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Market Dynamics
Technological Advancements Driving Market Growth in the Forecast Period
Technological advancements continue to enhance both human and veterinary healthcare, significantly improving diagnostic accuracy and treatment outcomes. In veterinary medicine, rapid innovations have enabled faster diagnoses, more precise prognoses, and improved patient care, ultimately saving animal lives while also benefiting pet owners.
Point-of-care (POC) diagnostic tests in veterinary clinics provide real-time results, allowing clinicians to make informed treatment decisions without delays associated with traditional laboratory testing. This immediacy enhances diagnostic confidence and ensures timely medical interventions.
Leading companies are actively investing in research and development (R&D) to advance veterinary diagnostics. Heska, for example, allocates significant resources to developing new analyzer and diagnostic platforms, expanding testing menus, upgrading existing systems, and driving in-house innovations.
With the growing adoption of cutting-edge diagnostic technologies and platform advancements, the market is expected to witness significant growth, transforming veterinary care and improving overall healthcare efficiency.
Market Segments
By Product (Consumables, Reagents, & Kits, Instruments & Devices)
By Application (Parasitology, Diagnostic Imaging, Bacteriology, Virology, Cytology, Clinical Chemistry, Serology, Other)
By End-User (Veterinary Hospitals & Clinics, Home Care Settings, Other)
By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Market Regional Share
North America Leads the Global Veterinary Point-of-Care Diagnostics Market
North America is expected to dominate the veterinary point-of-care (POC) diagnostics market, driven by the increasing adoption of companion animals and rising expenditures on veterinary healthcare.
According to the American Pet Products Association (APPA), veterinary care is the second-largest spending category in the pet care industry. Industry-wide spending on veterinary services reached $18.11 billion, marking a 6.1% growth, with projections for 2019 reaching $18.98 billion, reflecting a 4.8% increase. The APPA suggests that lower veterinary costs have encouraged more frequent visits, making pet care more accessible to a broader customer base.
Additionally, pet adoption rates have surged. For instance, the Society for the Prevention of Cruelty to Animals (SPCA) in Los Angeles reported that daily adoptions more than doubled in June 2020, ranging between 10 to 13 adoptions per day. This long-term increase in pet ownership is expected to further fuel the demand for veterinary POC diagnostics.
North America also benefits from the strong presence of key market players such as Idexx Laboratories, Merck & Co. Inc., Zoetis Inc., and others, which continue to launch innovative diagnostic solutions, solidifying the regions leadership in the global market.
Market Key Players
Key players are Zoetis, Inc., IDEXX Laboratories, Inc., Heska Corporation, Virbac, Thermo Fisher Scientific, Inc., Eurolyser Diagnostica GmbH, Woodley Equipment Company, Randox Laboratories LTD., AniPOC, Ltd., Carestream Health, Inc. (a part of ONEX Corporation).
Recent Developments
On April 1st, 2020, Heska Corporation completed the acquisition of scil animal care company GmbH. With headquarters in Germany and operations in France, Italy, Spain, and Canada, scil has been a proven European leader in providing veterinary point-of-care laboratory and imaging diagnostics.