Growth, Trends, and Opportunities in the Veterinary Diagnostic Services Market: Key Insights for the Next Decade
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How Will the Veterinary Diagnostic Services Market’s Growth Rate Evolve Over the Forecast Period to 2034?
Over the past few years, the market size for veterinary diagnostic services has seen significant growth. The market is anticipated to expand from $13.05 billion in 2024 to $14.22 billion in 2025, reflecting a compound annual growth rate (CAGR) of 9.0%. The historic period’s growth can be linked to an increase in pet ownership and spending on pet healthcare, a surge in chronic illnesses among pets, an escalation in the count of veterinary clinics and hospitals, intensified emphasis on early detection of diseases and preventive care, along with progress in molecular diagnostics and imaging technologies.
In the years ahead, the veterinary diagnostic services market is projected to experience robust growth, expanding to $19.78 billion by 2029 with a compound annual growth rate (CAGR) of 8.6%. The anticipated growth over the forecast period can be linked to an increase in the pet population and the demand for superior diagnostic techniques, wider use of AI and machine learning in diagnostics, progress in telemedicine and remote diagnostic services, a growing focus on tailored and precision-oriented veterinary medicine, introduction of groundbreaking diagnostic technologies and tools, a rise in R&D investments, and partnerships within the veterinary sector. The key trends predicted during the forecast period include the incorporation of AI and big data analytics in diagnostic services, at-home testing options, wearable tech for constant health monitoring, preventive and proactive approaches toward veterinary care, creation of detailed diagnostic platforms and unified solutions, along with the surge of digital health inventions.
What Market Dynamics Are Playing a Key Role in Accelerating the Growth of the Veterinary Diagnostic Services Market?
The escalating trend of adopting animals is anticipated to fuel the expansion of the veterinary diagnostic services market. Adopting animals entails bringing in and offering a lifelong residence to animals, chiefly from shelters, rescue teams, or past proprietors, with the purpose of providing them with care and affection. This increased adoption trend is fueled by a heightened recognition of animal welfare, emotional rewards of pet ownership, and an escalating inclination to free animals from shelters by offering them a secure and loving environment. Veterinary diagnostic services are fundamental in maintaining the health of pets and animals and spotting any hidden health issues, enabling educated decisions and appropriate care for adopted pets. For example, figures from the American Pet Products Association, a non-profit American industry association, indicate that in April 2024, 86.9 million households in the U.S. were pet owners, representing 66% of all households. This figure marks an increase from the 62% recorded in 2022. Consequently, the accelerated adoption of animals is driving the expansion of the veterinary diagnostic services market.
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Who Are the Influential Players Reshaping the Veterinary Diagnostic Services Market Landscape?
Major companies operating in the veterinary diagnostic services market are:
• Thermo Fisher Scientific Inc.
• Zoetis Services LLC
• VCA Animal Hospitals
• Biomérieux SA
• SYNLAB International GmbH
What New and Evolving Trends Are Having a Lasting Impact on the Veterinary Diagnostic Services Market?
Major firms involved in the veterinary diagnostic services market are leaning towards the use of big data and artificial intelligence in data analysis, including AI-enhanced veterinary X-ray image diagnostic support services, to amplify the precision of diagnosis and operational effectiveness in veterinary operations. AI-assisted veterinary X-ray image diagnosis support services employ state-of-the-art algorithms to scrutinize X-ray images, supplying more precise diagnostic information to veterinarians to improve decision-making and elevate patient care. For example, SK Telecom, a telecommunications corporation based in South Korea, introduced its AI-assisted veterinary X-ray image diagnostic support service, X Caliber, in June 2024, providing advanced diagnostic proficiency for pet healthcare. The X-caliber system employs AI to examine X-ray images of dogs and cats in as little as 15 seconds and stores the data in the cloud for straightforward access and management. It has a sensitivity range of 86% to 94% and is capable of detecting a variety of abnormalities. It is currently available in over 100 veterinary clinics across Australia and anticipates additional global expansion.
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Which Key Segments Stand Out in Understanding the Composition of the Veterinary Diagnostic Services Market?
The veterinary diagnostic services market covered in this report is segmented –
1) By Type: Point-Of-Care (PoC), Laboratory-Based
2) By Test: In Vitro Diagnosis, In Vivo Diagnosis
3) By Testing Category: Clinical Chemistry, Microbiology, Parasitology, Histopathology, Cytopathology, Hematology, Immunology And Serology, Imaging, Molecular Diagnostics, Other Categories
4) By Animal Type: Companion Animals, Production Animals, Other Animal Types
5) By Service Provider: Veterinary Hospital Or Clinic Laboratories, Reference Laboratories
Subsegments:
1) By Point-Of-Care (PoC): Rapid Test Kits, Portable Diagnostic Devices, Handheld Blood Analyzers, Point-of-Care Ultrasound, In-Hospital Testing Systems
2) By Laboratory-Based: Clinical Pathology Services, Histopathology Services, Microbiology Services, Serology Testing, Molecular Diagnostics, Biochemistry Testing, Reference Laboratory Services
Which Geographic Locations Are Critical to the Growth of the Veterinary Diagnostic Services Market?
North America was the largest region in the veterinary diagnostic services market in 2024. The regions covered in the veterinary diagnostic services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Are the Key Characteristics That Define the Veterinary Diagnostic Services Market?
Veterinary diagnostic services involve the use of various techniques and technologies to identify and analyze diseases, conditions, and health issues in animals. These services include laboratory tests, imaging, and clinical examinations to provide accurate diagnoses and inform treatment plans for pets and livestock.
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