Veterinary Diagnostics Market Size Worth $16.9 Billion By 2030 | Grand View Research, Inc.

 

The global veterinary diagnostics market size is expected to reach USD 16.9 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 11.2% from 2022 to 2030. The growing incidence of zoonotic and foodborne diseases is expected to drive the market over the forecast period. Moreover, increasing companion ownership in developing countries is another factor propelling the market. Approximately 75% of all novel and emerging human infectious ailments are zoonotic, like COVID-19, denoting that they can jump from animals to individuals. To combat COVID-19 and future pandemics, leaders from the Group of Seven in a February 2021 statement called for “affordable and equitable access to diagnostics” along with strengthening the One Health approach that unites veterinary, medical, and environmental disciplines in a cooperative effort.

In November 2021, Ellie Diagnostics proclaimed a new capital partnership to expand its diagnostic services across the U.S. Ellie provides diagnostics testing to veterinary clinics and specialty animal hospitals. On a global level, animal product consumption is witnessing a surge. This is supported by increasing human population, per capita, and animal health awareness in developing nations. Due to all these elements, the global demand for animal diagnostics has increased. The In-vitro (IVD) test kits and analyzers are rapidly filling the market. Apart from that, there is growth observed in the point of care treatments for animals as it provides convenience for the animals and their caretakers.

Moreover, the shift towards advanced test techniques, such as immune & molecular diagnostics, hematology, and nanotechnology, which are quick and efficient in producing the results is further propelling the growth. The U.S. is observed to have the highest number of companies dealing in this space, which, in turn, has contributed to the large share of North America in the global market. However, Asia Pacific is expected to emerge as the fastest-growing regional market. The upcoming tools and techniques in veterinary diagnostics space are nucleic acid, non-PCR techniques, biosensors, fluorescence polarization technology, whole-genome sequencing (WGS), biomarkers, nanotechnology, digitalization, and big data use, wearables, and apps, such as Vet on Demand, Treat, Pet life and Pet+Pixie.

Zoetis, IDEXX Laboratories Inc., Heska Corp., and VCA Antech diagnostics are the prominent players with a 70-80% market share in 2021. In June 2021, IDEXX Laboratories, Inc. publicized the acquisition of ezyVet. With this purchase, the company further expanded its cloud software offerings that assist customers with technology solutions that improve the standard of care for patients and allow more effective communication with pet owners.

Request Free Sample Report: https://www.grandviewresearch.com/industry-analysis/veterinary-diagnostics-market