According to a recent report unveiled by Future Market Insights (FMI), the Global Veterinary Point-Of-Care Diagnostics Industry is on the verge of a significant expansion, charting an impressive trajectory from 2022 to 2032. The market is expected to reach a noteworthy value of US$1.3 billion by the end of 2021, setting the stage for unprecedented growth.
One of the key drivers fueling this remarkable expansion is the escalating focus on companion animal health. With an array of pets including dogs, cats, and birds, companion animals are anticipated to be the primary revenue generators within the market. The forecast for 2022 to 2032 suggests that companion animals will represent an absolute dollar opportunity of nearly US$3.1 billion, underlining a substantial potential for growth in this sector.
The veterinary industry faced significant challenges in the first half of 2020 due to government actions such as stay-at-home recommendations and social distancing procedures. These measures compelled market participants to adapt swiftly, either altering, reducing, or temporarily halting their operational activities. Veterinary clinics and hospitals reported lower patient volumes in several regions, with some establishments focusing exclusively on emergency cases during this period.
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Owners of animals, on the other hand, continued to receive veterinary care because it was widely regarded as an “important” service. The blood/plasma/serum category, which accounted for more than 40.0 percent of total revenue, is expected to drive market growth. Regular blood testing is recommended by Kirkwood Animal Hospital in the United States as an important part of a companion animal’s overall wellness regimen. Blood tests are less expensive and less invasive than medical treatment.
Dogs and cats dominate the pet population in the United States, according to the American Pet Products Association’s National Pet Owners Survey for 2019 to 2020. (APPA). Americans are expected to spend more than $100 billion on pets by 2020. It is estimated that 31.4 billion US dollars were spent solely on veterinary care and product sales. According to the APPA survey, dog and cat owners spent an average of $426 and 214 on surgical vet visits, respectively, and 212 and 160 on routine vet visits.
Key Takeaways from the Global Veterinary Point Of Care Diagnostics Industry Study
- The global veterinary point-of-care diagnostics market is expected to reach US$6.3 billion by 2032.
- North America is expected to contribute more than 30% of market revenue in 2022.
- Companion animals are expected to contribute the most revenue with a CAGR of 15.5%.
- The Consumables, Reagents, and Kits segment is expected to grow at the fastest rate, with a 15.8% CAGR.
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Global Veterinary Point Of Care Diagnostics Industry Competitive Landscape
This market is dominated by some regional and global players. Companies employ a variety of strategies to remain competitive.
- Heska Corp. announced the acquisition of Scil Animal Care Company GmbH, a provider of veterinary point-of-care diagnostics, in April 2020.
- IDEXX Laboratories announced the release of a canine Progesterone Test for the Catalyst One Chemistry and Catalyst Dx Analyzers in 2019.
- Fujifilm Sonosite announced a partnership with Partners Healthcare in 2019.
- Stablelab, a compact point-of-care blood test for horses, was introduced by Zoetis Inc. in 2019.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Global Veterinary Point Of Care Diagnostics Industry, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032. The study reveals essential insights based on end-users across five regions (North America, Latin America, Europe, Asia Pacific, and Middle East & Africa).
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Market Segments Covered In Global Veterinary Point Of Care Diagnostics Industry Analysis
By Animal Type:
- Companion Animals
- Dogs
- Cats
- Horses
- Other Companion Animals
- Livestock Animals
- Cattle
- Swine
- Poultry
- Other Livestock Animals
By Product Type:
- Consumables, Reagents, & Kits
- Instruments & Devices
By Sample Type:
- Blood/Plasma/Serum
- Urine
- Fecal
- Other Sample Type
By Testing Type:
- Hematology
- Diagnostic Imaging
- Bacteriology
- Virology
- Cytology
- Clinical Chemistry
- Parasitology
- Serology
- Other Testing Type
Author
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 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 5,000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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