Future Market Insights (FMI), a leading market research firm, has unveiled a groundbreaking analysis that signifies a promising future for the Global Veterinary Point-of-Care Diagnostics Industry. The report indicates that in 2021, the market is poised to reach a valuation of US$1.3 billion, and it anticipates a remarkable compound annual growth rate (CAGR) of 15.4% from 2022 to 2032. This growth trajectory is projected to culminate in an impressive total worth of US$6.3 billion by 2032.
Companion Animal Health Steers Industry Growth
The surge in value within the veterinary point-of-care diagnostics industry is chiefly driven by a growing emphasis on companion animal health. Companion animals, which include beloved pets such as dogs, cats, and birds, are forecasted to emerge as the primary revenue generators within this burgeoning sector. Between 2022 and 2032, companion animals are predicted to create an absolute dollar opportunity of nearly US$3.1 billion, underscoring the significant growth potential in this domain.
The report also sheds light on the impact of government actions, including stay-at-home directives and social distancing measures, which necessitated adjustments, reductions, or temporary suspensions of operational activities for market participants during the initial half of 2020. Many veterinary clinics and hospitals reported diminished patient volumes, with some focusing exclusively on emergency cases during this period.
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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.
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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.
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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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, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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