According to Future Market Insights’ recently published Veterinary Point Of Care Diagnostics Industry analysis report, sales of these products will reach US$1.3 billion globally in 2021. The anticipated market growth from 2022 to 2032 is anticipated to be a CAGR of 15.4%, with a valuation of US$ 6.3 Bn which is much larger than the increase in the past.
The greatest revenue-generating category is anticipated to be companion animals, with an absolute monetary opportunity of close to US$ 3.1 billion from 2022 to 2032.
Government actions such as stay-at-home recommendations and social distancing procedures forced market participants to change, reduce, or halt operating activities during the first half of 2020. Veterinary clinics and hospitals in multiple areas reported low patient volumes, with some focusing solely on emergency patients.
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Owners of animals, on the other hand, continued to receive veterinary care because it was widely regarded as a “important” service. The blood/plasma/serum category, which accounted for more than 40.0 percent of total revenue, is expected to drive market growth. Regular blood testing is recommended by Kirkwood Animal Hospital in the United States as an important part of a companion animal’s overall wellness regimen. Blood tests are less expensive and less invasive than medical treatment.
Dogs and cats dominate the pet population in the United States, according to the American Pet Products Association’s National Pet Owners Survey for 2019 to 2020. (APPA). Americans are expected to spend more than $100 billion on pets by 2020. It is estimated that 31.4 billion US dollars were spent solely on veterinary care and product sales. According to the APPA survey, dog and cat owners spent an average of $426 and 214 on surgical vet visits, respectively, and 212 and 160 on routine vet visits.
Key Takeaways from the Market Study
- The global veterinary point-of-care diagnostics market is expected to reach US$6.3 billion by 2032.
- North America is expected to contribute more than 30% of market revenue in 2022.
- Companion animals are expected to contribute the most revenue with a CAGR of 15.5%.
- The Consumables, Reagents, and Kits segment is expected to grow at the fastest rate, with a 15.8% CAGR.
Competitive Landscape
This market is dominated by a number of regional and global players. Companies employ a variety of strategies to remain competitive.
- Heska Corp. announced the acquisition of Scil Animal Care Company GmbH, a provider of veterinary point-of-care diagnostics, in April 2020.
- IDEXX Laboratories announced the release of a canine Progesterone Test for the Catalyst One Chemistry and Catalyst Dx Analyzers in 2019.
- Fujifilm Sonosite announced a partnership with Partners Healthcare in 2019.
- Stablelab, a compact point-of-care blood test for horses, was introduced by Zoetis Inc. in 2019.
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More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Veterinary Point of Care Diagnostics Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032. The study reveals essential insights on the basis of end users across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
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Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Healthcare domain team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analysed the Healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
Market Segments Covered In Veterinary Point Of Care Diagnostics Industry Analysis
By Animal Type:
- Companion Animals
- Dogs
- Cats
- Horses
- Other Companion Animals
- Livestock Animals
- Cattle
- Swine
- Poultry
- Other Livestock Animals
By Product Type:
- Consumables, Reagents, & Kits
- Instruments & Devices
By Sample Type:
- Blood/Plasma/Serum
- Urine
- Fecal
- Other Sample Type
By Testing Type:
- Hematology
- Diagnostic Imaging
- Bacteriology
- Virology
- Cytology
- Clinical Chemistry
- Parasitology
- Serology
- Other Testing Type
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, Stevie Award – recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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