Veterinary Diagnostics Market, By Product Type (Instruments, Consumables, and Others), By End-use, and By Region Forecast to 2032

The global veterinary diagnostics market size was USD 53.6 billion in 2022 and is expected to register a rapid revenue CAGR of 13.6% during the forecast period. 

Key Pointers

• The consumables segment accounted for significantly large revenue share in the global veterinary diagnostics market in 2022.
• The instruments segment is expected to register fastest revenue growth rate in global veterinary diagnostics market during the forecast period.
• The veterinary clinics segment accounted for largest revenue share in the global veterinary diagnostics market during the forecast period. 
• The reference labs segment is expected to register fastest revenue growth rate in global veterinary diagnostics market during the forecast period.
• The North America market accounted for largest revenue share in the global veterinary diagnostics market during the forecast period.
• The Asia Pacific market is expected to register fastest revenue growth rate in the global veterinary diagnostics market during the forecast period.
• The Europe market is expected to account for considerably large revenue share in the global veterinary diagnostics market during the forecast period.

Increasing prevalence of zoonotic illnesses, rising consumer demand for food products generated from animals, and awareness about animal health are major factors driving market revenue growth. Proliferation of zoonotic illnesses and diseases that can be transmitted from animals to humans has increased need for quick and precise detection of animal diseases.

There is a greater need for efficient animal illness diagnosis and control due to rising demand for animal-derived foods, such as milk, meat, and eggs, to assure food safety.

In addition, development of novel diagnostic techniques and equipment that deliver prompt and precise results is another factor revenue growth of the market. For instance, Point-Of-Care Testing (POCT) tools have increased in popularity because they make it possible to diagnose numerous animal diseases quickly and accurately while saving time and money compared to traditional laboratory testing.

Moreover, increasing usage of in-house diagnostic testing equipment, which enables veterinarians to conduct tests in their own clinics and hospitals and offer quicker diagnosis and treatment for animals, is another factor driving market revenue growth. Demand for veterinary diagnostics is also being driven by government programs that support animal health and welfare such as vaccination campaigns.

However, high cost of diagnostic tests and tools, lack of widespread knowledge about advantages of veterinary diagnostics, and   deficiency of veterinary infrastructure in some areas are major factors, which could restrain market revenue growth.

Major Companies and Competitive Landscape:

Some major companies in the global veterinary diagnostics market include:

• IDEXX Laboratories, Inc.
• Zoetis Inc.
• Heska Corporation
• Neogen Corporation
• Thermo Fisher Scientific Inc.
• Virbac
• IDvet
• Abaxis, Inc.
• Biomérieux SA

Veterinary Diagnostics Market Segmentations: