Veterinary Diagnostics Market

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.

The increasing trend of pet ownership globally is a primary driver of the Global Veterinary Diagnostics Market Industry. As more households adopt pets, the demand for veterinary services, including diagnostics, escalates. In 2024, the market is valued at approximately 3.36 USD Billion, reflecting the growing need for health monitoring and disease prevention in pets. This surge in pet ownership is particularly notable in urban areas, where pets are often considered family members. Consequently, veterinarians are increasingly utilizing advanced diagnostic tools to ensure the health and well-being of these animals, thereby propelling market growth.

The Global Veterinary Diagnostics Market Industry is projected to experience substantial growth over the coming years. With a market value of 3.36 USD Billion in 2024, it is anticipated to reach 11.1 USD Billion by 2035, reflecting a robust compound annual growth rate of 11.49% from 2025 to 2035. This growth trajectory indicates a strong demand for veterinary diagnostics driven by factors such as increased pet ownership, technological advancements, and heightened awareness of animal health. As the market evolves, stakeholders are likely to explore innovative solutions to meet the diverse needs of pet owners and veterinary professionals.

Technological innovations in veterinary diagnostics are transforming the Global Veterinary Diagnostics Market Industry. The introduction of advanced imaging techniques, molecular diagnostics, and point-of-care testing has enhanced the accuracy and speed of disease detection in animals. These innovations not only improve diagnostic outcomes but also facilitate timely interventions, which are crucial for animal health. As the market evolves, the integration of artificial intelligence and machine learning into diagnostic processes is expected to further streamline operations. This technological evolution is anticipated to contribute significantly to the projected growth of the market, which is expected to reach 11.1 USD Billion by 2035.

The Global Veterinary Diagnostics Market Industry benefits from supportive regulatory frameworks that promote the development and adoption of diagnostic technologies. Government agencies and veterinary associations are actively involved in establishing standards that ensure the safety and efficacy of diagnostic products. This regulatory support not only fosters innovation but also instills confidence among consumers and veterinary professionals regarding the reliability of diagnostic tests. As regulations evolve to accommodate new technologies, the market is expected to expand, providing opportunities for companies to introduce novel diagnostic solutions that meet the growing demands of pet owners and veterinarians alike.

There is a growing awareness among pet owners regarding the importance of regular health check-ups and preventive care, which is driving the Global Veterinary Diagnostics Market Industry. As owners become more informed about the health risks their pets face, they are more likely to seek diagnostic services to ensure early detection of diseases. This trend is supported by educational campaigns and resources provided by veterinary associations, which emphasize the significance of proactive health management. Consequently, the demand for diagnostic tests and services is likely to rise, aligning with the market's projected compound annual growth rate of 11.49% from 2025 to 2035.

Emerging markets are playing a crucial role in the expansion of the Global Veterinary Diagnostics Market Industry. Countries with rising disposable incomes and increasing pet ownership rates are witnessing a surge in demand for veterinary services, including diagnostics. This trend is particularly evident in regions such as Asia-Pacific and Latin America, where economic growth is facilitating greater access to veterinary care. As these markets continue to develop, the demand for advanced diagnostic tools is expected to rise, contributing to the overall growth of the market. Companies that strategically position themselves in these emerging regions may benefit significantly from this trend.

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.

Figure 2: VETERINARY DIAGNOSTICS MARKET SHARE BY REGION 2022 (USD Billion) 

Source: Secondary Research, Primary Research, Market Research Future 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.

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.