Veterinary Point Of Care Diagnostics Market: Key Companies & Market Share Insights

[sara James]

The global Veterinary Point Of Care Diagnostics Market size is anticipated to reach USD 3.17 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a lucrative CAGR of 10.6% from 2021 to 2030. Factors driving the market growth comprise increasing demand for easy-to-use and rapid diagnostic products, increasing incidence of zoonotic diseases among companion and livestock animals, strategic initiatives by market players, and growing animal health concerns. For instance, in January 2022, IDEXX Laboratories expanded its reference laboratory menu for different tests and services. This may help veterinarians deal with the difficulties of cancer treatment and diagnosis.

During the nationwide lockdown, all medical services, including veterinary care, are exempt from limitations. Injured and unwell animals can receive medical care from veterinarians, including surgical and emergency procedures. On the other hand, elective procedures have been postponed to preserve medication supplies. During every vet visit or surgery, veterinarians should keep a social distance and use Personal Protective Equipment (PPE). So yet, no veterinary medicine shortages have been recorded. The animal health industry faced various hurdles as a result of the COVID-19 epidemic, including point-of-care diagnostics.

Reduced visits to veterinary clinics and hospitals, reduced sales for numerous industry participants, supply chain issues, and low consumer demand are just a few of them. Market participants eventually reacted to the changing scenario by employing a variety of strategies, including production optimization, work from home, and curbside services, among others. As transportation limitations were lifted, the market saw a steady increase in demand and footfall. However, the market continues to be challenged by the pandemic's uncertainty as well as changing government policies. In addition, some major animal health companies reported improved revenues in 2021. This was due to the implementation of several strategic initiatives such as allocating resources to profitable segments to ensure business continuity, acquisitions, and product launches.

The market growth across the world is predicted to be boosted by an increase in demand for pet insurance and adoption. Additionally, rising disposable income increased orders for animal-derived food products, and increased investments in animal healthcare spending are likely to drive the global market during the forecast period. Furthermore, the worldwide market growth is predicted to escalate due to an increase in foodborne and zoonotic infections.

Related Press Release@ Veterinary Point Of Care Diagnostics Market Report

Veterinary Point Of Care Diagnostics Market Report Highlights

• By product, the market comprises Consumables, Reagents, & Kits; and Instruments & Devices. Instruments & Devices held the largest share of the market in 2021 as these are easily available, offer a wider test menu, and are affordable in the long term. The growing R&D initiatives to improve point of care diagnostic products are anticipated to propel market growth in the coming years.
• By sample type, the blood/ plasma/ serum segment dominated the market in 2021. This was owing to the growing number of blood tests recommended as part of routine testing, annual checkups, and preliminary tests before recommending further testing in animals.
• The veterinary hospitals & clinics segment held the largest market share of over 50% in 2021, as these are the first point of care facilities for treating pets. In addition, pet owners having pet insurance can receive reimbursements for vet visits, diagnostic services, as well as treatment thus contributing to the high share of the segment.