The veterinary diagnostic equipment global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Veterinary Diagnostic Equipment Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
The veterinary diagnostic equipment market size has grown strongly in recent years. It will grow from $1.02 billion in 2023 to $1.09 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to increasing pet ownership, growing livestock industry, prevalence of companion animals, demand for preventive veterinary care, rising disposable income levels.
The veterinary diagnostic equipment market size is expected to see strong growth in the next few years. It will grow to $1.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to rising pet healthcare awareness, global pandemic preparedness, increasing focus on animal disease surveillance and control, increased pet insurance. Major trends in the forecast period include adoption of digital technologies, telemedicine integration, point-of-care testing, ai and machine learning, eco-friendly practices.
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Scope Of Veterinary Diagnostic Equipment Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Veterinary Diagnostic Equipment Market Overview
Market Drivers –
An increase in the prevalence rate of diseases among animals serves as one of the major drivers of the veterinary diagnostic equipment market. Due to the increase in the incidence of diseases in livestock and pets, the demand for enhanced diagnostic equipment increases. For instance, in July 2023, according to the World Health Organization, a Switzerland-based Specialised agency of the United Nations in charge of global public health, WOAH received reports from 67 countries on five continents of H5N1 high pathogenicity avian influenza epidemics in poultry and wild birds, with over 131 million domestic fowl killed due to death or culling in afflicted farms and communities in 2022. The increase in the prevalence rate of diseases in animals increases demand for diagnostic equipment, driving the veterinary diagnostic equipment market.
Market Trends –
Veterinary diagnostic equipment manufacturers are introducing advanced technologies such as advanced blood microsampling techniques to enable enhanced precision, patient-centered specimen collection, and diagnosis of diseases in animals. Blood microsampling is a technique that allows the participants to draw blood samples from their livestock and companion animals with ease. The samples are then forwarded to labs for further diagnosis. This technique is an extension of dry blood sampling, which is a method of collecting blood. For instance, Neoteryx launched the ‘3Rs-compliant Mitra’ microsampling device that works on the principle of micro sampling. The device uses Neoteryx’s trademark Volumetric Absorptive Micro Sampling (VAMS) technology to facilitate more convenient and accurate remote sampling. Other companies investing in the trend of microsampling include Diatron with its Diatron Aquila hematologyanalyzer.
The veterinary diagnostic equipment market covered in this report is segmented –
1) By Product: Hematology, Immunodiagnostics, Clinical Chemistry, Molecular Testing
2) By Animal: Livestock Cattle, Domestic Pets
3) By End Users: Hospitals And Clinics, Reference Laboratories, Universities/Research Centers, Point-Of-Care/In-House Testing
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Regional Insights –
North America was the largest region in the veterinary diagnostic equipment market in 2023. Asia-Pacific was the second-largest region in the global veterinary diagnostic equipment market analysis. The regions covered in the veterinary diagnostic equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Key Companies –
Major companies operating in the veterinary diagnostic equipment market include IDEXX Laboratories Inc., ABAXIS Inc., HESKA Corporation, Zoetis Inc., Virbac, Mindray Medical International Limited, Neogen Corporation, QIAGEN N.V., Agfa Healthcare, Toshiba, Carestream Health, MinXray, Diagnostic Imaging Systems, BCF Technology, Sedecal, Kaixin Group Co. Ltd., Esaote S.p.A., Pfizer Inc., Thermo Fisher Scientific Inc., Henry Schein Inc., Idvet, BioMérieux SA, Randox Laboratories Ltd., Abbott Laboratories, Acon Laboratories Inc., Animal Biome, BioCHEK BV, Chison Medical Imaging Co. Ltd., DCN Dx Daignostics, General Electric Company, Hallmarq Veterinary Imaging Ltd., INDICAL Bioscience GmbH, MI:RNA Ltd., Scopio Labs Ltd., VCA Antech Inc.
Table of Contents
1. Executive Summary
2. Veterinary Diagnostic Equipment Market Report Structure
3. Veterinary Diagnostic Equipment Market Trends And Strategies
4. Veterinary Diagnostic Equipment Market – Macro Economic Scenario
5. Veterinary Diagnostic Equipment Market Size And Growth
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27. Veterinary Diagnostic Equipment Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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