Veterinary Point Of Care Diagnostics Market Forecast Reaching $3.33 Billion by 2029 at 13.5% CAGR
Discover trends, market shifts, and competitive outlooks for the veterinary point of care diagnostics industry through 2025-2034 with The Business Research Company’s reliable data and in-depth research
#What Are the Key Projections for the CAGR of the Veterinary Point Of Care Diagnostics Market Size From 2025 to 2034?
Over the past few years, the size of the veterinary point of care diagnostics market has witnessed swift expansion. The market growth is forecasted to rise from $1.78 billion in 2024 to $2.01 billion in 2025, with a compound annual growth rate (CAGR) of 12.9%. The increase during this historic period is due to factors such as education and awareness campaigns, connection with telemedicine, attention to infectious disease management, regulatory backing and permissions, as well as livestock and production animal supervision.
Expectations suggest a swift expansion for the veterinary point of care diagnostics market in the upcoming years, enlarging to $3.33 billion in 2029 with a compound annual growth rate (CAGR) of 13.5%. The growth prediction for this period is contributed by factors such as a rise in pet population, focus on preventive healthcare, the necessity for remote and rural access, tailor-made veterinary medicine, and global health readiness. The estimated growth period will also witness major trends such as technological advancements, innovative products, and a shift towards home testing in consumer preference.
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Which Major Market Drivers Are Expected to Boost the Growth Potential of the Veterinary Point Of Care Diagnostics Market?
The growth of the veterinary point-of-care diagnostics market is anticipated to be driven by the rising population of companion animals. Companion animals are pets that cohabitate with humans. The upsurge in their numbers is fueling the need for veterinary point-of-care diagnostic tools, which expedite clinical decision-making in diagnosis, selection of treatment, monitoring, prognosis, as well as efficient utilization of resources. For example, the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association, a non-profit industry association based in the US, revealed that companion animals are present in 70% of all American households. Hence, the growth in the companion animal population is a key contributor to the expansion of the veterinary point-of-care diagnostics market.
Which Key Market Segments Comprise the Veterinary Point Of Care Diagnostics Market and Drive Its Revenue Growth?
The veterinary point of care diagnostics market covered in this report is segmented –
1) By Product: Consumables, Reagents And Kits, Instruments And Devices
2) By Animal Type: Companion Animals, Livestock Animals
3) By Disease: Infectious Diseases, Metabolic Diseases, Other Diseases
4) By Technology: Immunodiagnostics, Clinical Biochemistry, Molecular Diagnostics, Hematology, Urinalysis, Other Technologies
5) By End User: Veterinary Clinics, Veterinary Hospitals And Academic Institutes, Home Care Settings
Subsegments:
1) By Consumables: Test Strips, Blood Collection Tubes, Urine Test Strips, Microbial Culture Media
2) By Reagents And Kits: Enzyme-Linked Immunosorbent Assay (ELISA) Kits, PCR Reagents, Rapid Test Kits, Diagnostic Assay Kits
3) By Instruments And Devices: Portable Analyzers, Diagnostic Imaging Devices, Hematology Analyzers, Biochemical Analyzers
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Which Areas Are Leading Regions in the Veterinary Point Of Care Diagnostics Market Expansion Across the Globe?
North America was the largest region in the veterinary point of care diagnostics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the veterinary point of care diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Are the Key Market Trends in the Veterinary Point Of Care Diagnostics Market Over the Coming Years?
Leading businesses in the veterinary point-of-care diagnostics industry are innovating new veterinary analyzers to maintain market dominance. For example, in August 2023, Chengdu Seamaty Technology Co., Ltd, a medical equipment manufacturer from China, introduced four cutting-edge veterinary analyzers tailored for pet healthcare facilities, underlining the criticality of in-house diagnostics. These state-of-the-art devices, namely the VG2 Vet Blood Gas Electrolyte Immunoassay Analyzer, VG1 Veterinary Blood Gas & Electrolyte Analyzer, Vi1 Veterinary Fluorescence Immunoassay Analyzer, and VBC30/VBC50 Hematology Analyzers, offer quick and precise diagnostic insights into diseases, immune system evaluations, and inflammation tracking in dogs and cats. These analyzers, with their intuitive interfaces and compact designs, can be effortlessly incorporated into veterinary processes, thereby improving efficiency and enabling swift decision-making for the best possible patient care.
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How Is the Veterinary Point Of Care Diagnostics Market Conceptually Defined?
Veterinary point-of-care diagnostics are used for real-time animal health diagnostics, providing clinically meaningful information in clinical practice without relying on clinical laboratory results. It reduces the turnaround time (TAT) of animal test results for clinicians and patients in the prescribed treatment course.
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