics and the increasing number of private clinical practices.
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North America will continue to dominate the market during the forecast period
The market, by region, is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the veterinary point-of-care diagnostics market in 2018. The large share of North America in the global market can be attributed to the increasing adoption of companion animals, growing veterinary healthcare expenditure, and rising demand for animal-derived food products.
Key Players:
Prominent players in the veterinary point-of-care diagnostics market include Zoetis, Inc. (US), IDEXX Laboratories, Inc. (US), Heska Corporation (US), Virbac (France), Thermo Fisher Scientific, Inc. (US), Eurolyser Diagnostica GmbH (Austria), Woodley Equipment Company (UK), Randox Laboratories LTD. (UK), AniPOC, Ltd. (UK), Carestream Health, Inc. (a part of ONEX Corporation) (Canada), NeuroLogica Corporation (a part of Samsung Electronics Co. Ltd.) (South Korea), and FUJIFILM SonoSite (a part of FUJIFILM Holdings Corporation) (Japan).
