The global sales of veterinary point of care diagnostics are estimated to be worth USD 1,987.5 million in 2024 and anticipated to reach a value of USD 5,202.2 million by 2034. Sales are projected to rise at a CAGR of 10.1% over the forecast period between 2024 and 2034. The revenue generated by veterinary point of care diagnostics in 2023 was USD 1,805.2 million.
Increasing veterinary clinics add to the growing demand in the veterinary point of care diagnostics market. The increase in veterinary clinics itself comes as a direct consequence of more people owning pets.
More specifically, with the increased adoption of dogs and cats as pets, the need for the pet owners' veterinary services increased many-fold. According to a private research, In the USA, veterinary care accounts for about 33.5% of total pet spending, reflecting the increasing demand for regulated veterinary services.
Moreover, with increasing urban populations and increased residence in the precincts of the city, it has been associated with an increase in demand for easy and hassle-free access to veterinary services.
Veterinary Point of Care Diagnostics Industry Assessment
| Attributes | Key Insights |
|---|---|
| Historical Size, 2023 | USD 1,805.2 million |
| Estimated Size, 2024 | USD 1,987.5 million |
| Projected Size, 2034 | USD 5,202.2 million |
| Value-based CAGR (2024 to 2034) | 10.1% |
Advancements in the field of veterinary medicine and technology have changed the whole scenario of the field, with a resulting increase in the number of specialized veterinary clinics.
As opposed to the earlier times, today it's possible for a modern veterinary practice to offer services that range from advanced diagnostic tools and surgical techniques through specialized treatments unavailable earlier.
Increased attention through education and media, together with access to more information, has created an awareness among pet owners of the role of regular veterinary visits in disease prevention and general health maintenance. With this, there are more and more establishments of additional clinics for diagnosis and treatment of diseased animals.
Many animal hospitals compete on the basis of specific services, facilities, or types of animals to differentiate them from the wide array of practicing competing for clients. This puts pressure on new and already established veterinary clinics to offer more innovative services and attract clients.
Many clinics feature extended hours, emergency care, grooming services, and pet boarding that will have an impact on drawing and maintaining clientele, further contributing to this growth in the number of veterinary facilities.
With these many factors continuing to change and evolve, the veterinary healthcare industry is only going to further grow, and sooner or later it will depict an increased number of clinics to provide quality health care to pets.
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The below table presents the expected CAGR for the global veterinary point of care diagnostics market over several semi-annual periods spanning from 2024 to 2034. In the first half (H1) of the decade from 2023 to 2033, the business is predicted to surge at a CAGR of 11.4%, followed by a slightly lower growth rate of 10.8% in the second half (H2) of the same decade.
| Particular | Value CAGR |
|---|---|
| H1 | 11.4% (2023 to 2033) |
| H2 | 10.8% (2023 to 2033) |
| H1 | 10.1% (2024 to 2034) |
| H2 | 9.8% (2024 to 2034) |
The above table presents the expected CAGR for the global veterinary point of care diagnostics market over several semi-annual periods spanning from 2024 to 2034. In the first half (H1) of the decade from 2023 to 2033, the business is predicted to surge at a CAGR of 11.4%, followed by a slightly decline in growth rate of 10.8% in the second half (H2) of the same decade.
Moving into the subsequent period, from H1 2024 to H2 2034, the CAGR is projected to decrease slightly to 10.1% in the first half and increase moderately at 9.8% in the second half. In the first half (H1) the market witnessed an increase of -130.00 BPS while in the second half (H2), the market witnessed a decrease of -110.00 BPS.
Increased Consumer Spending on Veterinary Care Drives the Growth of the Market.
The American Pet Products Association reports that spending for veterinary care has increased at a rate higher than that of GDP over the past two years. With the climbing numbers of pet owners, total spend on veterinary point of care diagnosis surges, which markedly boosts expenditure per pet.
This increase in consumer spending for veterinary care reflects almost an unconscious shift in societal attitude towards pets. Increased awareness thus reflects in how preventive medicine, advanced treatments, and veterinary point of care diagnosis can help safeguard the well-being and long life of beloved companions.
According to the, American Pet Products Association 2024 insights, the projected expenditure on USA pet industry for 2024 is forecasted to rise from USD 147.0 billion in 2023 to USD 150.6 billion. With the estimated sales for 2024 break out as: Pet Food & Treats, USD 66.9 billion; Supplies, Live Animals & OTC Medicine, USD 32.0 billion; Veterinary Care & Product Sales, USD 39.1 billion; Other Services, USD 12.6 billion.
This rise in consumer spending in relation to veterinary care underlines the changed role that pets play in our lives and a raising awareness that they are important members of our families. With the actions of a responsible owner who wants better health for his or her furry pet, demand for advanced treatments and veterinary point of care diagnosis just keeps on growing.
The Demand for Veterinary POC Diagnostics Is Likely to Increase Due to Contineous Rise in Livestock Diseases.
The increasing number of livestock diseases is a major issue globally. Some of those include Foot-and-Mouth Disease (FMD), African Swine Fever (ASF), Avian Influenza, and Bovine Tuberculosis. Such diseases spread so fast in individual animal populations and between different populations of livestock, resulting in devastating economic losses.
This has especially strong economic effects in the developing world, where livestock farming is one of the main sources of livelihood for millions of smallholder farmers. Should their animals die from disease. More than this, spillover risks to human populations from zoonotic diseases already prevalent in the region raise a big case for public health.
The COVID-19 pandemic further brings out the need for robust monitoring systems and control of animal diseases since so many infectious diseases in humans are actually of animal origin.
Besides, innovations in technologies of advanced diagnosis, such as molecular diagnostics, biosensors, and portable polymerase chain reaction devices, have dramatically improved the accuracy and reliability of POC tests.
In conclusion, this rise in livestock diseases underlines more than ever the pressing requirement for point-of-care diagnostic tools that are rapid and effective. These diagnostic tools will help in preventing the spread of infectious diseases.
The Rise of Pet Insurance in Matured Economies Is a Significant Trend Shaping the Veterinary Point of Care (POC) Diagnostics Market.
Pet owners in mature economies seek protection against the escalating veterinary treatment costs by applying for a pet insurance policy. In countries such as Sweden and the United Kingdom, the penetration rate is usually very high, usually at a rate that covers significant numbers of pets under insurance plans.
In the United States and Canada, although the penetration rate is lower compared to some European countries, the trend of its growth is progressive and fueled by increased awareness of the benefits that come with pet insurance, coupled with humanization.
Owners are much more likely to agree to diagnostic testing, despite otherwise being unaffordable to them. This is increasingly found to be the case in POC diagnostics, which have an added benefit of delivering results rapidly and thus allow a veterinarian to make prompt decisions on treatment.
It makes the pet owners more proactive toward health problems for their pets. Regular checkups and the early detection of possible health issues become common practice; this increases the demand for veterinary POC diagnostic tools that would be applied during routine visits for early stage condition detection.
Dearth of Awareness and Training Among Veterinarians is a Significant Restraint in The Widespread Adoption of Point of Care (POC) Diagnostics.
The biggest challenge is that many veterinarians are not even aware of the current state of advancements regarding POC diagnostic technologies. The veterinary field is changing rapidly, and new diagnostic tools come out on a continuous basis.
Many times, veterinarians may be very familiar with conventional methods of diagnosis and have been using these for a number of years. The comfort and familiarity with them will give them pause when it comes to the adoption of new technologies, especially if they do not realize that today's point-of-care diagnostics have dramatically improved accuracy, speed, and convenience.
These programs are also not consistently available. Those veterinarians in urban centers or those affiliated with large veterinary hospitals may better be able to attend workshops, conferences, and continuing education courses that take up the latest in diagnostic technologies.
Inadequate awareness and insufficient training go together in having an adverse effect on the uptake of POC diagnostics in veterinary practice.
POC diagnostic tool developers could themselves become much more involved in providing training and education to veterinarians, mainly in rural and underserved areas. This includes web-based training modules and webinars, and hands-on workshops oriented toward familiarizing veterinarians with new technologies.
Principal Consultant
The global veterinary point of care diagnostics industry recorded a CAGR of 8.3% during the historical period between 2019 and 2023. The growth of veterinary point of care diagnostics industry was positive as it reached a value of USD 1,805.2 million in 2023 from USD 1,170.5 million in 2019.
The Veterinary Point of Care (PoC) Diagnostics market has seen several evolutionary changes over the years. The market initially had the prevalence of basic, manual diagnostic tools like urine dipsticks and blood smear tests, introduced primarily for large animals because of the economic importance related to livestock health. Diagnostics for companion animals were restricted to a great extent and situated more in laboratories.
With the technological innovations in human health into veterinary medicine, more-sophisticated tools for PoC diagnostics were made. Portable blood chemistry and hematology analyzers were made available to veterinary clinics to run full laboratory tests within the clinic premises.
The Veterinary Point of Care Diagnostic market is seeing accelerated growth with modern technological innovations, particularly in devices at the point of care. Portable and handheld diagnostic devices are becoming more advanced to equip multi-parameter testing capabilities.
These devices can now complete a host of tests, from blood chemistry and hematology to advanced imaging, within minutes, making diagnostics simple and easy in numerous veterinary settings.
Tier 1 companies comprise market leaders with a market revenue of above USD 100 million capturing significant market share of 38.9% in global market. Manufacturing of innovative, sensitive, high-quality, and accurate diagnostic tools has been the major strategic focus of Tier 1 companies.
They invest interestingly high amounts in research and development to set new breakthrough technologies. Prominent companies in tier 1 include IDEXX Laboratories, Zoetis, Virbac and Thermo Fisher Scientific, Inc.
Tier 2 companies include mid-size players with revenue of US$ 50 to 100 million having presence in specific regions and highly influencing the local market and holds around 40.2% market share. These firms specialize in specific niches within the veterinary diagnostics business area; for example, particular diseases or diagnostic technologies. Prominent companies in tier 2 include Heska Corporation, Neogen Corporation and Mindray.
Finally, Tier 3 companies, such as Esaote SpA, FUJIFILM Corporation, Woodley Equipment Company Ltd. They specialize in specific products and cater to niche markets, adding diversity to the industry.
Overall, while Tier 1 companies are the primary drivers of the market, Tier 2 and 3 companies also make significant contributions, ensuring the veterinary point of care diagnostics sales remains dynamic and competitive.
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The section below covers the industry analysis for the veterinary point of care diagnostics market for different countries. Market demand analysis on key countries in several regions of the globe, including North America, Asia Pacific, Europe, and others, is provided.
The United States is anticipated to remain at the forefront in North America, with higher market share through 2034. In Asia Pacific, India is projected to witness a CAGR of 11.4% by 2034.
| Country | Value CAGR (2024 to 2034) |
|---|---|
| USA | 3.1% |
| Germany | 3.1% |
| China | 10.1% |
| France | 5.1% |
| India | 11.4% |
| Spain | 5.9% |
| Australia | 4.6% |
| South Korea | 8.0% |
USA veterinary point of care diagnostics market is poised to exhibit a CAGR of 3.1% between 2024 and 2034. Currently, it holds the highest share in the North American market, and the trend is expected to continue during the forecast period.
With the high rate of pet ownership in the USA and many other households owning pets, there is subsequent demand for comprehensive veterinary care, including advanced diagnostic services.
As more and more pet owners wish to seek quick and accurate health assessment for their animals, need keeps increasing for sophisticated point-of-care diagnostics. Moreover, dense networking of veterinary clinics, hospitals, and specialty centers across the USA is well-fitted with efficient diagnostic tools.
In conclusion, the USA veterinary point-of-care diagnostics market is an advanced technology, high pet ownership, strong veterinary network, high investment in innovation, and very encouraging regulatory environment.
China veterinary point of care diagnostics market is poised to exhibit a CAGR of 10.1% between 2024 and 2034. Currently, it holds the highest share in the East Asia market, and the trend is expected to continue during the forecast period.
China is already investing in the education and training of veterinarians, enhancing the capacity to apply modern diagnostic technologies. In addition, improved training programs are available to ensure veterinarians are competent not only to operate the POC diagnostic tools but also to interpret the results, hence driving adoption and effective use in clinical settings.
Manufacturing base: Due to its strong manufacturing base, local production of POC diagnostic devices is possible in China at very competitive prices. The reduction of costs associated with state-of-the-art diagnostic tools by local production makes them more reachable to veterinary practices across the country. This competitive pricing strategy also makes it possible for the adoption of these technologies.
India’s veterinary point of care diagnostics market is poised to exhibit a CAGR of 11.4% between 2024 and 2034. Currently, it holds the highest share in the Asia Pacific market, and the trend is expected to continue during the forecast period.
The government of India is aiming to upgrade the veterinary healthcare system in rural parts of the country through the implementation of the National Animal Disease Control Program me, infrastructure development in animal health, financial support for such development, and disease surveillance by states, among others.
Veterinary healthcare in the rural areas has also been a prominent area of investment by the private players and the NGOs. Part of this is establishing veterinary clinics, mobile health units, and diagnostic centers equipped with point-of-care technologies.
By targeting underserved areas, these initiatives help bridge the gap between urban and rural veterinary services, making advanced diagnostics more accessible to farmers and pet owners in remote regions.
The section contains information about the leading segments in the industry. By animal the companion animals segment holds the highest market share of 58.6% in 2024.
| By Animal | Companion Animals |
|---|---|
| Value Share (2024) | 58.6% |
The increase in pet ownership, primarily within urban and suburban regions, creates an extensive demand for veterinary services. In essence, this implies an increased investment in the health sectors of these animals, as more and more consideration is taken with regard to companion animals such as dogs and cats being members of families.
This trend thus calls for advanced diagnostic tools that give accurate results quickly, driving their demand.
This has made pet owners more willing to spend on high-quality veterinary services, including diagnostics. The more aware people become about the well-being of their pets, the greater the tendency to invest in both preventive care and early disease detection.
Modern pet owners often prefer high-tech solutions to the health issues of their pets just as they demand more advanced technologies to be used in their medical cares. POC diagnostics have advanced over the years to provide cutting-edge diagnostic capabilities, which contribute to the advantage they hold with reference to the market.
| By Sample | Blood/Plasma/Serum |
|---|---|
| Value Share (2034) | 39.3% |
Blood, plasma, and serum samples give valuable diagnostic information about most diseases in animals. They are imperative in investigations assessing organ function, detecting infections, monitoring progress of disease, and, generally, to the evaluation of an animal's health status.
That significant data can be obtained from these biological fluids places them at the very center of veterinary diagnostics.
Blood, plasma, and serum-based tests are believed to be accurate and reliable. Modern diagnostic tools at the POC, which have the ability to accurately analyze blood, plasma, and serum samples within a short time, support this important component of treatment and management decisions.
This is more critical for diseases where diagnosis is urgently required. Tests using blood, plasma, and serum are applicable across a broad spectrum of conditions, from infectious diseases and metabolic disorders to cancer and hormonal imbalances.
The Blood/Plasma/Serum segment leads the veterinary point of care diagnostics market by sample due to its comprehensive diagnostic capabilities, accuracy, ease of collection, wide application range, and the impact of technological advancements.
Market players are using different strategies in order to stay competitive in their respective markets, such as with innovative formulations, differentiation of products, and through strategic tie-ups with healthcare providers in an effort to increase distribution.
Other key strategic areas of focus for these companies would be an active search for strategic partners that will further reinforce their product portfolios and increase their global market presence.
Recent Industry Developments in Veterinary Point of Care Diagnostics Market
In terms of animal type, the industry is divided into companion animals- (dogs, cats, horses, other companion animals) and livestock animals- (cattle, swine, poultry, other livestock animals).
In terms of product, the industry is segregated into- consumables, reagents, & kits and instruments & devices.
In terms of sample, the industry is segregated into- blood/plasma/serum, urine, fecal and other sample type.
In terms of testing, the industry is segregated into- hematology, diagnostic imaging, bacteriology, virology, cytology, clinical chemistry, parasitology, serology and other testing type.
Key countries of North America, Latin America, Western Europe, Eastern, South Asia, East Asia and Middle East and Africa (MEA) have been covered in the report.
The global veterinary point of care diagnostics market is projected to witness CAGR of 10.1% between 2024 and 2034.
The global veterinary point of care diagnostics industry stood at USD 1,805.2 million in 2023.
The global veterinary point of care diagnostics market is anticipated to reach USD 5,202.2 million by 2034 end.
India is set to record the highest CAGR of 11.4% in the assessment period.
The key players operating in the global veterinary point of care diagnostics market include IDEXX Laboratories, Zoetis, Virbac, Heska Corporation, Thermo Fisher Scientific, Inc., Neogen Corporation, Mindray; Esaote SpA, FUJIFILM Corporation and Woodley Equipment Company Ltd.
1. Executive Summary
2. Industry Introduction, including Taxonomy and Market Definition
3. Market Trends and Success Factors, including Macro-Economic Factors, Market Dynamics, and Recent Industry Developments
4. Global Market Demand (Value in US$) and Volume (Units) Analysis 2019 to 2023 and Forecast 2024 to 2034, including Historical Analysis and Future Projections
5. Global Market – Pricing Analysis
6. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034
6.1. By Animal
6.2. By Product
6.3. By Sample
6.4. By Testing
6.5. By Region
7. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Animal
7.1. Companion Animals
7.1.1. Cats
7.1.2. Dogs
7.1.3. Horses
7.1.4. Other Companion Animals
7.2. Livestock Animals
7.2.1. Cattle
7.2.2. Swine
7.2.3. Poultry
7.2.4. Other Livestock Animals
8. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Product
8.1. Consumables, Reagents, & Kits
8.2. Instruments & Devices
9. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Sample
9.1. Blood/Plasma/Serum
9.2. Urine
9.3. Fecal
9.4. Other Sample Type
10. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Testing
10.1. Hematology
10.2. Diagnostic Imaging
10.3. Bacteriology
10.4. Virology
10.5. Cytology
10.6. Clinical Chemistry
10.7. Parasitology
10.8. Serology
10.9. Other Testing Type
11. Global Market Analysis 2019 to 2023 and Forecast 2024 to 2034, By Region
11.1. North America
11.2. Latin America
11.3. Western Europe
11.4. Eastern Europe
11.5. South Asia & Pacific
11.6. East Asia
11.7. Middle East & Africa
12. North America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
13. Latin America Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
14. Western Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
15. Eastern Europe Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
16. South Asia & Pacific Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
17. East Asia Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
18. Middle East and Africa Sales Analysis 2019 to 2023 and Forecast 2024 to 2034, by Key Segments and Countries
19. Sales Forecast 2024 to 2034 By Animal, By Application and by Dosage Form for 30 Countries
20. Competition Outlook, including Market Structure Analysis, Company Share Analysis by Key Players, and Competition Dashboard
21. Company Profile
21.1. IDEXX Laboratories
21.2. Zoetis
21.3. Virbac
21.4. Heska Corporation
21.5. Thermo Fisher Scientific, Inc.
21.6. Neogen Corporation
21.7. Mindray
21.8. Esaote SpA
21.9. FUJIFILM Corporation
21.10. Woodley Equipment Company Ltd.
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Veterinary Point of Care Diagnostics Market
