The global veterinary diagnostics market is expected to grow at a CAGR of ~x% from 2020 to reach ~x billion by 2027. The growth of this market is primarily attributed to growing companion animal population, prevalence of zoonotic diseases, growing demand for animal health insurance, increasing expenditure on animal health, rising demand for animal derived foods and increasing number of veterinary practitioners. However, rising pet care expenses, lack of skilled veterinarians and limitation of diagnostic infrastructure are expected to hinder the growth of the market. Rising use of PCR testing for COVID-19 in animals by pet owners provide great opportunities for this market.

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The global veterinary diagnostics market study provides market data for-by product (consumables, instruments), by animal type (companion, livestock), by technology (immunodiagnostics, clinical biochemistry, molecular diagnostics, hematology, urinalysis, other veterinary diagnostic technology. The study also evaluates industry competitors and analyses the market at a regional and country level.

By product, consumables segment accounted for largest share of veterinary diagnostics market in 2020. The large share is mainly attributed to grown demand of these products in veterinary hospitals, clinics & labs, adoption of point of care diagnostics by pet owners and rising awareness about zoonotic diseases

By animal type, companion animals segment accounted for the largest market share in 2020. The dominant share of companion animal segment was captured by dogs. The large market share is mainly attributed to increasing obesity, cancer, diabetes and other diseases and growing concern among pet owners. In livestock animal segment, pigs accounted for largest market share due to rising consumption of pork and diagnostic tests for them. 

Based on technology, molecular diagnostics segment accounted for largest share of veterinary diagnostics market. The large share of this segment is mainly driven by growing usage of molecular diagnosis for the detection of veterinary diseases and reliable, specific & fast diagnosis. COVID-19 has further propelled the application for the rapid detection of virus in companion animals. 

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This research report analyses major geographies and provides a comprehensive analysis of North America (US, Canada), Europe (Germany, France, UK, Italy, Spain, and Rest of Europe), Asia-Pacific (China, India, Japan, and RoAPAC), Rest of the world (Latin America, and Middle East & Africa). North America commanded largest market share of veterinary diagnostics market, by region. The largest share is attributed to increasing population of companion & livestock animals, rising consumption of meat & dairy products, technological advancement, rising pet insurance and growing healthcare expenditure on animals. APAC is expected to exhibit highest CAGR in the forecast period. The growth of this regional market is mainly driven by increasing disposable income, adoption of pet animals and high demand for animal protein.

The major players operating in the veterinary diagnostics market are