The global market for veterinary point of care diagnostics is expected to experience substantial growth, with sales projected to reach USD 1,987.5 million in 2024 and surpass USD 5,202.2 million by 2034. The market is set to grow at a compound annual growth rate (CAGR) of 10.1% over the forecast period. This growth is driven by the increasing number of veterinary clinics, rising pet ownership, and the growing demand for accessible and efficient veterinary services. In 2023, the market generated USD 1,805.2 million in revenue.
The surge in pet ownership, particularly dogs and cats, has significantly contributed to the demand for veterinary care services. As more households welcome pets, the need for veterinary point of care diagnostics has skyrocketed. In the USA, for instance, veterinary care accounts for approximately 33.5% of total pet spending, reflecting a growing commitment by pet owners to ensure their animals receive proper care. As pet ownership continues to rise, veterinary clinics are expanding their offerings to meet the increasing demand for diagnostic tools that enable quick and accurate assessments of animal health.
Additionally, urbanization and the growing number of city-dwelling pet owners are further driving demand for point of care diagnostic solutions. Pet owners in urban areas often seek easy and convenient access to veterinary services, prompting the adoption of portable and efficient diagnostic technologies that can be used in clinics or even at home. This shift in consumer preference for hassle-free, on-the-spot diagnostics is pushing veterinary clinics to invest in advanced point of care solutions that offer fast, reliable results.
Key Takeaways:
- Market Growth: The veterinary point of care diagnostics market is projected to grow from USD 1,987.5 million in 2024 to USD 5,202.2 million by 2034, at a CAGR of 10.1%.
- Increasing Pet Ownership: The rise in pet ownership, particularly dogs and cats, is a key driver for the growing demand for veterinary diagnostic services.
- Urbanization and Convenience: Increasing urban populations and a demand for easy access to veterinary care are boosting the adoption of point of care diagnostic solutions.
- Veterinary Care Spending: In the USA, veterinary care accounts for 33.5% of total pet spending, highlighting the increasing value placed on animal health and wellness.
As the demand for veterinary diagnostics continues to grow, particularly with urbanization and the rise in pet ownership, the market for veterinary point of care diagnostics is poised for substantial expansion. This offers significant opportunities for the development of innovative diagnostic solutions that meet the evolving needs of both veterinary professionals and pet owners alike.
Competitive Landscape
Market players are using different strategies in order to stay competitive in their respective markets, such as with innovative formulations, differentiation of products, and through strategic tie-ups with healthcare providers in an effort to increase distribution.
Other key strategic areas of focus for these companies would be an active search for strategic partners that will further reinforce their product portfolios and increase their global market presence.
Recent Industry Developments in Veterinary Point of Care Diagnostics Market
- In February 2024, the Zoetis and Blacksmith Medicines, Inc. announced their collaboration for the development of novel antibiotics for better and effective care of animal health
- In April 2023, Mars, Incorporated announced its acquisition of Heska Corporation for USD 1.3 billion, with a purchase price of USD 120 per share. This deal represents a significant premium over Heska’s stock price prior to the announcement. The acquisition aims to enhance Mars Petcare’s capabilities in veterinary diagnostics and expand its product offerings in the animal health sector.
- In January 2021, Thermo Fisher Scientific’s acquired Mesa Biotech, which specializes in rapid POC molecular diagnostics, is significant for animal health. Mesa’s PCR-based testing platform enables quick detection of infectious diseases, which can be crucial in veterinary settings. This technology enhances the ability to perform accurate diagnostics at the point of care, thus improving treatment outcomes for animals
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Key Players of Veterinary Point of Care Diagnostics Market
- IDEXX Laboratories
- Zoetis
- Virbac
- Heska Corporation
- Thermo Fisher Scientific, Inc.
- Neogen Corporation
- Mindray
- Esaote SpA
- FUJIFILM Corporation
- Woodley Equipment Company Ltd.
Key Segments of Veterinary Point of Care Diagnostics Market
By Animal:
In terms of animal type, the industry is divided into companion animals- (dogs, cats, horses, other companion animals) and livestock animals- (cattle, swine, poultry, other livestock animals).
By Product:
In terms of product, the industry is segregated into- consumables, reagents, & kits and instruments & devices.
By Sample:
In terms of sample, the industry is segregated into- blood/plasma/serum, urine, fecal and other sample type.
By Testing:
In terms of testing, the industry is segregated into- hematology, diagnostic imaging, bacteriology, virology, cytology, clinical chemistry, parasitology, serology and other testing type.
By Region:
Key countries of North America, Latin America, Western Europe, Eastern, South Asia, East Asia and Middle East and Africa (MEA) have been covered in the report.
Author By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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