Veterinary Diagnostic Equipment Market Forecast and Analysis: Key Insights into Growth, Trends, and Emerging Opportunities
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How Will the Growth Rate of the Veterinary Diagnostic Equipment Market Shape Industry Trends by 2034?
The market for veterinary diagnostic equipment has seen robust growth in the past few years. It is anticipated to expand from $1.4 billion in 2024 to $1.51 billion in 2025, witnessing a compound annual growth rate (CAGR) of 7.4%. The earlier growth stages can be linked to factors such as increasing numbers of pet owners, expansion in the livestock industry, high prevalence of companion animals, heightened demand for preventive veterinary care, and rising levels of disposable income.
In the coming years, robust growth is anticipated in the veterinary diagnostic equipment market. By 2029, it is projected to reach $1.98 billion, with a compound annual growth rate (CAGR) of 7.0%. Factors contributing to this growth during the forecast period include heightened awareness of pet healthcare, global pandemic readiness, enhanced focus on monitoring and managing animal diseases, and an upswing in pet insurance. Key trends during this period encompass the incorporation of digital technologies, integration of telemedicine, point-of-care testing, application of AI and machine learning, and environmentally friendly procedures.
What Combination of Drivers Is Leading to Accelerated Growth in the Veterinary Diagnostic Equipment Market?
The rise in the occurrence of sicknesses among animals plays a significant role in driving the veterinary diagnostic equipment market. This is primarily due to the enhanced demand for sophisticated diagnostic tools triggered by increased disease prevalence in pets and livestock. For instance, in July 2023, the World Health Organization, a United Nations specialized agency based in Switzerland and responsible for global public health, received notifications from 67 countries across five continents. The notifications detailed the deadly outbreaks of H5N1 high pathogenicity avian influenza among poultry and wild birds. More than 131 million household birds were killed due to the disease or purposeful mitigation efforts at the impacted farms and communities in 2022. As such, the increased prevalence of diseases among animals escalates the demand for diagnostic tools, thus propelling the growth of the veterinary diagnostic equipment market.
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Who Are the Key Market Players Influencing the Growth of the Veterinary Diagnostic Equipment Industry?
Major companies operating in the veterinary diagnostic equipment market include IDEXX Laboratories Inc., ABAXIS Inc., HESKA Corporation, Zoetis Inc., Virbac, Mindray Medical International Limited, Neogen Corporation, QIAGEN N.V., Agfa Healthcare, Toshiba, Carestream Health, MinXray, Diagnostic Imaging Systems, BCF Technology, Sedecal, Kaixin Group Co. Ltd., Esaote S.p.A., Pfizer Inc., Thermo Fisher Scientific Inc., Henry Schein Inc., Idvet, BioMérieux SA, Randox Laboratories Ltd., Abbott Laboratories, Acon Laboratories Inc., Animal Biome, BioCHEK BV, Chison Medical Imaging Co. Ltd., DCN Dx Daignostics, General Electric Company, Hallmarq Veterinary Imaging Ltd., INDICAL Bioscience GmbH, MI:RNA Ltd., Scopio Labs Ltd., VCA Antech Inc.
What Impact Are Industry Trends Having on the Veterinary Diagnostic Equipment Market’s Future Prospects?
Manufacturers of veterinary diagnosis devices are leveraging state-of-the-art technologies such as cutting-edge blood microsampling approaches for more precise, patient-centered collections and disease diagnosis in animals. Blood microsampling is a method that enables the easy drawing of blood samples from livestock and pets. These samples are then sent to laboratories for further testing. This approach extends dry blood sampling, a method for collecting blood. An example is the ‘3Rs-compliant Mitra’ microsampling device introduced by Neoteryx, which operates based on the microsampling principle. The device utilizes Neoteryx’s patented Volumetric Absorptive Micro Sampling (VAMS) technology offering more accurate and convenient off-site sampling. Diatron is among other companies exploring the microsampling trend with their Diatron Aquila hematology analyzer.
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Which Segments Play a Crucial Role in the Expansion of the Veterinary Diagnostic Equipment Market?
The veterinary diagnostic equipment market covered in this report is segmented –
1) By Product: Hematology, Immunodiagnostics, Clinical Chemistry, Molecular Testing
2) By Animal: Livestock Cattle, Domestic Pets
3) By End Users: Hospitals And Clinics, Reference Laboratories, Universities Or Research Centers, Point-Of-Care Or In-House Testing
Subsegments:
1) By Hematology: Hematology Analyzers, Hematology Reagents And Kits
2) By Immunodiagnostics: Immunoassay Analyzers, Immunoassay Reagents And Kits
3) By Clinical Chemistry: Chemistry Analyzers, Clinical Chemistry Reagents And Kits
4) By Molecular Testing: PCR (Polymerase Chain Reaction) Machines, Molecular Testing Reagents And Kits
Which Regions Are Emerging as Leaders in the Veterinary Diagnostic Equipment Market?
North America was the largest region in the veterinary diagnostic equipment market in 2023. Asia-Pacific was the second-largest region in the global veterinary diagnostic equipment market analysis. The regions covered in the veterinary diagnostic equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
How Is the Veterinary Diagnostic Equipment Market Defined Across Different Regions?
Veterinary diagnostic equipment refers to devices and instruments mainly used by veterinary practitioners in determining and identifying various disorders in animals by using various diagnostic equipment such as clinical thermometers, diagnostic lights, X-ray equipment, and certain diagnostic test kits to detect the cause of disease and determine the treatment schedule for animals.
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