Vet POC Diagnostic Market Grows: 9.64% CAGR
Evolve Business Intelligence has published a research report on the Global Veterinary POC Diagnostic Market, 2023–2033. The global Veterinary POC Diagnostic market is projected to exhibit a CAGR of around 9.64%during the forecast period of 2023 to 2033.
Evolve Business Intelligence has recognized the following companies as the key players in the global Veterinary POC Diagnostic Market: Zoetis, IDEXX Laboratories, Inc., Heska Corporation, Virbac, Thermo Fisher Scientific, Inc., Eurolyser Diagnostica GmbH, Woodley Equipment Company, Randox Laboratories LTD., AniPOC, Ltd., FUJIFILM SonoSite.
More Information: https://evolvebi.com/report/veterinary-poc-diagnostic-market-analysis/
Market Highlights
The Global Veterinary POC Diagnostic market is projected to be valued at USD 4.36 Billion by 2033, recording a CAGR of around 9.64% during the forecast period. The Veterinary Point-of-Care (POC) Diagnostic Market refers to the segment of the veterinary industry focused on diagnostic tools and devices used for quick, on-site testing and analysis of animal health conditions. This market includes portable and easy-to-use instruments that enable veterinarians to perform tests and obtain results rapidly, often at the point of care, rather than sending samples to a laboratory. Key drivers of the market include increasing pet ownership, advancements in diagnostic technologies, and the need for timely and accurate diagnoses to improve animal health outcomes. The market is characterized by a range of products, including blood glucose meters, diagnostic imaging devices, and rapid test kits for various diseases and conditions.
The COVID-19 pandemic has led to supply chain disruptions leading to supply shortages or lower demand in the veterinary POC diagnostic market. The travel restrictions and social-distancing measures have resulted in a sharp drop in consumer and business spending and this pattern is to continue for some time. The end-user trend and preferences have changed due to the pandemic and have resulted in manufacturers, developers, and service providers to adopt various strategies to stabilize the company.
Segmental Analysis
The global Veterinary POC Diagnostic market has been segmented based on Product, Technology, Animal Type, End Use
Based on the Product, the market is segmented based on Consumables, Instruments. the instruments segment generally dominates. This is because diagnostic instruments, including portable devices and analyzers, are crucial for performing tests and generating results.
Based on Technology, the market has been divided into Immunodiagnostics, Clinical Biochemistry, Molecular Diagnostics, Hematology, Urinalysis, Others. immunodiagnostics typically dominate. This is due to their broad application in detecting various diseases and conditions through rapid, specific tests.
Based on the Animal Type, the market has been divided into Companion Animals, Livestock Animals. the companion animals segment generally dominates. This is due to the higher demand for frequent and personalized health monitoring and diagnostics for pets compared to livestock animals.
Based on End Use, the market has been divided into Veterinary Clinics, Veterinary Hospitals and Academic Institutes, Home Care Settings. veterinary clinics typically dominate as the largest segment. These settings frequently use POC diagnostic tools for their high volume of routine and emergency diagnostic tests.
More Information: https://evolvebi.com/report/veterinary-poc-diagnostic-market-analysis/
Regional Analysis
The Veterinary POC Diagnostic market is divided into five regions: North America, Europe, Asia-Pacific, South America, and the Middle East, &Africa. The North American region holds a dominant position in the Veterinary POC Diagnostic market. In the next years, it is anticipated that the Americas will control the majority of the market. 2019 saw this region generate $1.7 billion in revenue as a result of rising pet adoption and animal health costs. The Asia-Pacific region is witnessing rapid growth and emerging as a significant market for the Veterinary POC Diagnostic industry. The region of Asia-Pacific will grow at the fastest rate. Factors include the growing number of medical institutions in developing nations like China and India will fuel market expansion. Additionally, the major companies’ efforts in the creation and study of new products will support the expansion of the industry.
