ID: MRFR/HC/8540-HCR | 100 Pages | Published By Rahul Gotadki on March 2023
The Veterinary POC Diagnostic Market is anticipated to grow at a significant CAGR of 9.70%. It is estimated that the market value will further increase up to USD 1.285 Billion in the studied forecast period 2022-2030. Various healthcare systems such as the Point of Care Systems have helped to improve veterinary diagnosis across the world.
Several advancements to enhance animal care with technology and medical care will be impactful. The growing adoption of pets and demand for effective solutions to maintain their health will drive the market. Therefore, the market is depicted to observe a significant growth as the veterinary POC helps in detecting any pandemic diseases occurring in animals.
In the initial phase of COVID-19 disease, there were no tests for detecting this disease among patients. However, various alternative tests were conducted but they were not effective enough. But the increase in COVID-19 disease led to an increase in various opportunities to develop the diagnostic kits. As a result, various kits were developed on the global as well as the local market. This factor pimp the presence of various new start-ups and provided new opportunities for Veterinary POC Diagnostic Market Growth.
The increasing number of pet adoption from across the world is one of the crucial drivers of the Veterinary POC Diagnostic Market. Along with that, the rising number of veterinary doctors and increasing income among people of developed counties will be favorable for the market. Also, the increasing zoonotic disease of animals and transmission o humans are increasing the demand for better diagnosis.
Mainly the high costs of the imagery instruments of the veterinary section can be restraint the market growth.
However, the increasing expenditure for animal health and pet insurance will further drive the market in the studied forecast period.
The increasing costs required for pet care can be challenging for the Veterinary POC Diagnostic Market.
Significant drivers such as increasing pet adoption and technological advancement in the veterinary sector are promoting market growth. It is anticipated that the Americas will hold the largest share in the market in the upcoming years.
Value Chain Analysis
The rising technological advancements, investments by key players are the significant factors for market growth. As a result, these factors will further improve the Veterinary POC Diagnostic Market Trends. Also, with the development and growing awareness across the world, the value chain will further improve in the upcoming years.
The Veterinary POC Diagnostic Market is segmented into product, instruments, technology, application, animal types, and end-user. Based on instruments, the market is segmented into Imaging systems. However, the imaging system is again segmented into Digital Equipment, Radiography Systems, Analysers, and Veterinary Picture Archiving and Communication Systems.
Based on animal type, the Veterinary POC Diagnostic Market is segmented into Companion Animals and Livestock Animal. The companion animal segment is divided into horses, cats, and dogs. Furthermore, livestock animals segments are bifurcated into Poultry, Swine, and Cattle. The poultry sub-segment is anticipated to grow at 9% CAGR in the upcoming years.
Based on product, the Veterinary POC Diagnostic Market is segmented into consumables. This segment held the largest Veterinary POC Diagnostic Market Share. However, it is further bifurcated into Imaging System Reagents, and Reagents and Kits.
Based on technology, the Veterinary POC Diagnostic Market is segmented into Molecular Diagnostics, Urinalysis, Haematology, Immunodiagnostics, and Clinical Biochemistry.
Based on application, the Market is divided into Neurology, Oncology, Gynaecology, Cardiology, Virology, Parasitology, Traumatology and Orthopaedics, Bacteriology, Clinical Pathology, and Neurology.
Based on end-user, the market is divided into Home Care Settings and Veterinary Clinics and Hospitals. According to the Veterinary POC Diagnostic Market Analysis, the veterinary clinics and hospitals held the largest share due to the increasing number of patients.
The Veterinary POC Diagnostic Market Size based on region is divided into Asia-Pacific, Africa, and the Middle East, Americas, and Europe. It is expected that the Americas will dominate the market in the upcoming years. In 2019, this region comprised revenue of 1.7 billion due to increasing pet adoption and health expenditure of animals.
Europe is anticipated to largest the second-largest Veterinary POC Diagnostic Market Share. This region is anticipated to grow at 7.9% in the studied forecast period. Therefore, the increasing emphasis on biological and vaccine developments will boost the market.
Furthermore, it is evaluated that the Asia-Pacific region will register the fastest growth. Drivers such as the increasing number of healthcare facilities in developing countries such as India and China will propel the market growth. Also, the investments by the key players for the development and research of new products will be positive for the market growth.
Africa and the Middle East region have experienced a significant rise in the past several years. The sudden increase in technological development in the healthcare sector is expected to fuel the Veterinary POC Diagnostic Market Growth in the future years.
Various key players are enhancing the growth of the Veterinary POC Diagnostic Market. They do acquisitions, collaborations, mergers, partnerships to improve their business withhold across the world. The key players in the market are as follows.
The report overview of Veterinary POC Diagnostic Market Forecast is as follows.
Report Score and Segmentation
The report score is to provide valuable information about Veterinary POC Diagnostic Market Outlook. It highlights information about drivers, key players, opportunities, developments, etc. Furthermore, the information provided in this report is collected from secondary as well as primary sources.
By Animal types
|Market Size||2027: USD 2,894 Million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, Technology, Application, Animal Type and End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Thermo Fisher Scientific, Inc. (US), Idexx Laboratories, Inc. (US), Zoetis, Inc. (US), Virbac (France), Heska Corporation (US), Eurolyser Diagnostica GmbH (Austria), Woodley Equipment Company Ltd. (UK), Randox Laboratories, Ltd. (UK), AniPoC, Ltd. (UK), Carestream Health, Inc. (US), Neurologica Corporation (US), Fujifilm Sonosite, Inc. (Japan), Diagnostic Imaging Systems, Inc. (US), Esaote spa (Italy), Mindray Medical International Limited (A Part of Excelsior Union Limited) (China), GE Healthcare (US), Minxray, Inc. (US), QR s.r.l. (Italy), Sedecal (Spain), Examion GmbH (Germany).|
|Key Market Opportunities||
|Key Market Drivers||
Global Veterinary POC Diagnostic Market is projected to hold a value of USD 1.285 billion by the end of 2030.
Global Veterinary POC Diagnostic Market is predicted to expand at a CAGR of 9.70% by the end of 2030.
Global Veterinary POC Diagnostic Market is estimated to be driven by the increasing demand for pet insurance and growing expenses on animal health expenditure.
Global Veterinary POC Diagnostic Market is projected to be constrained by the expensive cost of veterinary imaging instruments and growing pet care costs.
Thermo Fisher Scientific, Inc. (the US), Idexx Laboratories, Inc. (the US), Zoetis, Inc. (the US), Virbac (France), GE Healthcare (US), Minxray, Inc. (the US), QR s.r.l. (Italy), Sedecal (Spain), and Examion GmbH (Germany) are some of the most renowned players of the global veterinary POC Diagnostic market.