Veterinary Diagnostics Market Size to Reach USD 168.88 Billion by 2032

The global veterinary diagnostics market size was USD 53.6 Billion in 2022 and is expected to register a revenue CAGR of 13.6% over the forecast period, according to the latest report by Reports and Data.

In order to ensure food safety, there is an increased need for effective diagnosis and control of animal illnesses due to the rising demand for commodities produced from animals, such as milk, meat, and eggs.

Moreover, the introduction of innovative diagnostic procedures and equipment that provide rapid and precise findings is another driver driving market revenue growth. For example, Point-Of-Care Testing (POCT) instruments have grown in popularity since they allow for the rapid and accurate diagnosis of a wide range of animal illnesses while saving time and money when compared to traditional laboratory testing.

Another factor driving market revenue growth is the rising use of in-house diagnostic testing equipment, which allows veterinarians to conduct tests in their own clinics and hospitals and provide faster diagnosis and treatment for animals. Government efforts that enhance animal health and welfare, such as vaccination campaigns, are also driving demand for veterinary diagnostics.

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Some Key Highlights from the Report

In 2022, the consumables segment accounted for a significantly large revenue share of the worldwide veterinary diagnostics market. This is due to an increase in the usage of consumables such as test kits, reagents, and other supplies, which are critical components of diagnostic testing. These consumables are used in a variety of diagnostic procedures to identify and diagnose various illnesses and disorders in animals, including haematology, immunodiagnostics, molecular diagnostics, clinical chemistry, and others. Furthermore, the rising frequency of zoonotic illnesses, combined with the adoption of companion animals, has increased demand for veterinary diagnostic tests, propelling revenue growth in this area.
During the forecast period, the veterinary clinics segment accounted for the biggest revenue share in the worldwide veterinary diagnostics market. This is related to increased pet ownership, the incidence of zoonotic infections, and increased pet owner knowledge of the significance of routine veterinary check-ups.
Over the projection period, the North American market held the biggest revenue share in the worldwide veterinary diagnostics market. This is because the region's pet adoption rate is increasing, as is public awareness of animal health. Furthermore, the abundance of veterinary diagnostics enterprises in this area is likely to fuel market revenue development.
Some of the prominent players profiled in the global veterinary diagnostics market include IDEXX Laboratories, Inc., Zoetis Inc., Heska Corporation, Neogen Corporation, Thermo Fisher Scientific Inc., Virbac, IDvet, Abaxis, Inc., and Biomérieux SA.
Zoetis Inc. purchased ZNLabs, a veterinary reference laboratory that specialises in diagnostic testing for companion animals, on November 22, 2019. The goal of this purchase was to broaden Zoetis' diagnostics services and increase its position in the veterinary diagnostics industry.

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For the purpose of this report, Reports and Data has segmented the global veterinary diagnostics market on the basis of Product Type Outlook, End-use Outlook, and Regional Outlook:

Product Type Outlook (Revenue, USD Billion; 2022 - 2032)

Instruments
Consumables
Others

End-use Outlook (Revenue, USD Billion; 2022 - 2032)

Veterinary Clinics
Reference Labs
Academic Institutions
Others

Regional Outlook (Revenue, USD Billion; 2022-2032)

North America

U.S.
Canada
Mexico

Europe

Germany
U.K.
France
Italy
Spain
Sweden
BENELUX
Rest of Europe

Asia-Pacific

China
India
Japan
South Korea
Rest of APAC

Latin America

Brazil
Rest of LATAM

Middle East & Africa

Saudi Arabia
UAE
South Africa
Israel
Rest of MEA

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