Veterinary Diagnostics

Global veterinary diagnostics will increase significantly over the next five years. According to the WK Research, “Global Veterinary Diagnostics Professional Survey Report 2024, Forecast to 2029”, rising introduction of an array of government and non-government grants is expected to create advancements in animal healthcare infrastructure all over the world, which in turn, will drive revenue growth of the market. The compound annual growth rate (CAGR) for the 2024-2029 period is projected to be 11.22% base on WK Research regression analysis model.

Analysts’ Viewpoint:
“Growing alertness about zoonotic diseases, growing pet adoption, growing demand for pet insurance, growing digit for veterinary practitioners and their rising income levels, increasing animal healthcare spending, and rising order for animal-derived food products are major factors driving the growth of the Global Veterinary Diagnostics Market. Moreover, the growing use of in vitro diagnostic tests and the latest technologies, such as nanotechnology, biosensors, fluorometric diagnosis, wearables, and biomarkers is expected to boost the market growth”, said Dorothy Patel, Senior analyst, in WK Research.

Market insight:
Demand for veterinary diagnostics is further expected to increase owing to rising prevalence of infectious animal diseases. According to National Center for Biotechnology Information (NCBI), brucellosis is prevalent at high levels in cattle and buffalo, with 15.1% of big ruminants testing positive for this disease. With increased prevalence of infectious diseases in animals, demand for precise and effective disease diagnostic kits and methods also rises, which in turn, confirms hazard-free animal products, thereby driving market revenue growth.
Recent improvements in diagnostics and increasing adoption of novel procedures in most laboratories are also expected to drive market growth. A few of the novel viruses that have emerged or reemerged in the recent years include H1N1 influenza virus, avian influenza virus, dengue virus, citrus tristeza virus, and tomato yellow leaf curl virus, which have negatively affected various sectors including animal husbandry, dairy, and other industries. Major viral infections cannot be cured, although they can spread more slowly if they are detected early and closely monitored. As a result, new point-of-care testing kits and advancements in the field of virus diagnostics are required globally. CRISPR/CRISPR-associated protein (Cas) is a new technology being developed for the purposes of gene editing and advancement of diagnostics. Utilizing Cas9, Cas12, and Cas13 proteins, several fast nucleic acid diagnostic tools have been developed and validated, which increases their adoption rate in various research institutes and industries involved in animal-based products. In addition, increase in prevalence of zoonotic diseases and number of veterinarians, improvements in point-of-care diagnostic technology, and rising levels of disposable income in developing countries are other factors driving revenue growth of the market.
High cost of veterinary diagnostic kits is a major factor restraining market revenue growth. High cost of test kits accompanied by additional check-up charges delays normal check-up process of pet animals, which decreases demand for the kits, thereby affecting market revenue growth.

Competition Landscape:
On June 13 2021, Heska Corporation, a leading global provider of advanced veterinary diagnostic and specialty products, announced to sign an agreement to acquire 100% of Lacuna Diagnostics, Inc., a pioneer and market leader in point-of-care diagnostics digital cytology technology and telemedicine services. This WK Research market report is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading veterinary diagnostics companies that include: Zoetis, Heska Corp., IDEXX Laboratories Inc., Agrolabo S.p.A., IDvet, Virbac, Thermo Fisher Scientific Inc., Neogen Corp., Covetrus, iM3Vet Pty Ltd., Schiller Americas Inc.

Segmentation of Veterinary Diagnostics Market:
According to the type, the market for veterinary diagnostics is divided into: Consumables, Instruments & Devices, and Reagents & Kits. The consumables segment accounted for largest revenue share. Veterinary consumables mainly consist of veterinary drugs, which are compounds or mixtures of substances used to treat, prevent, or diagnose disease in animals. They are sometimes referred to as medical products for veterinary use, veterinary medicine, or veterinary medicinal products. In addition, rising demand for safe and high-quality animal products including meat, milk, and an array of other products is a major factor driving market revenue growth. Modern animals raising requires use of veterinary medications, such as antibiotics, antimicrobials, antihistamines, antiprotozoals, and hormones, for prophylaxis and therapy. Humans who consume meat and meat products containing residues can become contaminated with veterinary medications both directly and indirectly (via tainted feed or drinking water used by animals). Meat and meat products may contain veterinary medicine residues as a result of improper drug use and lax withdrawal period observance. Growth promoters are also used in animal husbandry to improve lean-to fat ratio and improve feed conversion efficiency, which can also be found in animal-derived foods.

According to the application, the market for veterinary diagnostics is divided into: Veterinary Hospital, Research Institutes, and Others. The veterinary hospital segment accounted for largest revenue share. Hospitals are replete with cutting-edge veterinary diagnostic devices and kits. In addition, increasing proclivity of veterinary diseases including rabies, canine cough, black quarter, and others, along with access of pet owners to ultra-modern hospital, is driving revenue growth of this segment.

Veterinary Diagnostics Market: Regional Analysis
In terms of geography, the global veterinary diagnostics market has been segmented into: North America, Asia Pacific, Europe, South America, and the Middle East and Africa. The North America market accounted for largest revenue share. Increasing number of government initiatives to promote students to serve in the veterinary health sector is a major factor driving market revenue growth in this region. For instance, MPH-VPH veterinary healthcare program at Ohio State, U.S. gives students public health credentials they need to lead zoonosis prevention and control programs throughout the country. Students will obtain knowledge of ecology and epidemiology of zoonotic and foodborne diseases in pet, livestock, and human populations. Students also study food production and distribution systems, food safety and security, and intervention techniques. In addition, increasing number of government grants to promote veterinary healthcare is another major factor driving market revenue growth in this region. For instance, American Veterinary Medical Foundation, a U.S. based charitable foundation has initiated AVMF National Veterinary Charitable Care Grant Program (NVCCGP), which provides a remedy that aids in ensuring that animals receive the care they require, while also advancing welfare of veterinary profession and the people who work in this sector. Moreover, increased government and non-government funding in the veterinary industry enhances level of infrastructural installations in various veterinary institutions, which is expected to generate a significant demand for veterinary diagnostic faculties in this region. Furthermore, introduction of hi-tech diagnostic methods to test various biological products is another factor driving revenue growth of the market. For instance, PerkinElmer Inc., a U.S. based company has its product named LactoScope 300 FT-IR Dairy Analyzer. LactoScope 300 FT-IR analyzer offers performance, accuracy, speed, and ease of use in a small package. It can analyze samples and deliver results in under 45 seconds. This sophisticated tool has a strong user interface, step-by-step processes, built-in connection, and reporting tools, so the user can get up to speed quickly and access results from any location.