Veterinary POC Diagnostic Market Overview
Veterinary POC Diagnostic Market Size is expected to reach USD 4.36 Billion by 2033. The Veterinary POC Diagnostic industry size accounted for USD 1.74 Billion in 2023 and is expected to expand at a compound annual growth rate (CAGR) of 9.64% from 2023 to 2033. 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.
Global Veterinary POC Diagnostic Market Synopsis
COVID-19 Impact Analysis
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.
Global Veterinary POC Diagnostic Market Dynamics
The major factors that have impacted the growth of Veterinary POC Diagnostic are as follows:
Drivers:
⮚    Advancements in Diagnostic Technology
Technological innovations in diagnostic tools have significantly enhanced the capabilities of POC diagnostics. Developments in miniaturized devices, biosensors, and digital health technologies have made it possible to perform complex tests with portable equipment, improving the accuracy and speed of diagnostics in a veterinary setting.
Restraint:
- Technical Limitations
Despite advancements in technology, POC diagnostic devices may have limitations in terms of accuracy, sensitivity, and specificity compared to traditional laboratory tests. These technical constraints can affect the reliability of results and limit the scope of conditions that can be diagnosed accurately using POC tools.
Opportunity:
⮚    Technological Innovations
Advances in technology, such as improvements in biosensors, microfluidics, and artificial intelligence, offer significant opportunities for developing more accurate, efficient, and user-friendly POC diagnostic devices. Innovations in these areas can lead to the creation of advanced tools that provide faster results and can diagnose a wider range of conditions, meeting the growing demand for sophisticated diagnostic solutions.
Veterinary POC Diagnostic Market Segment Overview
By Product
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.
By Technology
Based on Technology, the market has been divided into Immunodiagnostics, Clinical Biochemistry, Molecular Diagnostics, Hematology, Urinalysis, Others. immunodiagnostics typically dominates. This is due to their broad application in detecting various diseases and conditions through rapid, specific tests.
By Animal Type
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.
By End Use
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.
Global Veterinary POC Diagnostic Market Regional Analysis
Based on region, the market has been divided into North America, Europe, Asia-Pacific, the Middle East & Africa, and Latin America. The area of North America is anticipated to dominate the market for the usage of Veterinary POC Diagnostic, followed by those in Asia-Pacific and Europe.
Veterinary POC Diagnostic North America Market
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.
Veterinary POC Diagnostic Asia Pacific Market
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.
Competitive Landscape
The competitive landscape includes key players (tier 1, tier 2, and local) having a presence across the globe. Companies such as Zoetis, IDEXX Laboratories, Inc., Heska Corporation, Virbac, and Thermo Fisher Scientific, Inc. are some of the leading players in the global Veterinary POC Diagnostic Industry. These players have adopted partnership, acquisition, expansion, and new product development, among others as their key strategies.
Key Market Players:
- Zoetis
- IDEXX Laboratories, Inc.
- Heska Corporation
- Virbac
- Thermo Fisher Scientific, Inc.
- Eurolyser Diagnostica GmbH
- Woodley Equipment Company
- Randox Laboratories LTD.
- AniPOC, Ltd.
- FUJIFILM SonoSite
Key Development:
IDEXX Laboratories in 2019 announced the launch of the canine Progesterone Test for the Catalyst One Chemistry and Catalyst Dx Analysers.
Scope of the Report
Global Veterinary POC Diagnostic Market, by Product
- Consumables
- Instruments
Global Veterinary POC Diagnostic Market, by Technology
- Immunodiagnostics
- Clinical Biochemistry
- Molecular Diagnostics
- Hematology
- Urinalysis
- Others
Global Veterinary POC Diagnostic Market, by Animal Type
- Companion Animals
- Livestock Animals
Global Veterinary POC Diagnostic Market, by End Use
- Veterinary Clinics
- Veterinary Hospitals and Academic Institutes
- Home Care Settings
Global Veterinary POC Diagnostic Market, by Region
- North America
- US
- Canada
- Mexico
- Europe
- UK
- Germany
- France
- Italy
- Spain
- Benelux
- Nordic
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- Indonesia
- Austalia
- Malaysia
- India
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- Saudi Arabia
- UAE
- Egypt
- South Africa
- Rest of Middle East & Africa
Parameters | Indicators |
---|---|
Market Size | 2033: USD 4.36 Â Billion |
CAGR (2023-2033) | 9.64% |
Base year | 2022 |
Forecast Period | 2023-2033 |
Historical Data | 2021 (2017 to 2020 On Demand) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Key Segmentations | Product, Technology, Animal Type, End Use |
Geographies Covered | North America, Europe, Asia-Pacific, South America, Middle East, Africa |
Key Vendors | Zoetis, IDEXX Laboratories, Inc., Heska Corporation, Virbac, Thermo Fisher Scientific, Inc., Eurolyser Diagnostica GmbH, Woodley Equipment Company, Randox Laboratories LTD., AniPOC, Ltd., FUJIFILM SonoSite. |
Key Market Opportunities | growing companion animal population.
rising demand for pet insurance & growing animal health expenditure. |
Key Market Drivers |  growing prevalence of animal zoonotic diseases.· Increasing number of veterinary practitioners.· Increase in income levels in developed economies |
REPORT CONTENT BRIEF:
- High-level analysis of the current and future Veterinary POC Diagnostic Industry trends and opportunities
- Detailed analysis of current market drivers, restraining factors, and opportunities analysis in the future
- Historical market size for the year 2021, and forecast from 2023 to 2033
- Veterinary POC Diagnostic market share analysis for each segment
- Competitor analysis with a comprehensive insight into its product segment, financial strength, and strategies adopted.
- Identifies key strategies adopted by the key players including new product development, mergers and acquisitions, joint ventures, collaborations, and partnerships.
- To identify and understand the various factors involved in the global Veterinary POC Diagnostic market affected by the pandemic
- To provide year-on-year growth from 2022 to 2033
- To provide short-term, long-term, and overall CAGR comparison from 2022 to 2033.
- Provide Total Addressable Market (TAM) for the Global Veterinary POC Diagnostic Market.