Future Outlook of the Veterinary Point Of Care Diagnostics Market: Growth, Trends, and Emerging Opportunities Explored
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What is the Expected Growth Rate of the Veterinary Point Of Care Diagnostics Market Based on Industry Projections?
The dimension of the veterinary point of care diagnostics market has experienced swift expansion in the last few years. It is projected to increase from $1.78 billion in 2024 to $2.01 billion in 2025, with a compound annual growth rate (CAGR) of 12.9%. The development during the historic period can be credited to educational and awareness initiatives, integration with telehealth, emphasis on managing infectious diseases, regulatory backing and confirmations, and management of livestock and production animals.
In the coming years, the market size for veterinary point of care diagnostics is anticipated to witness notable expansion. The market is projected to reach approximately $3.33 billion by 2029, growing at a compound annual growth rate (CAGR) of 13.5%. The expected growth during the forecast period can be credited to factors such as an increasing pet population, emphasis on preventive healthcare, the necessity for access in remote and rural locations, the rise of personalized veterinary medicine, and preparedness for global health crises. Technological advancements, product innovations, and a shift towards home testing are some major trends to look out for in this period.
Which Macro and Microeconomic Factors Are Accelerating the Growth 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. These are pets that cohabitate with humans. The surge in the population of such animals is amplifying the need for veterinary point-of-care diagnostics, which facilitates quicker clinical verdicts regarding diagnosis, selection of treatments, monitoring, prognosis, along with operational conclusions and efficient use of resources. For instance, the 2021-2022 National Pet Owners Survey of the American Pet Products Association, a non-profit industry group based in the US, has found that companion animals are present in 70% of US households. Consequently, the rising population of companion animals is stimulating growth in the veterinary point-of-care diagnostics market.
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What Companies Are At the Forefront of Innovation in the Veterinary Point Of Care Diagnostics Market?
Major companies operating in the veterinary point of care diagnostics market are:
• Zoetis Inc._x000D_
• IDEXX Laboratories Inc._x000D_
• Heska Corporation_x000D_
• Virbac Animal Health India Pvt Ltd_x000D_
• Eurolyser Diagnostica GmbH_x000D_
How Are Emerging Trends in Consumer Behavior Affecting the Veterinary Point Of Care Diagnostics Market?
Prominent businesses functioning in the veterinary point-of-care diagnostics industry are emphasizing the creation of advanced veterinary analyzers to bolster their market standing. For instance, Chengdu Seamaty Technology Co., Ltd., a China-based medical apparatus production enterprise, unwrapped four exceptional veterinary analyzers in August 2023. These devices are specifically created for pet hospitals, accentuating the importance of immediate on-site diagnostics. The novel devices comprise of the VG2 Vet Blood Gas Electrolyte Immunoassay Analyzer, VG1 Veterinary Blood Gas & Electrolyte Analyzer, Vi1 Veterinary Fluorescence Immunoassay Analyzer, as well as the VBC30/VBC50 Hematology Analyzers. They provide quick and accurate analysis for issues related to diseases, immunity evaluation and inflammation tracking in dogs and cats. Their easy-to-use interfaces, coupled with their portable nature, allow these analyzers to be smoothly integrated into veterinary procedures thereby increasing productivity and assisting in quick decision making for superior patient care.
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Which Segments Play a Crucial Role in the Expansion of the Veterinary Point Of Care Diagnostics Market?
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
What Regions Are Propelling Growth in the Veterinary Point Of Care Diagnostics Industry?
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.
How Is the Veterinary Point Of Care Diagnostics Market Categorized and Defined in the Industry?
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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