Veterinary Diagnostics Market Size (2024 - 2029)

Veterinary Diagnostics Market Analysis

The Veterinary Diagnostics Market size is estimated at USD 7.94 billion in 2024, and is expected to reach USD 12.55 billion by 2029, growing at a CAGR of 9.57% during the forecast period (2024-2029).

The outbreak of COVID-19 has had a substantial impact on the veterinary diagnostics market because government regulations led to the suspension of various healthcare services, including veterinary diagnostics services. For instance, an article published by the JAAWS, in February 2022 reported that COVID-19 led to the shutting down of 70% of veterinary clinics in Canada and the US in 2020. Thus, initially, the studied market's growth was hampered due to the suspension of veterinary diagnostic services to minimize the COVID-19 infection. However, in the current scenario, it is anticipated that the decreasing COVID-19 cases leading to the resumption of veterinary diagnostic services and a significant increase in pet adoption reported after the lockdown will lead to the stable growth of the studied market over the forecast period.

The factors driving the growth of the studied market are the increased pet adoption and animal healthcare expenditure, rising incidence of zoonotic diseases, and the growing number of veterinary practitioners and disposable income in developing regions. For instance, in May 2022, Canada's 2021 Census of Agriculture report stated that farms in Canada reported a 3.4% increase in the number of hogs and pigs from the previous year (2020). In 2021, there were 14.6 million hogs and pigs in Canada. Similarly, the National Pet Owners Survey 2021-2022, conducted by the APPA, reported that the annual expenditure on routine visits for dogs accounts for USD 242 compared to USD 178 for cats in the United States. As a result, the increased pet and livestock adoption coupled with increasing animal healthcare expenditure are driving the growth of the studied market.

The number of zoonotic disease cases in animals has risen significantly in recent years. With the rise in the number of cases, the necessity to treat the disorders has also risen extensively, which is expected to propel the growth of the veterinary diagnostic market. For instance, an article published by WHO in July 2022, reported that Africa is facing a growing risk of outbreaks caused by zoonotic pathogens, such as the monkeypox virus which originated in animals and then switched species and infected humans. There has been a 63% increase in the number of zoonotic outbreaks in the region in the decade. The same source also reported that from 1 January 2022 to 8 July 2022 there have been 2,087 cumulative monkeypox cases, of which only 203 were confirmed. Thus, the increase in zoonotic diseases in animals is increasing the demand for veterinary diagnostics, thereby driving the growth of the studied market.

Furthermore, the expansion by the market players is also boosting the market's growth. For instance, in November 2021, Aviagen India expanded its veterinary diagnostic laboratory in Tamil Nadu. The laboratory monitors the health of the Aviagen breeding stock regularly. Thus, such expansion increases the facility available for veterinary diagnosis and contributes to the market's growth.

Thus, due to the increased pet adoption and animal healthcare expenditure, rising incidence of zoonotic diseases, are driving the growth of the market. However, the high cost of pet care and imaging devices and the lack of veterinarians are impeding the veterinary diagnostics market growth.

Veterinary Diagnostics Industry Segmentation

As per the scope of this report, veterinary diagnostics provide medical diagnostic testing for infectious agents, toxins, and other causes of diseases in animal diagnostic samples. The Veterinary Diagnostics Market is Segmented by Product (Instruments, Kits & Reagents, and Software & Services), Technology (Immunodiagnostics, Molecular Diagnostics, Hematology, and Other Technologies), Animal Type (Companion Animals (Dogs, Cats, and Other Companion Animals) and Livestock Animals (Cattle, Swine, Poultry and Other Livestock Animals)), and Geography (North America, Europe, Asia-Pacific, Middle East, Africa, and South America). The market report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (USD million) for the above segments.