U.S. Veterinary Diagnostics Market – Industry Trends and Forecast to 2030

U.S. Veterinary Diagnostics Market Analysis and Size

Veterinary diagnostics are considered an important part of the management and prevention of outbreaks of diseases among animals. The increase in the importance of the prevention and control of zoonotic diseases is accelerating the market's growth. Moreover, veterinarians have been slowly increasing the frequency of diagnostic testing. Furthermore, several diagnostics advancements and the increasing acceptance of innovative techniques in most laboratories are pushing market growth.

Data Bridge Market Research analyses a growth rate in the veterinary diagnostics market in the forecast period 2023-2030. The expected CAGR of the veterinary diagnostics market tends to be around 9.80% in the mentioned forecast period. The market was valued at USD 3.31 billion in 2022 and would grow to USD 6.99 billion by 2030. In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team also includes in-depth expert analysis, patient epidemiology, pipeline analysis, pricing analysis, and regulatory framework.

U.S. Veterinary Diagnostics Market Scope and Segmentation

Market Definition

Veterinary diagnostics is referred to the tools that are widely used in the diagnosis of animal diseases that are caused due to microorganisms, which include fungi, bacteria, viruses, and pathogens, among others. These diagnostics tools are increasingly used for detecting disease, testing the presence of disease-causing agents, observing disease progression, and providing optimal therapeutics accordingly.

U.S. Veterinary Diagnostics Market Dynamics

Drivers

• Increasing Advancements and Development of Techniques

Several diagnostics advancements and the increasing acceptance of innovative techniques in most laboratories are boosting market growth. For instance, FORCE Technology launched a new subsidiary, AeroCollect A/S, in 2021. AeroCollect technology with simple air samples provides a picture of the diseases. This is a huge revolution in animal diagnostics which is developed in Denmark by the GTS institute FORCE Technology. This technology is presently used in the poultry, swine, and mink industries. Thus, this factor boosts market growth.

• Increasing Adoption of Diagnostic Testing by Veterinarians

Veterinarians have been slowly increasing the frequency of diagnostic testing. This trend became more popular during the COVID-19  when hospitals had to focus mainly on essential pet services. Persistent growth in the population of pets and the higher penetration of veterinary diagnostic products at veterinary clinics further increase the market growth. For instance, IDEXX showed huge utilization of diagnostics, which witnessed a 21% surge in same-store diagnostic revenue per practice, and a 15% surge in same-store veterinary clinic revenue in its Q1 2021 earning call. Thus, it boosts the market growth.

Opportunities

• Rising demand for Point-Of-Care Diagnostics

Growing demand for point-of-care diagnostics is anticipated to boost market growth. It provides quick results for clinical tests and can be directly assessed to save time. In 2019, around 26,000 veterinary hospitals and clinics in the U.S. were set, and more than 80% of them offered point-of-care testing. Furthermore, DCN Dx acquired PortaScience, Inc., a point-of-care diagnostics development corporation, in June 2021. With this acquisition, DCN Dx extended its capabilities for veterinary, healthcare, and consumer markets. Thus, this boosts market growth.

• Rising Concern Among Pet Owners

The growing concern of pet owners led to a regular diagnosis of glucose levels, increasing the market for glucose monitors. The increasing pork consumption and demand for better diagnostic procedures are leading the market growth. For instance, MatMaCorp launched MYRTA which is a hand-held real-time PCR device for over-the-counter and point-of-care molecular diagnostics solutions for human and animal health, in 2021. This system could also be used in veterinary health to detect porcine reproductive and respiratory syndrome viruses. Thus, this factor boosts market growth.

Restraints/Challenges

• High Cost of Animal Diagnostics

Various diagnostic tools are expensive and cannot be afforded by underdeveloped countries. Much expenses of pet care lead to the deterioration of the market growth. Thus, these factors restrict market growth.

This veterinary diagnostics market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the veterinary diagnostics market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

U.S. Veterinary Diagnostics Market Scope

The veterinary diagnostics market is segmented on the basis of product, species, testing category, disease type and end user. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product

• Consumables
• Reagents & Kits
• Instruments & Devices

Species

• Bovine
• Camelid
• Caprine
• Canine & Feline
• Equine​​​​​​​
• Ovine
• Porcine
• Avian
• Others

Testing Category

• Analytical Services
• Diagnostic Imaging
• Bacteriology
• Pathology
• Molecular Diagnostic
• Immunoassays
• Parasitology
• Serology
• Virology

Disease Type

• Infectious Diseases
• Non Infectious Diseases
• Heridatary
• Congenital
• General Ailments
• Structural & Functional Diseases

End User

• Hospitals
• Specialty Clinics
• Academic & Research Institutes
• Others

Competitive Landscape and U.S. Veterinary Diagnostics Market Share Analysis

The veterinary diagnostics market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, U.S. presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to veterinary diagnostics market.

Key players operating in the veterinary diagnostics market include:

• General Electric (U.S.)
• BIOMÉRIEUX (France)
• Heska Corporation (U.S.)
• IDEXX (U.S.)
•  Neogen Corporation (U.S.)
• INDICAL BIOSCIENCE GmbH (Germany)
• Randox Laboratories Ltd. (U.K.)
• Thermo Fisher Scientific (U.S.)
• Virbac (France), Zoetis (U.S.)
• Creative Diagnostics (U.S.)
• DRG INSTRUMENTS GMBH (Germany)
• Chembio Diagnostic Systems, Inc. (U.S.)
• Eurofins Scientific (Luxembourg)
• Zoetis Services LLC (U.S.)
• Agrolabo S.p.A. (Italy)
• Abbott (U.S.)
• Danaher (U.S.)

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