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Veterinary Diagnostics Market Research Report Information By Product (Consumables, Reagents & Kits and Instruments & Devices), By Species (Cattle, Canine, Feline, Caprine, Equine, Ovine, Porcine, Avian, and Others), By Testing Type (Analytical Services, Diagnostic Imaging, Bacteriology, Pathology, Molecular Diagnostics, Immunoassays, Parasitology, Serology, and Virology), By Disease Type (Infectious Diseases, Non-Infectious Diseases, Hereditary, Congenital and Acquired Diseases, General Ailments, and Structural & Functional Diseases), By En

ID: MRFR/LS/20131-HCR | 128 Pages | Author: Rahul Gotadki| June 2024

Global Veterinary Diagnostics Market Overview

Veterinary Diagnostics Market Size was valued at USD 2.7 Billion in 2022. The Veterinary Diagnostics market industry is projected to grow from USD 3.01 Billion in 2023 to USD 7.19 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 11.50% during the forecast period (2023 - 2032).Rising costs for animal health and better disease prevention are the key market drivers boosting the market growth. 

Veterinary Diagnostics Market Overview

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Veterinary Diagnostics Market Trends

  • Growing veterinarian disease prevalence is driving the market growth

Market CAGR for veterinary diagnostics is being driven by the increasing veterinarian disease prevalence. Zooplanet health, companion animals, and wild animals are all impacted by veterinary infectious illnesses. The use of molecular and immunodiagnostic techniques frequently achieves complex disease diagnosis. These elements are contributing to the market's expansion. Moreover, the veterinary diagnostics market is anticipated to increase due to rising pet insurance demand and the opening of new diagnostic labs by numerous industry participants worldwide.

Additionally, emergencies of livestock diseases can pose a serious financial threat to nations whose economies rely heavily on livestock. It becomes imperative to diagnose animals in a timely manner. This is expected to add to the growing need for diagnostic veterinary procedures. The market is expected to rise as a result of the government's active support and livestock owners' growing awareness, which raised demand for diagnostic tests and kits for animal diseases. The expanding tendency of nuclear families and the quick uptake of modern lifestyles are the primary causes of the growing pet ownership rate. When it comes to pets, most homes would rather pet a dog or cat than another animal. The primary causes of the increase in pet ownership are rising disposable money and a growing fondness for domesticated animals.

The expanding trend of foster pet adoption is another reason driving up pet ownership. Alongside the increase in the number of pets held, a major factor driving the demand for veterinary diagnostics is the increased investment placed in animals by pet owners. Pet ownership and spending are expected to rise, propelling the market's expansion. One of the main barriers to the market's growth is the need for more skilled workers for veterinary diagnostics, especially in sizable developing countries. Usually, experts with the required education and experience run very advanced diagnostic equipment. The need for more qualified workers is one of the biggest challenges facing the industry. Many livestock owners in developed and developing countries consequently still need complete access to veterinary care. Veterinary tests are therefore required less frequently since many animals still need access to veterinary treatment.

For instance, Covetrus announced the successful conclusion of its previously disclosed acquisition by funds connected to Clayton, Dubilier & Rice and TPG Capital, the sizable US and European private equity platform of international alternative asset management company TPG. As a result, it is expected that throughout the projection period, demand for veterinary diagnostics is due to the increasing popularity of foster pet adoption. Thus driving the veterinary diagnostics market revenue.

Veterinary Diagnostics Market Segment Insights

Veterinary Diagnostics Product Insights

The veterinary diagnostics market segmentation, based on product, includes consumables, reagents & kits, and instruments & devices. The reagents & kits segment dominated the market, accounting for 45% of market revenue (79.56 Billion). In developing economies, increased frequency and a spike in spending on veterinary services and testing are reasons for the segment's expansion.

Figure 1: Veterinary Diagnostics Market, by Product, 2022 & 2032 (USD Billion) 

Veterinary Diagnostics Market, by Product, 2022 & 2032

Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Veterinary Diagnostics Species Insights

The veterinary diagnostics market segmentation, based on species, includes cattle, canine, feline, caprine, equine, ovine, porcine, avian, and others. In 2022, the canine segment sector held the highest market share globally, accounting for over 30% of the total revenue because dog species are as a result of rising expenditures in developed countries on animal healthcare. One of the most important trends driving the market is the rising prevalence of serious disorders such as obesity, diabetes, and cancer.

Veterinary Diagnostics Testing Type Insights

The veterinary diagnostics market segmentation, based on testing type, includes analytical services, diagnostic imaging, bacteriology, pathology, molecular diagnostics, immunoassays, parasitology, serology, and virology. In 2022, the worldwide veterinary diagnostics market share was dominated by the pathology category because it provides a comprehensive range of diagnostic options, including a battery of laboratory, imaging, and specialist testing.

Veterinary Diagnostics End-Use Insights

The veterinary diagnostics market segmentation, based on end-use, includes laboratories, veterinary hospitals & clinics, point-of-care/In-house testing, research institutes and universities. The laboratories segment dominated the market. The segment's rise is ascribed to reference laboratories' increasing significance as a result of their strict guidelines for reliable data and diagnostic procedures.

Veterinary Diagnostics Disease Type Insights

 The veterinary diagnostics market segmentation, based on disease type, includes infectious diseases, non-infectious diseases, hereditary, congenital & acquired diseases, general ailments, and structural & functional diseases. In 2022, the non-infectious diseases category held a dominant market share of over 25% because of the development of diagnostics utilizing novel technology for the early diagnosis of animal diseases.

Veterinary Diagnostics Regional Insights

By region, the study provides market insights into North America, Europe, Asia-Pacific and the Rest of the World. The North American veterinary diagnostics market area will dominate this market, owing to expanding veterinarian employment and good reimbursement conditions. In addition, the proliferation of hospitals and other medical centers bodes well for the regional economy.

Further, the major countries studied in the market report are The US, Canada, Germany, France, the UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.



Source: Secondary Research, Primary Research, MRFR Database and Analyst Review

Europe’s veterinary diagnostics market accounts for the second-largest market share due to better medical facilities and a greater use of veterinary diagnostics for the prompt detection of animal illnesses. Further, the German veterinary diagnostics market held the largest market share, and the UK veterinary diagnostics market was the fastest-growing market in the European region.

The Asia-Pacific veterinary diagnostics Market is predicted to grow at the highest CAGR from 2023 to 2032. This is due to expanding awareness of veterinary diagnostics and increasing businesses' capacities by offering specific software that facilitates end-user workflow. Moreover, China’s veterinary diagnostics market held the largest market share, and the Indian veterinary diagnostics market was the fastest-growing market in the Asia-Pacific region.

Veterinary Diagnostics Key Market Players & Competitive Insights

Leading market players are investing heavily in research and development in order to expand their product lines, which will help the veterinary diagnostics market grow even more. Market participants are also undertaking a variety of strategic activities to expand their footprint, with important market developments including new product launches, contractual agreements, mergers and acquisitions, higher investments, and collaboration with other organizations. To expand and survive in a more competitive and rising market climate, the veterinary diagnostics industry must offer cost-effective items.

Manufacturing locally to minimize operational costs is one of the key business tactics used by manufacturers in the veterinary diagnostics industry to benefit clients and increase the market sector. In recent years, the veterinary diagnostics industry has offered some of the most significant advantages to medicine. Major players in the veterinary diagnostics market, including Zoetis, Heska Corp., IDEXX Laboratories Inc., Agrolabo S.p.A., IDvet, Virbac, Thermo Fisher Scientific Inc, Neogen Corp, Covetrus, and iM3Vet Pty Ltd.

Heska is currently a part of Antech. Heska gives veterinary professionals access to cutting-edge technologies through invention, innovation, and strategic collaborations with leaders in diagnostics and therapies. Chemistry, Hematology, Immunodiagnostics, Artificial Intelligence-guided Urine and fecal, Digital Cytology, Heartworm tests, and more are among the in-house lab diagnostic solutions offered by Heska. Test for allergies with the utmost sensitivity possible using Heska's immunotherapy kits. The newest innovations in High-Definition Digital Radiography and Digital Ultrasound, together with Cloud-Based data management, sharing, and archiving services, are featured in Heska's digital imaging lineup. In April 2023, Heska was successfully acquired by Mars, Incorporated, who declared the news. According to the official agreement the firms announced, Mars will buy Heska for $120.00 per share. Heska is now a part of Mars Petcare's Science & Diagnostics division, which allows for increasing access to pet healthcare solutions globally, speeding up research and development, and enabling broader coverage across diagnostics and technologies.

Covetrus is a multinational provider of technology and services for animal health that aims to enable veterinary practice partners to achieve better financial and health outcomes. Covetrus is a leading provider of veterinary practice management software and services around the world. In our platform, we integrate products, services, and technology. Over 5,700 workers at Covetrus, which has its headquarters in Portland, Maine, provide services to over 100,000 veterinarian clients worldwide. In June 2023, Covetrus®, a pioneer in animal health technology and services globally, is expanding GreatPetCareTM, an all-in-one engagement and pet health education platform. The company's connected care goal—improving the relationship between veterinarians and pet parents—is advanced by this action.

Key Companies in the Veterinary Diagnostics market include

  • Zoetis

  • Heska Corp.

  • IDEXX Laboratories Inc.

  • Agrolabo S.p.A.

  • IDvet

  • Virbac

  • Thermo Fisher Scientific Inc

  • Neogen Corp

  • Covetrus

  • iM3Vet Pty Ltd

Veterinary Diagnostics Industry Developments

March 2023:IDEXX Laboratories, Inc., a leader in innovative pet healthcare, announced the first veterinary diagnostic test for diagnosing kidney injury in cats and dogs.

January 2022:Virbac and Jectas Innovators are pleased to announce that they have signed a cooperative agreement to develop vaccine(s) for animal health jointly. This kind of partnership is a component of animal health biology approach that results in new goods and the satisfaction of expanding consumer demands.

Veterinary Diagnostics Market Segmentation

Veterinary Diagnostics Product Outlook

  • Consumables

  • Reagents & Kits

  • Instruments & Devices

Veterinary Diagnostics Species Outlook

  • Cattle

  • Canine

  • Feline

  • Caprine

  • Equine

  • Ovine

  • Porcine

  • Avian

  • Others

Veterinary Diagnostics Testing Type Outlook

  • Analytical Services

  • Diagnostic Imaging

  • Bacteriology

  • Pathology

  • Molecular Diagnostics

  • Immunoassays

  • Parasitology

  • Serology

  • Virology

Veterinary Diagnostics Disease Type Outlook

  • Infectious Diseases

  • Non-Infectious Diseases

  • Hereditary

  • Congenital & Acquired Diseases

  • General Ailments

  • Structural & Functional Diseases

Veterinary Diagnostics End-use Outlook

  • Laboratories

  • Veterinary Hospitals and Clinics

  • Point-of-care/In-House Testing

  • Research Institutes and Universities

Veterinary Diagnostics Regional Outlook

  • North America

  • US

  • Canada

  • Europe

  • Germany

  • France

  • UK

  • Italy

  • Spain

  • Rest of Europe

  • Asia-Pacific

    • China

    • Japan

    • India

    • Australia

    • South Korea

    • Australia

    • Rest of Asia-Pacific

  • Rest of the World

    • Middle East

    • Africa

    • Latin America

Report Attribute/Metric Details
Market Size 2022 USD 2.7 Billion
Market Size 2023 USD 3.01 Billion
Market Size 2032 USD 7.19 Billion
Compound Annual Growth Rate (CAGR) 11.50% (2023-2032)
Base Year 2022
Market Forecast Period 2023-2032
Historical Data 2018- 2022
Market Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends
Segments Covered Product, Species, Testing Type, Disease Type, End-Use, and Region
Geographies Covered North America, Europe, Asia Pacific, and the Rest of the World
Countries Covered The US, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil
Key Companies Profiled Zoetis, Heska Corp., IDEXX Laboratories Inc., Agrolabo S.p.A., IDvet, Virbac, Thermo Fisher Scientific Inc, Neogen Corp, Covetrus,and iM3Vet Pty Ltd.
Key Market Opportunities Expanded application of PCR testing panels
Key Market Dynamics Increase in health awareness Increasing spending on animal care  

Frequently Asked Questions (FAQ) :

The veterinary diagnostics market size was valued at USD 2.7 Billion in 2022.

The market is projected to grow at a CAGR of 11.50% during the forecast period, 2023-2032.

North America had the largest share of the market.

The key players in the market are including Zoetis, Heska Corp., IDEXX Laboratories Inc., Agrolabo S.p.A., IDvet, Virbac, Thermo Fisher Scientific Inc, Neogen Corp, Covetrus, and iM3Vet Pty Ltd.

The reagents & kits category dominated the market in 2022.

The laboratories had the largest share of the market.

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