Veterinary Diagnostics Market is a rapidly growing sector in the healthcare industry, with a projected global value of $ 2.8 billion USD in 2022 and a projected compound annual growth rate of 9.2 % through 2027. This growth is largely driven by the increasing demand for accurate and reliable diagnostic techniques in the veterinary sector and the development of innovative technologies such as PCR, ELISA, and digital imaging.
Veterinarians are increasingly turning to diagnostic tools to identify and treat diseases in animals and to monitor the health of their patients. Diagnostic tests are used to detect diseases in animals, monitor their response to treatment, and prevent the spread of disease through the identification of potential carriers. Diagnostic tests can also be used to evaluate the health of an animal prior to purchase, identify genetic abnormalities, or determine the effectiveness of a vaccine.
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The leading players in the veterinary diagnostics market include IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Heska Corporation (US), Thermo Fisher Scientific Inc. (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), bioMérieux SA (France), Virbac (France), FUJIFILM Holdings Corporation (Japan), Shenzhen Mindray Animal Medical Technology Co. Ltd. (China), INDICAL BIOSCIENCE GmbH (Germany), BioNote, Inc. (South Korea), Biogal Galed Labs (Israel), Agrolabo S.p.A. (Italy), IDvet (France), Randox Laboratories Ltd. (Ireland), BioChek (Netherlands), Fassisi GmbH (Germany), Alvedia (France), SKYER, Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), Biopanda Reagents (UK), Precision Biosensor Inc. (South Korea), Skyla Corporation (China), and EUROIMMUN Medizinische Labordiagnostika AG (Germany).
Veterinarians are increasingly turning to diagnostic tools to identify and treat diseases in animals and to monitor the health of their patients. Diagnostic tests are used to detect diseases in animals, monitor their response to treatment, and prevent the spread of disease through the identification of potential carriers. Diagnostic tests can also be used to evaluate the health of an animal prior to purchase, identify genetic abnormalities, or determine the effectiveness of a vaccine.
Growth Drivers: Increasing disease control disease prevention measures.
With previous epidemic outbreaks, there has been increased vigilance regarding the re-emergence of diseases that have been declared eradicated. In 2011, rinderpest (caused by the virus Rinderpest Morbillivirus) was declared eradicated by the UN FAO and the World Organization for Animal Health (OIE). However, both agencies urged countries to remain vigilant for its re-emergence. The Global Rinderpest Action Plan includes optimizing diagnostic tools to help in emergencies, which involves constant diagnostic checks as a preventive measure.
Growth Opportunities: Increased use of PCR testing panels to rule out COVID-19 virus in animals.
Amidst the current COVID-19 pandemic, animal health authorities have been carrying out tests to understand how the virus affects animals. So far, research studies have shown that felines are more susceptible than other animals. Testing also shows that the virus spreads less from animal to animal as opposed to human-human or human-animal.
The growing demand for accurate and reliable diagnostic tools and services in the veterinary sector is expected to drive the growth of the veterinary diagnostics market in the coming years. Additionally, the increasing prevalence of zoonotic diseases, the rising awareness of animal welfare, and the growing demand for pet insurance are expected to further propel the market growth.
Overall, the veterinary diagnostics market is expected to experience substantial growth in the coming years due to the increasing demand for accurate and reliable diagnostic tools and services in the veterinary sector. The leading players in the market are investing in research and development to provide innovative solutions for the diagnosis and treatment of animal diseases.
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Recent Developments
- In September 2021, Heska Corporation acquired Biotech Laboratories to strengthen its portfolio of rapid assay point-of-care diagnostics.
- In January 2021, Heska Corporation acquired Lacuna Diagnostics to strengthen its portfolio of point-of-care digital cytology technology and telemedicine services.
- In July 2020, Zoetis acquired Virtual Recall to strengthen its product portfolio and help veterinary practices improve their service offerings and communication with pet owners.
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