Veterinary Point of Care Diagnostics Market - By Product (Consumables, Instruments), By Test Type (Clinical Biochemistry, Hematology), By Animal (Companion, Livestock), By Sample (Blood, Urine), By End-user (Hospitals & Clinics) & Forecast, 2023 – 2032

Veterinary Point of Care Diagnostics Market - By Product (Consumables, Instruments), By Test Type (Clinical Biochemistry, Hematology), By Animal (Companion, Livestock), By Sample (Blood, Urine), By End-user (Hospitals & Clinics) & Forecast, 2023 – 2032

Veterinary Point of Care Diagnostics Market Size

Veterinary Point of Care Diagnostics Market size valued at USD 1.7 billion in 2022 and is estimated to grow at over 9.4% CAGR between 2023 and 2032. The rise in pet-related spending, adoption of new technologies, and the rising demand for point-of-care testing are the main factors propelling the market's expansion.

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Veterinary point of care diagnostics refers to the use of diagnostic tests and devices that can be performed rapidly and conveniently at the point of care, such as veterinary clinics, field settings or on-site at farms or animal shelters. These tests are designed to provide quick and accurate results to aid in the diagnosis, monitoring, and treatment of animals. The veterinary point of care diagnostics includes a wide range of tests and technologies that can be used to detect and analyse various conditions and diseases in animals.
 

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COVID-19 Impact

The COVID-19 pandemic initially had a minimal impact on the veterinary point of care diagnostics market. Due to the imposition of lockdown and social distancing, several factors led to a surge in pet adoption by people, which was helpful in getting rid of the loneliness and anxiety caused by isolation. Therefore, an increase in adoption of companion animal was observed during pandemic period. Further, as COVID-19 emerged from animals, the government, healthcare organizations, and media helped to raise awareness pertaining to the risk of zoonotic disease spread during the pandemic. The collective efforts of these bodies lead to increased knowledge of zoonotic infections, prevention, and hygiene for companion and livestock animals. Thus, owing to such aforementioned factors, the market observed minimal impact in 2020.

Veterinary Point of Care Diagnostics Market Trends

The point of care testing technology provides clinically relevant diagnostic information without the need for a core diagnostic laboratory. Therefore, they have the potential to reduce the cost and time associated with the veterinary diagnosis. The lateral flow technology applied in POC veterinary lateral flow assay devices and dipsticks have been used for decades in the diagnosis of infectious diseases among animals. These test products comprise portable immuno-chromatography strips with antigens and antibodies for specific disease diagnoses. The positive results obtained using lateral flow POC devices are medically accepted; however, in case of negative results, it may require other confirmatory laboratory tests owing to their lower sensitivity.

Veterinary Point of Care Diagnostics Market Analysis

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Based on product, the veterinary point of care diagnostics market is segmented as consumables and instruments & devices. The consumables segment held the majority of market share with 57.3% in 2022. The dominating segment share is owing to subscription-based (POC lab) or repetitive payments sales model for reagents and consumables and large product availability as well as other initiatives opted by key market players. For instance, nearly 90% of Heska Corporation’s point-of-care consumables are on long-term subscriptions. The total subscriptions is approximately 2,376 in 2019 and this number increased to 2,980 in 2020. The company reported a subscriber retention rate of over 95%. Thus, aforementioned factor is expected to spur the segmental expansion.

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Based on test type, the veterinary point of care diagnostics market is segmented as clinical biochemistry, immunodiagnostics, molecular diagnostics, haematology, urinalysis, and other test type. The clinical biochemistry segment is expected reach USD 1.4 billion by 2032. Clinical biochemistry analysis blood plasma (or serum) for a wide range of compounds including substrates, enzymes, hormones, and others to diagnose and follow the evolution of a disease. The product provides results in less than 9 minutes, allowing veterinarians to share results with pet parents and offer treatment options during the initial visit. This ultimately removes the need for a second appointment. Thus, availability of such product will augment the market statistics.

Based on animal type the veterinary point of care diagnostics market is segmented as companion animals and livestock animals. The companion animals are further segmented into dogs, cats, horses and other companion animals likewise the livestock animals further include cattle, swine, poultry, sheep & goats, and other livestock animals. The companion animals held a dominant market share in 2022 and is anticipated to grow at 10.3% CAGR by 2032. Commonly used point of care diagnostics for companion animals include urinalysis strips, blood glucose monitors, and pregnancy kits. The rate of consumption and usage of consumables and reagents for diagnosis is increasing during veterinary diagnostic testing. This can be attributed to a global increase in awareness about zoonotic diseases and growing pet adoption & concern regarding their health.

Based on sample type, the veterinary point of care diagnostics market is segmented as blood/plasma/serum, urine, fecal, and other samples. The blood/plasma/serum segment held the largest share of 43.5% in 2022. Increasing initiative by government and private hospitals pertaining to awareness program on infectious and related disease will foster the segmental demand. According to Kirkwood Animal Hospital, frequent blood tests are recommended as a key part of companion animal's overall wellness programme across U.S. The Hospital conducts blood tests to identify or rule out potential congenital diseases in pets, discover issues that do not appear during a physical examination and obtain preanesthetic information before surgical or interventional procedures.

Based on end-user the veterinary point of care diagnostics market is segmented as veterinary hospitals & clinics, diagnostic labs, home care settings and other end-user. The veterinary hospitals & clinics segment is expected to dominate the segment throughout the analysis period. The dominance of the segment is owing to an increase in the number of patients attending these facilities for treatment and diagnosis, as well as rising demand for animal diagnostic tests in the detection of infectious diseases in small and large animals. Also, government support for veterinary hospitals and clinics is one of the primary factors driving the industry.

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North America region is predicted to dominate the veterinary point of care diagnostics market with a CAGR of 9% over the forecast period. Presence of major animal healthcare companies coupled with advancements in veterinary healthcare infrastructure in Canada and the U.S. are enabling real-time diagnosis, which is anticipated to R&D activity and new product development. Also, the increased number of veterinarians and veterinary clinics in the region is propelling the market growth.

Veterinary Point of Care Diagnostics Market Share

Some of the major market players operating in the veterinary point of care diagnostics market are

• Zoetis, Inc.
• IDEXX Laboratories,Inc.
• Heska Corporation
• Virbac
• Thermo FisherScientific, Inc.
• EurolyserDiagnostica GmbH

These players focus on strategic partnerships, new product launch & commercialization for market expansion. Furthermore, these players are heavily investing in research that allows them to introduce innovative products and garner maximum revenue in the market.

Veterinary Point of Care Diagnostics Industry News

• In March 2022, VolitionRx Limited (Volition) announced that it has signed an exclusive global supply and license agreement with Heska Corporation (Heska) to sell Volitions Nu.Q Vet Cancer Screening test. This strategy is expected to enhance their long-term relation as well as outreach to untapped economies.
• In September 2020, Zoetis launched its Vetscan Imagysta, a diagnostic platform that uses a combination of image recognition technology, algorithms and cloud-based artificial intelligence (AI) to deliver accurate testing results. This helped the company to expand its product portfolio and increase its revenue from its sales.

This veterinary point of care diagnostics market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2018 to 2032, for the following segments

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By Product

• Consumables
• Instruments & Devices

By Test Type

• Clinical biochemistry                  
• Immunodiagnostics     
• Molecular diagnostics
• Hematology
• Urinalysis
• Other test type

By Animal Type

• Companion animal
• Dogs
• Cats
• Horses
• Other companion animals 
• Livestock animals
• Cattle
• Swine
• Poultry
• Other livestock animals

By Sample Type

• Blood/Plasma/Serum
• Urine
• Fecal
• Other samples

By End-user

• Veterinary hospitals and clinics
• Diagnostic labs
• Home care settings
• Other end-users

The above information is provided for the following regions and countries

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of Asia Pacific 
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • South Africa
  • Saudi Arabia
  • Rest of Middle East & Africa