Veterinary Point of Care Diagnostics Market to Grow with a CAGR of 10.11% through 2028
Prevalence of veterinary diseases and advancements in technology is
driving the growth of Veterinary Point of Care Diagnostics market in the
forecast period 2024-2028.
According to TechSci Research report, “Veterinary Point of Care
Diagnostics Market – Global Industry Size, Share, Trends, Competition
Forecast & Opportunities, 2028”, the Global Veterinary
Point of Care Diagnostics Market stood at USD 1.51 billion in 2022 and is
anticipated to grow with a CAGR of 10.11% in the forecast period, 2024-2028. The
global veterinary point of care (PoC) market has witnessed significant growth
and transformation in recent years, driven by various factors that are shaping
the landscape of animal healthcare. PoC diagnostics and testing tools for
animals have become increasingly important in the veterinary field, allowing
for quicker and more accurate diagnoses and treatment decisions. This market
has been driven by several key drivers, marked by emerging trends and
challenges, and impacted by the COVID-19 pandemic.
One of the primary
drivers of the global veterinary PoC market is the growing awareness and
concern for animal health. Pet ownership has been on the rise, with more people
considering their pets as integral members of their families. This has resulted
in increased spending on veterinary care and a greater demand for rapid and
reliable diagnostic solutions to address various health issues in animals.
Additionally, the rise in zoonotic diseases and the need for early detection
and monitoring have further propelled the market's growth.
Another significant
driver is technological advancement. Advances in diagnostic technology, such as
portable analyzers, handheld devices, and lab-on-a-chip systems, have
revolutionized the veterinary PoC market. These innovations have made it easier
for veterinarians to conduct tests on-site, reducing the turnaround time for
results and enabling quicker treatment decisions. Furthermore, the integration
of digital health records and telemedicine solutions has streamlined
communication between veterinarians and pet owners, enhancing overall patient
care.
The global
veterinary PoC market has also been influenced by a shift toward preventive
healthcare. Pet owners are increasingly interested in preventive measures,
including regular check-ups and early disease detection. This trend has boosted
the demand for PoC testing, as it allows for the timely identification of
health issues, enabling veterinarians to take proactive measures to ensure the
well-being of animals.
However, this
growing market is not without its challenges. One of the key challenges is the
cost associated with PoC testing equipment and consumables. These technologies
can be expensive to acquire and maintain, which can pose a barrier to adoption,
especially for smaller veterinary practices. Additionally, there is a need for
standardized testing protocols and quality control measures to ensure the
accuracy and reliability of PoC tests across different settings and regions.
The COVID-19
pandemic had a significant impact on the veterinary PoC market. While the
pandemic initially disrupted supply chains and manufacturing processes, it also
highlighted the importance of rapid diagnostics and the need for preparedness
in the face of emerging infectious diseases. Veterinary PoC testing played a
vital role in monitoring and diagnosing COVID-19 cases in animals, including
pets and livestock. This experience has led to increased investments in
research and development for PoC diagnostics for various animal diseases,
further driving market growth.
Browse over XX market data Figures spread through 185 Pages and an
in-depth TOC on
"Global Veterinary Point of Care Diagnostics Market.”
The Global Veterinary
Point of Care Diagnostics Market is segmented into product, animal type,
livestocks animal, sample type, indication, testing category, end user, regional
distribution, and company.
Based on animal
type, the companion animal segment has emerged as the predominant market leader
in the Veterinary Point of Care Diagnostics market. The companion animal
segment has asserted its dominance and emerged as the predominant market leader
in the Veterinary Point of Care Diagnostics (PoC) market for several compelling
reasons. Firstly, the strong emotional bond between pet owners and their companion
animals has fueled a surge in pet ownership, leading to increased spending on
veterinary care. This heightened awareness and dedication to the well-being of
companion animals have driven the demand for advanced PoC diagnostic solutions.
Secondly, the willingness of pet owners to invest in timely and accurate
diagnoses for their pets has significantly contributed to the growth of this
segment. Companion animal owners often consider their pets as family members,
and they prioritize preventive healthcare and rapid disease detection. This
inclination has made companion animal veterinary practices more receptive to
adopting PoC diagnostic technologies, as they align with the expectations and
preferences of pet owners. Moreover, the sheer volume of companion animals
worldwide, including dogs, cats, and small mammals, has created a substantial
market for PoC diagnostics. Veterinary clinics specializing in companion
animals are more prevalent than those catering to livestock or other animal
types, making the market readily accessible and profitable for diagnostic
device manufacturers and service providers.
Based on indication,
infectious disease segment is anticipated to experience significant growth
during the forecast period in the Veterinary Point of Care Diagnostics market. Firstly,
infectious diseases pose a significant threat to animals, including both
companion animals and livestock. These diseases can spread quickly within
animal populations and, in some cases, can even affect humans (zoonotic
diseases). As a result, there is a growing awareness and concern among pet
owners, farmers, and veterinary professionals regarding the need for rapid and
accurate diagnostics to detect and manage infectious diseases promptly.
Secondly, the ongoing emergence of new and re-emerging infectious diseases in
animals has heightened the demand for effective diagnostic tools. Climate
change increased international travel, and changes in farming practices have
all contributed to the re-emergence of previously controlled diseases and the
emergence of new ones. This dynamic landscape necessitates adaptable and
versatile diagnostic solutions that can quickly identify and differentiate
between various pathogens. Additionally, the COVID-19 pandemic has underscored
the importance of infectious disease diagnostics in the animal healthcare
sector. While the pandemic primarily affected humans, it also highlighted the
potential for animal reservoirs of infectious diseases. Veterinary PoC
diagnostics played a crucial role in monitoring and managing COVID-19 cases in
animals, including companion animals and livestock. Furthermore, advancements
in diagnostic technologies, including molecular testing and
immunochromatography, have made it possible to detect a wide range of
infectious agents with high sensitivity and specificity at the point of care.
These technological developments have boosted the confidence of veterinarians
and animal owners in the accuracy and reliability of infectious disease
diagnostics, driving market growth.
Major companies operating in Global Veterinary Point of Care
Diagnostics Market are:
- Zoetis Inc.
- IDEXX Laboratories,
Inc.
- Virbac SA
- Heska Corporation
- Thermo Fisher
Scientific, Inc
- Mindray Medical
International Limited
- Esaote S.P.A.
- FUJIFILM Corporation
- Woodley Equipment
Company Ltd
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“The Veterinary Point of Care Diagnostics market has witnessed
remarkable growth in recent years, driven by a range of innovative companies
and significant technological advancements. Leading companies in this market,
such as IDEXX Laboratories, Zoetis Inc., Heska Corporation, and Abaxis (a
subsidiary of Zoetis), have played a pivotal role in shaping the landscape of
animal healthcare through their cutting-edge diagnostic solutions. These
companies have invested heavily in research and development, resulting in the
creation of sophisticated PoC diagnostic devices capable of rapidly and
accurately detecting a wide array of health conditions in animals. Technological
advancements, including the integration of artificial intelligence, machine
learning algorithms, and the development of compact, portable diagnostic
devices, have revolutionized the way veterinarians diagnose and treat animals.
These advancements enable quick and precise results, thereby facilitating
prompt decision-making and improved patient care. The ongoing evolution of
diagnostic technologies, coupled with the commitment of market leaders and
innovative startups, ensures that the Veterinary Point of Care Diagnostics
market remains dynamic and responsive to the evolving needs of veterinarians
and pet owners alike.” said Mr. Karan Chechi, Research Director with TechSci
Research, a research-based management consulting firm.
“Veterinary Point of Care
Diagnostics Market - Global Industry Size, Share, Trends, Opportunity, and
Forecast, 2018-2028 Segmented By Product (Consumables, Reagents, & Kits v/s
Instruments & Devices), By Animal Type {Companion Animals (Dogs, Cats,
Horses, Others), Livestock Animals (Cattle, Swine, Poultry, Others), By Sample
Type (Blood/Plasma/Serum, Urine, Fecal, Others), By Indication (Infectious
Disease, General Ailments, Others), By Testing Category (Hematology, Diagnostic
Imaging, Bacteriology, Virology, Cytology, Clinical Chemistry, Parasitology,
Serology, Others), By End User (Veterinary Hospitals & Clinics, Home Care
Settings, Others) By Region and Competition”, has evaluated the future growth potential of Global Veterinary Point
of Care Diagnostics Market and provides statistics & information on market
size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges, and opportunities in Global Veterinary
Point of Care Diagnostics Market.
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