Veterinary Diagnostics Market Size Hit USD 168.88 Billion at a CAGR of 13.6% In 2032

The global veterinary diagnostics market size was USD 53.6 Billion in 2022 and is expected to register a revenue CAGR of 13.6% over the forecast period, according to the latest report by Reports and Data.

In order to ensure food safety, there is an increased need for effective diagnosis and control of animal illnesses due to the rising demand for commodities produced from animals, such as milk, meat, and eggs.

Moreover, the introduction of innovative diagnostic procedures and equipment that provide rapid and precise findings is another driver driving market revenue growth. For example, Point-Of-Care Testing (POCT) instruments have grown in popularity since they allow for the rapid and accurate diagnosis of a wide range of animal illnesses while saving time and money when compared to traditional laboratory testing.

Another factor driving market revenue growth is the rising use of in-house diagnostic testing equipment, which allows veterinarians to conduct tests in their own clinics and hospitals and provide faster diagnosis and treatment for animals. Government efforts that enhance animal health and welfare, such as vaccination campaigns, are also driving demand for veterinary diagnostics.

Companies profiled in the market report are The 3M Company, Dentsply Sirona, Envista, Align Technology, Inc., Argen.com., TP Orthodontics, Inc., Henry Schein, Inc., Institut Straumann AG, SmileDirectClub, and Angel Aligner.

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Market Overview:

The research report assesses the market dynamics, market landscape, company profiles, production and manufacturing capacity, year-on-year growth rate, SWOT analysis, and Porter’s Five Forces analysis. The report estimates the market size, market growth, and provides an accurate forecast for the key segments of the market for the forecast period of 2023-2032. The report also covers an in-depth analysis of the key competitors of the market, along with their growth strategies and business expansion plans.

The Veterinary Diagnostics Market has been segmented into key regions of the world and offers an analysis of growth rate, market share, market size, current and emerging trends, production and consumption ratio, industrial chain analysis, demand and supply, import and export, revenue contribution, and presence of key players in each region. A country-wise analysis of the market is offered in the report to gain a better understanding of the regional spread and progress of the Veterinary Diagnostics Market.

Further key findings from the report suggest,

• In 2022, the consumables segment accounted for a significantly large revenue share of the worldwide veterinary diagnostics market. This is due to an increase in the usage of consumables such as test kits, reagents, and other supplies, which are critical components of diagnostic testing. These consumables are used in a variety of diagnostic procedures to identify and diagnose various illnesses and disorders in animals, including haematology, immunodiagnostics, molecular diagnostics, clinical chemistry, and others. Furthermore, the rising frequency of zoonotic illnesses, combined with the adoption of companion animals, has increased demand for veterinary diagnostic tests, propelling revenue growth in this area.
• During the forecast period, the veterinary clinics segment accounted for the biggest revenue share in the worldwide veterinary diagnostics market. This is related to increased pet ownership, the incidence of zoonotic infections, and increased pet owner knowledge of the significance of routine veterinary check-ups.
• Over the projection period, the North American market held the biggest revenue share in the worldwide veterinary diagnostics market. This is because the region’s pet adoption rate is increasing, as is public awareness of animal health. Furthermore, the abundance of veterinary diagnostics enterprises in this area is likely to fuel market revenue development.
• Some of the prominent players profiled in the global veterinary diagnostics market include IDEXX Laboratories, Inc., Zoetis Inc., Heska Corporation, Neogen Corporation, Thermo Fisher Scientific Inc., Virbac, IDvet, Abaxis, Inc., and Biomérieux SA.
• Zoetis Inc. purchased ZNLabs, a veterinary reference laboratory that specialises in diagnostic testing for companion animals, on November 22, 2019. The goal of this purchase was to broaden Zoetis’ diagnostics services and increase its position in the veterinary diagnostics industry.

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For the purpose of this report, Reports and Data has segmented the global veterinary diagnostics market on the basis of Product Type Outlook, End-use Outlook, and Regional Outlook:

Product Type Outlook (Revenue, USD Billion; 2022 – 2032)

• Instruments
• Consumables
• Others

End-use Outlook (Revenue, USD Billion; 2022 – 2032)

• Veterinary Clinics
• Reference Labs
• Academic Institutions
• Others

Regional Outlook (Revenue, USD Billion; 2022-2032)

• North America
  • U.S.
  • Canada
  • Mexico
• Europe
  • Germany
  • U.K.
  • France
  • Italy
  • Spain
  • Sweden
  • BENELUX
  • Rest of Europe
• Asia-Pacific
  • China
  • India
  • Japan
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Rest of LATAM
• Middle East & Africa
  • Saudi Arabia
  • UAE
  • South Africa
  • Israel
  • Rest of MEA

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 Key Advantages of Veterinary Diagnostics Market Report:

• Identification and analysis of the market size and competition
• Qualitative and quantitative analysis of the market data
• Data validated by industry experts after extensive primary and secondary research
• Extensive regional analysis of the Veterinary Diagnostics industry
• Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
• SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
• Feasibility analysis and investment analysis to enable strategic investment decisions
• Analysis of opportunities, drivers, restraints, challenges, risks, and limitations

Conclusively, all aspects of the Veterinary Diagnostics Market are quantitatively as well qualitatively assessed to study the global as well as regional market comparatively. This market study presents critical information and factual data about the market providing an overall statistical study of this market on the basis of market drivers, limitations and its future prospects.

About Us:

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.

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