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The global animal health diagnostics market size is estimated to grow by USD 2.46 billion at a CAGR of 10.38% between 2023 and 2028.
Increasing humanization of pets by families is one of the key growth drivers of the market. Humanization refers to the treatment of pets like members of the family. With millennials, the practice of keeping pets for functional purposes is decreasing. Diagnostic tests play a crucial role in preventive healthcare by identifying health concerns before they become serious. Pet owners are paying more attention to the specific nutritional needs of their pets. Diagnostic tests may be used to assess a pet's health condition and tailor nutritional plans for individual animals, considering factors such as age, breed, and existing health issues. 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 will drive the market during the forecast period. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historical data from 2018-2022, besides analyzing the current market scenario.
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The market share growth by the companion segment will be significant during the forecast period. Pet owners are increasingly embracing a proactive approach to healthcare for their animals. Routine diagnostic screenings and preventive measures are becoming more common, contributing to the demand beyond illness diagnosis, including early detection and wellness monitoring. It is estimated that over three-fifths of households in the US have one or more companion animals.
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The companion segment was the largest and was valued at USD 1.30 billion in 2018. These animals play an important part in the lives of their owners. Apart from providing companionship, they also provide a sense of responsibility to the owners. Factors such as the rising awareness of the importance of companion animals are also leading to their adoption. Pets are an important part of the emotional quotient of many people. Thus, the importance of pets in the lives of their owners prompts them to spend on animal healthcare, thus driving the growth of the segment and, subsequently, the market. The prevalence of chronic diseases, genetic disorders, and age-related conditions in companion animals has increased. This has led to a greater need for accurate and timely diagnostic testing to identify and manage these health issues, which may boost the growth of the global market during the forecast period.
Veterinary hospitals are equipped to offer a wide range of healthcare services to animals, ranging from routine checkups and vaccinations to complex surgeries. Veterinary hospitals use diagnostic tools to identify and diagnose various diseases and health conditions in animals. This includes blood tests, imaging (X-rays, ultrasounds), microbiological tests, and other laboratory procedures. Veterinary hospitals emphasize preventive medicine to maintain the health and well-being of animals. In veterinary hospitals, diagnostics are frequently used to assess the reproductive health of animals, including pregnancy detection, fertility evaluations, and monitoring of reproductive diseases. Veterinary hospitals may offer specialized diagnostic services, such as genetic testing, advanced imaging (MRI, CT scans), and specialized laboratory tests to provide more in-depth information about specific health conditions. As the demand for veterinary services continues to grow with increasing pet ownership and awareness of animal health, veterinary hospitals will likely remain a significant segment of the market during the forecast period.
Veterinary clinics also make a significant contribution to the market. The growing focus on offering customer-friendly outpatient services has increased the demand for veterinary clinics. These clinics provide services that range from simple checkups and dental care to surgical procedures. Urbanization trends and population growth in urban areas have led to higher concentrations of pet owners seeking veterinary services. Veterinary clinics in urban areas are experiencing growth as they cater to the healthcare needs of a larger pet-owning population. Veterinary clinics use diagnostic results to educate pet owners about their animals' health. Understanding diagnostic findings helps pet owners make informed decisions about their pets' care and well-being. The use of animal health diagnostics tests in these settings facilitates timely and accurate healthcare decisions for pets, contributing to overall pet wellness and satisfaction for pet owners, thereby driving market growth.
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North America is estimated to contribute 39% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers will shape the market during the forecast period. North America is the most significant contributor to the 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.
In addition, the US is also among the top beef-producing countries in the world. Hence, it becomes crucial to ensure that animals are free from diseases to avoid zoonotic disease transfer to humans. Further, government initiatives for enhancing animal health and the implementation of regulations for safety assurance are also benefitting the market. For instance, the US government regulates biologics, feed additives, and pharmaceuticals used in animals. Such factors are expected to drive the regional market growth during the forecast period.
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Bio Rad Laboratories Inc. - The company offers such as Antimicrobial Susceptibility Testing, Rabies Diagnosis Testing, TSE Testing, and Zoonosis Monitoring.
Qualitative and quantitative analysis of companies 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 companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
There are multiple factors influencing market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, market trends and analysis, and challenges.
Rising awareness about zoonotic diseases is notably driving market growth. A disease that can be transmitted from animals to humans is known as zoonosis. The transmission of disease occurs when an animal infected with viruses, bacteria, parasites, and fungi comes in contact with humans. There are over 200 diseases that are classified as zoonoses. Some common examples of such diseases include wildlife-transmitted illnesses such as rabies, tick-borne illnesses such as Lyme disease, and farm animal-transmitted diseases such as bovine tuberculosis from cattle. Also, the concept of preventive healthcare is gaining popularity across regions.
However, professional and public education can further reduce the infection of zoonotic diseases. Locally, veterinarians are also required to report any incidence of zoonotic diseases that might lead to an outbreak. The rise in awareness about such diseases has resulted in individuals visiting veterinarians regularly to reduce the spread of potential diseases. This results in increased market potential and drive the market growth and trends during the forecast period.
Growing preference for health monitors is an emerging trend shaping market growth. 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. IoT is changing the way in which animal healthcare was approached previously. Health monitors collect and analyze large amounts of data over time, providing valuable insights into trends and patterns in the animal's health and behaviour.
Moreover, animal health monitors facilitate proactive and preventive healthcare by identifying potential health risks and encouraging early intervention. This can help prevent the development of more serious health problems and improve overall animal wellness. With advances in technology helping to improve animal care, the market is expected to witness growth during the forecast period.
Lack of market penetration in rural areas is a significant challenge hindering market growth. Communal stock farmers in several rural areas have low incomes. They have poor access to commercial veterinary healthcare services. Economic constraints in many emerging countries often lead to limited resources available for healthcare. The high rising pet care costs of diagnostic equipment, tests, and veterinary services may pose a barrier to widespread adoption. Some emerging countries may lack a well-established veterinary infrastructure, including clinics, laboratories, and trained professionals.
Additionally, educational campaigns are needed to highlight the benefits of early disease detection and prevention. Remote or underserved areas may lack the necessary infrastructure for delivering and maintaining sophisticated diagnostic equipment. This results in animals not getting proper healthcare, thus increasing their chances of being diseased. Thus, low market penetration in rural areas may hamper the growth of the market during the forecast period.
The market forecasting report includes the adoption lifecycle of the market research and growth, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the market analysis and report also include key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth and forecasting strategies.
Customer Landscape
The global veterinary diagnostic market encompasses various aspects of animal health and care, including monitoring for diseases like toxoplasmosis, which can be transmitted through cat feces and infected meat. This market also addresses the need for accurate diagnosis through reference lab samples and the management of chronic conditions such as chronic bacteremia. Additionally, it considers the health and productivity of food-producing animals like bovines, impacting meat and milk productivity and the quality of food products. With rising awareness and concerns about pet health, including pet insurance and veterinary spending, the demand for diagnostic solutions continues to grow, driven by factors such as the dog and cat population and the need for effective animal-based products.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Animal Health Diagnostics Market Scope |
|
Report Coverage |
Details |
Page number |
165 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 10.38% |
Market Growth 2024-2028 |
USD 2.46 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
9.56 |
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
Performing market contribution |
North America at 39% |
Key countries |
US, Germany, UK, France, and China |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Bio Rad Laboratories Inc., Bio X Diagnostics SA, Bionote Co Ltd, Ellie Diagnostics, Eurofins Scientific SE, Eurolyser Diagnostics GmbH, FUJIFILM Corp., Galaxy Diagnostics, Heska Corp., IDEXX Laboratories Inc., Innovative Diagnostics , Mars Inc., Mindray Bio medical Electronics Co. Ltd., Neogen Corp., Randox Laboratories Ltd., Secure Diagnostics Pvt. Ltd., Teco Diagnostics, Thermo Fisher Scientific Inc., Vimian Group AB, and Zoetis Inc. |
Market dynamics |
Parent market growth 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. |
Customization purview |
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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
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