According to FutureWise analysis the market for veterinary diagnostics in 2023 is US$ 3.06 billion, and is expected to reach US$ 6.3 billion by 2031 at a CAGR of 9.40%.
Rising expenditure on animal healthcare, increased number of vet practitioners and rising prevalence of zoonotic diseases are some of the factors driving the veterinary diagnostics market growth. Moreover, a rise in the number of pet adoptions across the world shall further boost the market proliferation. As per the APPA survey, 2017, the canine population United States increased from over 69 million in 2012 to over 89 million in 2016 while the feline population witnessed a rise of over 6 million from 2012 to 2016. Additionally, the pet industry expenditure in the United States was projected to be over USD 70 million in 2017.
Increased usage of latest technologies like fluorometric diagnostics, wearables, biosensors, nanotechnology and biomarkers along with in vitro diagnostics has significantly boosted the market growth. Furthermore, many key players are heavily investing on expanding their manufacturing facilities which shall increase the veterinary diagnostics market demand in developing regions. For example, Henry Schein in July 2017 announced a new website that provided e-commerce solutions that are improvised with an effective process for ordering medical, animal health and dental products for improving the user online experience.
The emerging nations like India, Brazil are highly populated with farm and companion animals. However, the expenditure assigned to animal healthcare is relatively lower than developed nations. This is primarily due to a dearth of awareness amongst veterinary practitioners and pet owners regarding healthcare services provided to animals. Furthermore, veterinary diagnostic products are manufactured considering the North America and European markets which make them expensive for pet owner from developing markets, thereby posing a steep challenge to the market growth.