According to a recent report by Reports and Data, the global veterinary diagnostics market was valued at USD 53.6 Billion in 2022 and is projected to grow at a CAGR of 13.6% over the forecast period. The increasing demand for animal-based products such as meat, milk, and eggs has led to a growing need for effective diagnosis and control of animal diseases to ensure food safety.
Innovative diagnostic procedures and equipment, such as Point-Of-Care Testing (POCT) instruments, which provide rapid and accurate results, have contributed to the growth of the veterinary diagnostics market. The use of in-house diagnostic testing equipment by veterinarians to provide faster diagnosis and treatment for animals is also driving market growth. Government initiatives aimed at enhancing animal health and welfare, such as vaccination campaigns, are also contributing to the demand for veterinary diagnostics.
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The consumables segment, including test kits, reagents, and other supplies, accounted for a significantly large revenue share of the veterinary diagnostics market in 2022 due to their critical role in diagnostic testing. The veterinary clinics segment accounted for the largest revenue share in the market during the forecast period due to the increasing adoption of companion animals and the growing awareness of the importance of routine veterinary check-ups.
The North American market held the largest revenue share in the global veterinary diagnostics market during the projection period due to the increasing adoption rate of pets and public awareness of animal health. The market is also fuelled by the presence of numerous veterinary diagnostics companies in the region.
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Prominent players in the global veterinary diagnostics market include IDEXX Laboratories, Zoetis Inc., Heska Corporation, Neogen Corporation, Thermo Fisher Scientific Inc., Virbac, IDvet, Abaxis Inc., and Biomérieux SA. Zoetis Inc. acquired ZNLabs, a veterinary reference laboratory specialising in diagnostic testing for companion animals, in 2019 to expand its diagnostics services and strengthen its position in the veterinary diagnostics industry.
The global veterinary diagnostics market has been segmented by Reports and Data based on product type outlook, end-use outlook, and regional outlook. The product type outlook includes instruments, consumables, and others, while the end-use outlook covers veterinary clinics, reference labs, academic institutions, and others. The regional outlook comprises North America, Europe, Asia-Pacific, Latin America, and the Middle East Africa.
In conclusion, the global veterinary diagnostics market is expected to grow at a significant rate over the forecast period due to the increasing demand for animal-based products and the need for effective diagnosis and control of animal diseases. The market is being driven by innovative diagnostic procedures and equipment, the use of in-house diagnostic testing equipment, and government initiatives aimed at enhancing animal health and welfare. The consumables segment and the veterinary clinics segment are expected to contribute significantly to the market's growth, with North America being the largest market for veterinary diagnostics.
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