Global Veterinary Diagnostics Market by Product (Instruments, Consumables), Technology (Immunodiagnostics (Lateral Flow, ELISA), Clinical Biochemistry, PCR, Hematology, Urinalysis), Animal (Dog, Cat, Cattle, Pig, & Others)-Global Forecast to 2027
The global veterinary diagnostics market is expected to grow at a CAGR of ~x% from 2020 to reach ~x billion by 2027. The growth is primarily attributed to growing companion animal population, prevalence of zoonotic diseases, growing demand for animal health insurance, increasing expenditure on animal health, rising demand for animal derived foods and increasing number of veterinary practitioners. However, rising pet care expenses, lack of skilled veterinarians and limitation of diagnostic infrastructure are expected to hinder the growth of the market. Rising use of PCR testing for COVID-19 in animals by pet owners provide great opportunities for this market.
By product, veterinary diagnostic market is segmented consumables and instruments. Consumables segment accounted for largest market share of veterinary diagnostic market in 2020. The large share of this market segment can be attributed to grown demand of these products in veterinary hospitals, clinics & labs, adoption of point of care diagnostics by pet owners and rising awareness about zoonotic diseases.
Companion animals segment accounted for the largest market share of the veterinary diagnostic market, by animal type in 2020. The dominant share of companion animal segment was captured by dogs. The large market share can be ascribed by increasing obesity, cancer, diabetes and other diseases and growing concern among pet owners. In livestock animal segment, pigs accounted for largest market share due to rising consumption of pork and diagnostic tests for them.
Based on technology, molecular diagnostics segment accounted for largest share of veterinary diagnostics market in the forecast period. The large share of this market segment can be attributed to growing usage of molecular diagnosis for the detection of veterinary diseases and reliable, specific & fast diagnosis. COVID-19 has further propelled the application for the rapid detection of virus in companion animals.
North America is expected to dominate the veterinary diagnostics market by region. The large share is primarily attributed to increasing population of companion & livestock animals, rising consumption of meat & dairy products, technological advancement, rising pet insurance and growing healthcare expenditure on animals. APAC is expected to register highest CAGR. The growth can be attributed to increasing disposable income, adoption of pet animals and high demand for animal protein.