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The Global Animal Health Diagnostics Market size is estimated to grow by USD 1,956.81 million between 2022 and 2027 accelerating at a CAGR of 9.63% during the forecast period. The growth of the market depends on several factors, including the increase in pet humanization, rising awareness about zoonotic diseases, and increasing dependency on livestock products.
This market report extensively covers market segmentation by type (livestock and companion), end-user (veterinary hospitals, veterinary clinics, and diagnostic centers), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increase in pet humanization is the key factor driving the global animal health diagnostics market growth. One of the key growth drivers of the global market is the increasing humanization of pets by families. Humanization refers to the treatment of pets like members of the family. With millennials, the practice of keeping pets for functional purposes is decreasing. Instead, pets are increasingly adopted as members of urban families. For instance, today, most people do not expect their dogs to sleep outside the house and protect them.
They are made to sleep alongside the owner. With increasing financial freedom and delay in having children, millennials are increasingly choosing pet adoption and their humanization. Moreover, pet owners are increasingly concerned about the health, wellness, and look of their pets. New-age pet owners try to match their pets' diets with theirs in terms of nutritional value. Their concern for their pets drives the demand for animal health diagnostics. Thus, the increase in pet humanization will lead to high animal health diagnostics and, in turn, will drive the market in focus during the forecast period.
The growing preference for health monitors is the primary trend in the global animal health diagnostics market. Major animal health companies are creating opportunities for technology to penetrate both the pet sector and the livestock industry by sourcing their innovations from startups. The Internet of Things is changing the way in which animal healthcare was approached previously. In the pet sector, there is a rise in demand for health monitors and wearable activity, as well as video-enabled engagement and remote monitoring.
There are several monitoring solutions available for livestock that offer robust data analytics that assists in determining real-time insight on when an animal can be intervened for feeding and healthcare. The analysis of new data from both sectors is improving communication with vets, thus, giving rise to several telemedicine applications. Such factors will increase the market growth during the forecast period.
The rising cost of animal healthcare is a major challenge to the global animal health diagnostics market growth. The cost of routine and surgical vet visits has increased significantly. There is a large percentage of pet owners in the US that are below the poverty line and cannot afford the high veterinarian costs. The majority of such pets do not have access to proper veterinarian care. Vet incomes are one of the major reasons for the rising costs.
Other reasons for the high veterinarian cost include more advanced technology, increased preventive care, and liability concerns among doctors. There are certain solutions to address the rising pet care cost. For instance, pet insurance is a cost-saving tool for serious pet issues. Also, there are several non-profit organizations, such as PAWS, that offer treatments, including neutering, spaying, and vaccination, at low prices. Rising pet cost restricts the adoption of pets. Moreover, certain pet owners do not take their pets to the veterinarian for small health issues to avoid the cost. However, such practices by owners can lead to major health problems for their pets.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Animal Health Diagnostics Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the veterinary diagnostics market.
bio-rad - The company offers animal health diagnostics such as Antimicrobial Susceptibility Testing, Rabies Diagnosis Testing.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The veterinary diagnostics market share growth by the livestock segment will be significant during the forecast period. Livestock plays a crucial economic and socio-cultural role, especially in rural households, as it serves as a source of income, food supply, asset saving, employment, and livelihood. It also helps retain soil fertility and maintain agricultural traction and agricultural diversification along with sustainable agricultural production. Livestock production is closely interrelated with crop production. The use of livestock and its sub-product, manure, is crucial to improving crop production. Manure improves soil structure and fertility along with water retention, while livestock is a source of draught animal power. Livestock is also used for transporting agricultural inputs and outputs along with people.
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The livestock segment was valued at USD 1,382.46 million in 2017 and continue to grow by 2021. In several developing countries, there are various difficulties associated with sustainable animal production as it is affected by limited public sector investment and ineffective and weak support services. Programs are often designed inadequately, which leads to fragmented and inefficient allocation of development resources. In many countries, policies related to livestock are often incoherent, with little assessment of their possible impact. The lack of integrated and consistent strategies focusing limited resources on attainable goals is a major constraint to livestock development. As infectious diseases are highly prevalent in livestock, immunodiagnostics and molecular diagnostic test kits and reagents register significant demand in the global veterinary diagnostics market.
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North America is projected to contribute 58% by 2027. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. North America is the most significant contributor to the veterinary diagnostics market. The rising humanization of dogs and cats is the main factor driving the market in the Americas. The population in the US is varied, and with the rise in the number of millennials, there is an increase in the adoption of pets. Rising health consciousness among millennials is driving the need for efficient healthcare for their pets, thereby affecting the growth of the market in the region.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. COVID-19 led to an upsurge in the demand for North America. However, in 2021, the demand for veterinary diagnostics market monitoring equipment rebounded as manufacturing activities were reopened owing to COVID-19 vaccination drives. These factors are anticipated to drive the growth of the regional veterinary diagnostics market during the forecast period.
The animal health diagnostics market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Animal Health Diagnostics Market Scope |
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Report Coverage |
Details |
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Page number |
161 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 9.63% |
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Market growth 2023-2027 |
USD 1,956.81 million |
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Market structure |
Fragmented |
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YoY growth (%) |
9.06 |
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Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
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Performing market contribution |
North America at 58% |
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Key countries |
US, Canada, UK, Germany, and China |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Bio Rad Laboratories Inc., Bio X Diagnostics SA, BioNote Inc., Eurofins Scientific SE, Eurolyser Diagnostics GmbH, FUJIFILM Corp., Heska Corp., Id Vet India Pvt. Ltd., IDEXX Laboratories Inc., INDICAL Bioscience GmbH, Neogen Corp., Randox Laboratories Ltd., Shenzhen Mindray BioMedical Electronics, SWISSAVANS AG, Teco Diagnostics, URIT Medical Electronic Co. Ltd., VCA Inc., Virbac Group, Zoetis Inc., and Thermo Fisher Scientific Inc. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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