Veterinary Point Of Care Diagnostics Industry Valued at $3.33 Billion by 2029 With CAGR of 13.5% | Size and Share Insights
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What Is the Forecast for the Veterinary Point Of Care Diagnostics Market from 2024 to 2025?
In the past few years, the size of the veterinary point of care diagnostics market has seen swift growth. It’s expected to increase from $1.78 billion in 2024, to $2.01 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 12.9%. This significant growth during the historical period can largely be credited to education and awareness programs, the amalgamation with telemedicine, concentration on controlling infectious diseases, regulatory backing and approvals, as well as livestock and production animal management.
What Is the Projected Market Size of the Veterinary Point Of Care Diagnostics Market?
Over the coming years, the size of the veterinary point of care diagnostics market is poised for rapid expansion. It’s projected that by 2029, it will escalate to $3.33 billion, with a compound annual growth rate (CAGR) of 13.5%. This growth throughout the predicted period is attributable to factors such as a rising pet population, emphasis on preventive healthcare, the necessity for access in remote and rural areas, customized veterinary medicine, and preparation for global health. Key trends to watch for during this forecast period are technological advancements, product innovations, as well as an increased consumer inclination for testing at home.
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Who are the Major Competitors in the Veterinary Point Of Care Diagnostics Market Outlook?
Major companies operating in the veterinary point of care diagnostics market are Zoetis Inc., IDEXX Laboratories Inc., Heska Corporation, Virbac Animal Health India Pvt Ltd, Eurolyser Diagnostica GmbH, Randox Laboratories Ltd, Anipoc Ltd, Neogen Corporation, Abaxis Inc., Alvedia, bioMérieux SA, Bionote Inc., Clindiag Systems Co. Ltd., Coris BioConcept, Creative Diagnostics, DiaSys Diagnostic Systems GmbH, Eiken Chemical Co. Ltd., Gold Standard Diagnostics Corp., Hangzhou AllTest Biotech Co. Ltd., InBios International Inc.
What Is Fueling Growth in the Veterinary Point Of Care Diagnostics Market?
The rising number of pets, also known as companion animals, is likely to fuel the growth of the veterinary point-of-care diagnostics market. Companion animals cohabitate with humans in residential areas. As the population of these animals grows, so does the need for fast and efficient veterinary point-of-care diagnostics. These diagnostics aid in quick and effective clinical decision making in terms of diagnosis, treatment choice, monitoring and prognosis. It also supports better operational decision making and resource management. According to the 2021-2022 National Pet Owners Survey by American Pet Products Association, a non-profit industry association in the USA, 70% of all US households own a companion animal. Thus, the surge in the population of companion animals is driving the growth of the veterinary point-of-care diagnostics market.
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Which Veterinary Point Of Care Diagnostics Market Segments Are Growing the Fastest?
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
Which Industry Trends Are Shaping the Future of the Veterinary Point Of Care Diagnostics Market?
Companies that play a significant role in the veterinary point-of-care diagnostics market are focusing on the creation of new veterinary analyzers to maintain their market standing. For example, Chengdu Seamaty Technology Co., Ltd, a medical equipment producer out of China, debuted four novel veterinary analyzers for pet hospitals in August 2023, underscoring the importance of on-the-spot diagnostics. These vanguard gadgets – VG2 Vet Blood Gas Electrolyte Immunoassay Analyzer, VG1 Veterinary Blood Gas & Electrolyte Analyzer, Vi1 Veterinary Fluorescence Immunoassay Analyzer, and VBC30/VBC50 Hematology Analyzers – grant swift and accurate diagnostic information for disease, immunity evaluation, and inflammation surveillance in dogs and cats. These analyzers offer user-friendly operations and portability, allowing for hassle-free incorporation into veterinary procedures. This drastically increases productivity and helps with the immediacy of decision-making for the best possible patient care.
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Which Countries Are Leading the Veterinary Point Of Care Diagnostics Market?
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.
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This Report Delivers Insight On:
1. How big is the veterinary point of care diagnostics market, and how is it changing globally?
2. Who are the major companies in the veterinary point of care diagnostics market, and how are they performing?
3. What are the key opportunities and risks in the veterinary point of care diagnostics market right now?
4. Which products or customer segments are growing the most in the veterinary point of care diagnostics market?
5. What factors are helping or slowing down the growth of the veterinary point of care diagnostics market?
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