Market Trends of Veterinary PoC (Point-of-Care) Diagnostics Industry
This section covers the major market trends shaping the Veterinary PoC (Point-of-Care) Diagnostics Market according to our research experts:
The Consumables, Reagents, & Kits Segment is Expected to Witness Significant Growth Over the Forecast Period
Consumables, reagents, & kits include the testing reagents, chemicals, plastic consumables, buffers, etc., used in the PoC diagnosis of animal samples. The rising demand for PoC testing consumables, reagents, & kits is driven by the increasing volume of diagnostic tests for zoonotic infections, cancer, and other chronic conditions. To meet the increasing demand for PoC testing, the emphasis on a continuous and elevated supply of consumables increased. For instance, in March 2022, Volition signed a supply and license agreement worth USD 28 million with Heska Corporation. Under the distribution, Heska's Nu. Q Vet Cancer Screening Test would be commercialized for canine cancer screening and monitoring at the point of care. Further, in July 2022, the Life Science business of Merck KGaA was awarded funding support to produce lateral flow membranes, which are used in PoC tests for humans as well as animals. The funding of USD 123.7 million was provided by the U.S. Department of Defense of the U.S. Department of Health and Human Services.
Therefore, the consumables, reagents, & kits segment is expected to witness significant growth over the forecast period due to the abovementioned factors.
North America is Expected to Dominate the Veterinary PoC (Point-of-Care) Diagnostics Market
North America is expected to dominate the market owing to factors such as the high number of veterinary patient visits, the developed veterinary healthcare infrastructure, and the advanced research and monitoring of veterinary diseases and therapies. According to a survey by VetSource 2021, veterinary patient visits are increasing. It was found that in 2019, 2020, and 2021, the number of companion animal patients per doctor witnessed a growth rate of 6% to 7.5% year-over-year.
The presence of leading players is one of the factors driving the growth of the veterinary PoC (point-of-care) diagnostics market. Several leading players have undertaken key developments in the region. For instance, in May 2021, Advanced Animal Diagnostics announced an investment of over USD 7 million in developing its diagnostic platforms to support the One Health Initiative. The investment would help the company advance its platforms for the PoC test decisions to manage both animal and human health. Further, in July 2021, LightDeck Diagnostics signed a contract with the Department of Defense (DOD) and the Department of Health and Human Services (HHS) worth USD 35.1 million. Under the contract, LightDeck Diagnostics would elevate the manufacturing of the PoC COVID-19 test, which gives results in just 5 minutes. These continuous developments in the region are anticipated to drive the growth of the market in the country.
Therefore, owing to the advanced veterinary medical infrastructure and the key developments by the leading players, the growth of the studied market is anticipated in the North American region.
