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#How Has the Veterinary Diagnostic Equipment Market Growth Performance Trended Historically, And What Lies Ahead?

In recent years, we’ve seen a significant expansion in the size of the veterinary diagnostic equipment market. This market is projected to increase from a value of $1.4 billion in 2024 to around $1.51 billion in 2025, displaying a compound annual growth rate (CAGR) of 7.4%. The preceding growth can be credited to factors such as the rise in pet ownership, the burgeoning livestock industry, the prominence of companion animals, the need for preventive veterinary care, and increasing levels of disposable income.

What Is the Forecast for the Veterinary Diagnostic Equipment Market Size Through 2029?

The market size for veterinary diagnostic equipment is anticipated to experience significant expansion in the coming years, reaching $1.98 billion in 2029 with a compound annual growth rate (CAGR) of 7.0%. This predicted growth during the forecast period can be credited to factors such as increasing awareness about pet health, preparedness for global pandemics, heightened focus on monitoring and regulating animal diseases, and a surge in pet insurance. Key trends expected to be observed during this forecast period are the adoption of digital technology, integration of telemedicine, point-of-care testing, implementation of AI and machine learning, and adoption of environmentally-friendly practices.

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What are the Key Market Players in Veterinary Diagnostic Equipment Market and How They’re Evolving?

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 Are the Primary Growth Drivers in the Veterinary Diagnostic Equipment Market?

One of the primary growth stimulants of the veterinary diagnostic equipment market is the rise in the occurrence rate of illnesses among animals. An amplified incidence of diseases in domestic animals and pets leads to a surge in the need for improved diagnostic tools. For example, in July 2023, the World Health Organization, a global public health agency under the United Nations based in Switzerland, received notifications from 67 nations across five continents regarding the H5N1 high pathogenicity avian flu epidemics in poultry and wild birds. Over 131 million domestic birds were reported to have been culled or killed due to these outbreaks in various farms and communities in 2022. This growth in the rate of illnesses among animals fuels the demand for diagnostic equipment, thereby propelling the veterinary diagnostic equipment market.

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What Are the Leading Segments in the Global Veterinary Diagnostic Equipment Industry?

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

What Are the Key Market Trends in the Veterinary Diagnostic Equipment Industry?

Manufacturers in the veterinary diagnostic equipment sector are incorporating advanced technologies like modernized blood microsampling methods to boost accuracy, promote patient-tailored sample collection, and improve disease diagnosis in animals. Blood microsampling is a procedure which makes it easier for individuals to extract blood samples from their livestock and pets. These samples are subsequently sent to laboratories for additional diagnosis. This method is a more advanced version of dry blood sampling, a traditional blood collection technique. Neoteryx, for example, has released the ‘3Rs-compliant Mitra’ microsampling tool which utilizes microsampling concepts. The gadget employs Neoteryx’s signature Volumetric Absorptive Micro Sampling (VAMS) tech for better and precise remote sampling. Other firms like Diatron, with their Diatron Aquila hematology analyzer, are also exploring the microsampling trend.

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What Is the Regional Outlook for 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.

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This Report Delivers Insight On:

1. How big is the veterinary diagnostic equipment market, and how is it changing globally?

2. Who are the major companies in the veterinary diagnostic equipment market, and how are they performing?

3. What are the key opportunities and risks in the veterinary diagnostic equipment market right now?

4. Which products or customer segments are growing the most in the veterinary diagnostic equipment market?

5. What factors are helping or slowing down the growth of the veterinary diagnostic equipment market?

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