The global Veterinary Point of Care Diagnostics Market size is expected to be worth around US$ 5.69 billion by 2030 from valued at US$ 2.15 billion in 2020 and growing at a CAGR of 12.3% from 2021 to 2030.
The global Veterinary Point of Care Diagnostics Market size is expected to be worth around US$ 5.69 billion by 2030 from valued at US$ 2.15 billion in 2020 and growing at a CAGR of 12.3% from 2021 to 2030.
Technological advancements, strategic initiatives by key market players, rising pet population and humanization, the need to reduce antimicrobial resistance, and the expansion of service offerings by vet clinics are key factors driving the market. Heska, for instance, allocates its R&D budget for developing new Analyzer and Diagnostics Platforms, expanding the menu of analyzer platforms, upgrading the cycle to already installed platforms, and other in-house inventions. The market witnessed a slowdown in sales, reduced demand, and logistical challenges due to the COVID-19 pandemic. The uncertainty was exacerbated by the changing lockdown measures, guidelines on the movement of people and goods, remote work, and self-quarantine conditions.
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Several key animal health companies also registered increased profits during 2020. This was owing to the deployment of various strategic initiatives such as diverting their resources to profitable segments to ensure business continuity, acquisitions, and the launch of new products. Heska, for instance, reported 97.4% of growth in its revenue during the first quarter of 2021. IDEXX Laboratories, Inc. reported a 12% increase in year-on-year revenue, driven by the Companion Animal Group (CAG) diagnostics segment, during 2020.
Report Coverage
| Report Scope | Details |
| Market Size | US$ 5.69 billion by 2030 |
| Growth Rate | CAGR of 12.3% From 2021 to 2030 |
| Largest Market | North America |
| Base Year | 2021 |
| Forecast Period | 2021 to 2030 |
| Segments Covered | Animal Type, Product, Sample type, Testing category, Indication, End use |
| Regional Scope | North America, Europe, Asia Pacific, Latin America, Middle East & Africa |
| Companies Mentioned | IDEXX Laboratories; Zoetis; Virbac; Heska Corporation; Thermo Fisher Scientific, Inc.; Neogen Corporation; Mindray; Esaote SpA; FUJIFILM Corporation; Woodley Equipment Company Ltd. |
By Sample Type Analysis
The blood/plasma/serum segment held the largest revenue share of over 40.0% in 2020. According to the Kirkwood Animal Hospital in the U.S., regular blood tests are recommended as a key part of a companion animal’s overall wellness program.
The urine segment is expected to grow at the fastest rate over the forecast period. For instance, ACON Laboratories, Inc. offers CentriVet URS Reagent Strips for Urinalysis.
The reagent strips can be used for detecting 10 parameters, including bilirubin and urobilinogen for signs of liver disease, leukocytes and nitrites for urinary tract infections, and glucose and ketone for diabetes mellitus.
By Product Analysis
The consumables, reagents, and kits segment accounted for the largest share of more than 55.0% in 2020. This is owing to large product availability, subscription-based or repetitive payments sales model for reagents and consumables, and other initiatives by key companies.
The instruments and devices segment is projected to expand at the fastest rate of over 11.6% in the forecast period owing to growing product enhancements and demand for these products. Pentra C400 clinical chemistry analyzer by HORIBA, Ltd., based in Japan, for instance, can be used for routine to specific tests owing to its 55 on-board assays.
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By Testing Category Analysis
Parasitology dominated the market with a revenue share of over 17.0% in 2020. The hematology segment is estimated to expand at the fastest CAGR of 12.0% over the forecast period.
Zoetis, for instance, launched Imagyst in 2020 to enable vets to make fast and accurate diagnoses at the point of care by automating the fecal examination to detect endoparasitic eggs, cysts, and oocysts.
By End-use Analysis
Veterinary hospitals and clinics held the largest revenue share of over 50.0% in 2020. This is attributed to a higher volume of patients received in these facilities, growing adoption of point of care devices by vet clinics, and wide diagnostic services offerings.
The home care settings segment is expected to register the highest growth rate of 12.9% from 2021 to 2030 due to the rising product launches in this category and pet expenditure.
By Animal Type Analysis
Companion animals dominated the market with a revenue share of over 60.0% in 2020. The livestock animals segment is projected to grow at the fastest rate over the forecast period.
This is attributed to the rising pet population, increasing expenditure, growing adoption of pet insurance, and the need to secure food sources by safeguarding the health of livestock animals.
Dogs and cats, for example, dominate the pet population in the U.S. as per the National Pet Owners Survey of 2019 to 2020 by the American Pet Products Association (APPA). Americans were estimated to have spent over USD 100 billion on pets in 2020.
By Indication Analysis
The infectious disease segment held the largest revenue share of about 40.0% in 2020. The general ailments segment is estimated to expand at the highest rate of 11.4% over the forecast period.
The key factors contributing to this growth include the growing prevalence of acute and chronic diseases in animals, the longer lifespan of pets, product advancements, and pet humanization.
Independent Vetcare Ltd.’s South Devon Veterinary Hospital in the U.K. offers a full range of diagnostic endoscopy services using flexible and rigid endoscopes as well as video endoscopes.
By Regional Analysis
North America held the largest revenue share of over 50.0% in 2020. The regional market growth can be attributed to the presence of key market players and advanced veterinary health care infrastructure in the U.S. and Canada.
North America held the largest revenue share of over 50.0% in 2020. The regional market growth can be attributed to the presence of key market players and advanced veterinary health care infrastructure in the U.S. and Canada.
Key Players
- IDEXX Laboratories
- Zoetis
- Virbac
- Heska Corporation
- Thermo Fisher Scientific, Inc.
- Neogen Corporation
- Mindray
- Esaote SpA
- FUJIFILM Corporation
- Woodley Equipment Company Ltd.
Market Segmentation
- By Animal Type
- Companion Animals
- Dogs
- Cats
- Horses
- Others
- Livestock Animals
- Cattle
- Swine
- Poultry
- Others
- Companion Animals
- By Product
- Consumables, Reagents, & Kits
- Instruments & Devices
- By Sample Type
- Blood/Plasma/Serum
- Urine
- Fecal
- Others
- By Testing Category
- Hematology
- Diagnostic Imaging
- Bacteriology
- Virology
- Cytology
- Clinical Chemistry
- Parasitology
- Serology
- Others
- By Indication
- Infectious Disease
- General Ailments
- Others
- By End-use
- Veterinary Hospitals & Clinics
- Home Care Settings
- Others
- Regional
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
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