The veterinary diagnostics market on a global scale is projected to expand from US$ 4,045.50 million in 2022 to US$ 7,270.43 million by 2030, reflecting a compound annual growth rate (CAGR) of 7.60% during the period from 2022 to 2030.
Several factors are propelling this market's growth, including the increasing incidence of zoonotic diseases and the rising number of pet ownership. Nonetheless, the shortage of qualified veterinary research professionals may pose a challenge to the market's expansion.
Opportunities in the Veterinary Diagnostics Market
The field of veterinary medicine has experienced significant advancements, enabling veterinarians to deliver faster and more accurate diagnoses. Techniques previously exclusive to human medicine are now being adapted for use in companion animals. Traditional X-ray films have been supplanted by digital radiography, which facilitates digital communication, comprehensive evaluations, and effective treatment strategies. Innovations in digital dental X-rays and oral surgical tools are enhancing the oral health of pets. Recent developments are aimed at improving pet care, extending beyond clinical settings to encompass overall preventive health measures. Wearable technology for animals is gaining popularity, allowing for the monitoring of vital signs such as body temperature, heart rate, respiratory rate, and pH levels. These devices contribute to more efficient and precise diagnoses and treatments, enabling pets to recover more swiftly post-surgery and return to their normal activities sooner.
Moreover, 3D printing technology is playing a crucial role in veterinary surgical procedures. It provides veterinarians with near-real-time insights into the skeletal and muscular structures of animals undergoing surgery. Data obtained from computed tomography scans allows for rapid prototyping, leading to the creation of customized bone models for animals. The application of 3D printing in producing tailored prosthetics aids animals in regaining mobility and enhancing their quality of life. Veterinary medicine has also benefited from innovations such as microchip fracture detection for broken bones, surgical monitoring devices, laser eye surgery, and oral pill cameras that capture comprehensive internal images when ingested.
Consequently, the ongoing technological advancements in veterinary medicine present numerous opportunities for growth within the veterinary diagnostics market.
Challenges Facing the Veterinary Diagnostics Market
Organizations within the veterinary sector are in search of individuals with advanced management capabilities to navigate the complexities of the industry. The US National Research Council Committee has indicated that veterinary research institutions and companies are grappling with the challenge of sustaining the economic viability of veterinary practices and education to align with evolving societal demands.
As of 2022, the American Veterinary Medical Association (AVMA) reported that only 78,717 veterinarians were registered for clinical practice in the United States, with an additional 14,158 employed in public or corporate roles. The country is witnessing a decline in student enrollment in various veterinary research disciplines, including pathology, toxicology, and laboratory animal medicine. This limited pool of skilled professionals in veterinary research is a significant barrier to the growth of the veterinary diagnostics market.
Segment Analysis of the Veterinary Diagnostics Market
The veterinary diagnostics market is categorized by product into instruments and consumables. In 2022, the instruments segment commanded a larger share of the market. However, the consumables segment is anticipated to exhibit a notable CAGR from 2022 to 2030. Veterinary consumables include testing tubes, containers, petri dishes, deep well plates, and kits containing syringes, needles, safety lancets, IV sets, tubes, and samplers, all designed for companion animal diagnostics, which encompass pets (canines, felines, and avians), as well as livestock such as bovines, goats, swine, equines, and poultry.
In terms of technology, the global veterinary diagnostics market is divided into immunodiagnostics, clinical biochemistry, hematology, molecular diagnostics, and other veterinary diagnostic technologies. The immunodiagnostics segment is further divided into lateral flow assays, ELISA tests, immunoassay analyzers, allergen-specific immunodiagnostic tests, and other related technologies. The clinical biochemistry segment includes clinical chemistry analysis, glucose monitoring, and blood gas & electrolytes. The immunodiagnostics segment held the largest market share in 2022 and is expected to achieve the highest CAGR during the forecast period. The health of animals is closely linked to parasitic diseases, with parasites that have a two-host lifecycle acting as intermediate hosts, leading to some of the most severe and widespread diseases affecting both humans and animals. According to the World Health Organization (WHO) report from 2023, approximately 1 billion cases of illness and millions of fatalities occur annually due to zoonoses, with around 60% of emerging infectious diseases being zoonotic in nature. To combat the high prevalence of zoonotic infections, there is a significant demand for immunodiagnostic techniques among veterinarians. Cystic echinococcosis (CE) and Alveolar echinococcosis (AE) are notable zoonotic diseases caused by the larval stage of the Helminth Echinococcus multilocularis.
By animal type, the veterinary diagnostics market is divided into livestock and companion animals. The livestock category includes cattle, pigs, poultry, and other livestock species, while the companion animal segment encompasses dogs, cats, horses, and other pets. The companion animal segment represented a larger market share in 2022 and is projected to grow at a higher CAGR from 2022 to 2030. Companion animals are recognized as potential sources of infectious diseases that can affect humans and food-producing animals, with Newcastle disease epidemiology of neosporosis being a prominent example of infectious diseases affecting companion animals.
In terms of disease type, the market is classified into infectious and non-infectious diseases. The infectious disease segment held a larger market share in 2022 and is expected to register a higher CAGR in the veterinary diagnostics market during the forecast period.
By end user, the market is segmented into veterinary hospitals and clinics, animal diagnostic laboratories, and veterinary research institutes and universities. The veterinary hospitals and clinics segment held the largest market share in 2022 and is anticipated to achieve the highest CAGR in the veterinary diagnostics market from 2022 to 2030.
Geographical Insights into the Veterinary Diagnostics Market
The North American veterinary diagnostics market is divided into the US, Canada, and Mexico. The growth of this market in the region is primarily driven by the increasing incidence of infectious diseases in animals, which significantly influences market expansion. Additionally, advancements in monitoring technologies further contribute to overall market growth.
According to a report from the Centers for Disease Control and Prevention (CDC), enteric diseases associated with animals are estimated to result in 450,000 illnesses, 5,000 hospitalizations, and 76 deaths annually in the US. Bacterial and parasitic infections are the primary etiologies reported. For instance, "Cryptosporidium" was identified as the leading cause of confirmed single-etiology outbreaks, accounting for 21 outbreaks in the US, followed by Salmonella with 18 outbreaks (35%) in 2020. In the US, certain veterinary diagnostics are regulated and require approval from the US Department of Agriculture-Center for Veterinary Biologics (USDA-CVB). This includes veterinary diagnostic kits designed to identify pathogens in animals undergoing treatment. USDA-CVB oversees point-of-care diagnostics for testing feline leukemia virus (FeLV), canine parvovirus, canine heartworm, and other viral infections.
Consequently, diagnostic methods play a crucial role in addressing the high prevalence of animal infections. The American Association of Veterinary Laboratory Diagnosticians (AAVLD) reports that at least 500 state and federally-funded pathologists and diagnosticians are involved in large animal herd health surveillance in the US and Canada. Furthermore, food animal-focused diagnostic laboratories received over US$ 100 million in 2020 to conduct surveillance for high-impact diseases that could affect the animal agriculture sector, as per data from the CDC. Early detection of emerging pathogens is vital for controlling animal disease outbreaks and identifying potential zoonoses. Thus, these factors positively impact the veterinary diagnostics market in North America.