The veterinary diagnostics market is expected to reach USD 4.00 billion by 2023 from USD 2.63 billion in 2018, at a CAGR of 8.8%. The increasing number of animal population, rising pet ownership, rising demand for pet insurance, growing animal health expenditure, increasing number of veterinary practitioners, and growing prevalence of animal zoonotic diseases are the major factors driving the growth of this market.
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In this report, the veterinary diagnostics market is categorized based on product, technology, animal type, end user, and region. Based on product, this market is subsegmented into instruments and consumables. The consumables segment is expected to grow at a significant growth rate between 2018 and 2023. By technology, this market is further segmented into immunodiagnostics, clinical chemistry, molecular diagnostics, hematology, urinalysis, and other veterinary diagnostic technologies. The immunodiagnostics segment is expected to grow at the highest rate during the forecast period. The growth of this market segment can be attributed to its higher adoption of immunodiagnostic technologies in veterinary practices.
Based on animal type, the market is broadly segmented into companion animals and livestock animals. The companion animals segment is further categorized into dogs, cats, horses, and other companion animals. The dogs segment projected to grow at the fastest rate during the forecast period of 2018 and 2023. Growing adoption of dogs as companions, rising health expenditure on dogs, and growing number of health insurances purchased for dogs are responsible for the growth of the diagnostics market in this segment.
On the basis of end user, the veterinary diagnostics market is classified into veterinary reference laboratories, veterinary hospitals and clinics, point-of-care/in-house testing, and research institutes & universities. The point-of-care/in-house testing segment is expected to register the highest growth during the forecast period, due to increasing adoption of these tests by veterinarians, pet owners, and livestock producers in the coming years.
Geographically, the veterinary diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Asia Pacific is expected to witness the highest CAGR during the forecast period, owing to factors such as large animal populations affected by zoonotic diseases, growing demand for the animal-derived food products, rising pet adoption in a majority of APAC countries, and rising focus of key players on this region. The APAC countries like India & China and Latin American countries such as Brazil & Argentina offer significant opportunities for the players to increase their business in this region.
