Veterinary Immunodiagnostics Market Size
With a value of over USD 803.4 million in 2022 and predicted to rise at a CAGR of 9.2%, veterinary immunodiagnostics market size Rising adoption of companion animals, increase in animal healthcare expenditure, high frequency of animal diseases, technological developments in diagnostic tests and equipment, increasing coverage for tests under pet insurance, and growing awareness among pet owners regarding pet care help to explain the growth in this market.
To get key market trends
In veterinary immunodiagnostics, a main means of detection is an antigen-antibody reaction to diagnose illnesses. For immunodiagnostics testing, ELISA, lateral flow assays, and many more forms of test formats exist. It enables the monitoring of the agents causing the infection in animals. Because of its simplicity, high throughput capacity, time, and cost-effectiveness, this extensively used animal diagnostics tool presents.
| Report Attribute | Details |
|---|---|
| Base Year | 2022 |
| Veterinary Immunodiagnostics Market Size in 2022 | USD 803.4 Million |
| Forecast Period | 2023 to 2032 |
| Forecast Period 2023 to 2032 CAGR | 9.2% |
| 2032 Value Projection | USD 1.9 Billion |
| Historical Data for | 2018 to 2022 |
| No. of Pages | 255 |
| Tables, Charts & Figures | 440 |
| Segments covered | Product, Animal type, End-user, and Region |
| Growth Drivers |
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| Pitfalls & Challenges |
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What are the growth opportunities in this market?
COVID-19 Impact
A zoonotic disease, COVID-19 viral disease has raised awareness and worry around animal health issues and food products derived from animals. The veterinary immunodiagnostics market had different effects from the epidemic. The government instituted travel restrictions and a lockdown in response to the COVID-19 epidemic. Early on in the epidemic, COVID-19 had a bad effect on the veterinary immunodiagnostic industry. Such rigorous standards let only severe animal cases visit veterinary clinics and hospitals, therefore hindering the expansion of this business. Later, as COVID counts dropped, this market grew faster.
Conversely, COVID-19 has presented new possibilities; researchers sought to create immunodiagnostics tests for animal COVID-19 diagnosis, therefore raising public awareness of the relevance of animal welfare. Notwithstanding this, the epidemic has helped the market by raising awareness, demand for animal diagnostics, pet adoption, and pet insurance acceptance as well as by driving worldwide healthcare spending.
Veterinary Immunodiagnostics Market Trends
The development of the veterinary immunodiagnostic market is projected to be much influenced by the high frequency of animal diseases and growing acceptance of companion animals. Pet insurance is also expected to rise in line with the growing pet population and animal health expenses, therefore strengthening the development of the market. Moreover, the yearly statistics released by FEDIAF show that pet ownership in Europe has skyrocketed. About 88 million European homes had at least one pet animal by 2020. With an estimated 90 million, the population of pets is fast growing.
Early identification and treatment of animal diseases are becoming more important as the population of animals rises and the frequency of the diseases rises as well. Providing fast and accurate analysis, the veterinary immunodiagnostic aids in the identification of many different diseases. This enables the veterinary practitioners to treat the animals with better options and better grasp the origin of ailments.
Veterinary Immunodiagnostics Market Analysis
Learn more about the key segments shaping this market
Product-based worldwide veterinary immunodiagnostics market segmentation includes lateral flow assays, ELISA, allergen-specific immunodiagnostics tests, immunoassay analyzers, and other immunodiagnostic products. With 85% of the market share, the sector for lateral flow assays accounted for Faster outcomes, low cost, and simplicity of use help this market to flourish. Apart from these elements, the rising frequency of animal diseases, growing awareness of animal health, pet insurance, and accurate and safe disease diagnosis made possible by such immunodiagnostic tests should improve the market throughout the projection period.
Learn more about the key segments shaping this market
Regarding animal health, the veterinary medicine field consists in two primary categories of furry patientsour dear companions and animals grown for consumption. Among the fluffy friends are dogs, cats, horses, and more. With about 82.5%, they have the largest portion of the pie since people are indulging their animal companions unlike ever before. Pets abound in more and more homes, and we are spending more and more on their health insurance and veterinarian fees. Regarding livestock, that covers pigs, cows, chickens, and so forth. They are also attracting a lot of interest since the need for food from these creatures rises along with human population. Moreover, more people are waking up to see the need of animal welfare. With a CAGR (that is fancy speak for growth rate) of 7.8%, the cattle market should expand even quicker over the next few years. This is so because our hungry planet need even more animal-based nourishment.
Veterinary reference laboratories, veterinary hospitals & clinics, research & academic institutes, and point-of-care or in-house testing comprise the veterinary immunodiagnostics market based on end-user. Comprising 57.5% of the market, the veterinary reference laboratories category had the greatest revenue in 2022. Major end customers of the worldwide market are these ones. Veterinary reference laboratories accounted for the biggest share in this market in 2022 since they offer a broad spectrum of testing services that might not be accessible at veterinary clinics and hospitals.
Looking for region specific data?
In 2022, North America was the cash king in the global veterinary immunodiagnostics industry, raking in the most moolah. And it's only going to get better, with experts predicting a whopping $930.2 million by 2032. Why the green surge? Well, pet insurance is all the rage, and more and more folks are bringing furry friends into their homes. Plus, we're all gobbling up dairy and meat like there's no tomorrow. Throw in some fancy-schmancy veterinary labs and a growing focus on animal well-being, and you've got a recipe for success. But keep your eyes on the Asia Pacific region. That's where the real action is happening. It's home to the most domesticated animals on the planet, and people are adopting like crazy. Plus, they're big on animal health. So, it's no wonder that the Asia Pacific market is expected to grow like a weed over the next few years, with an impressive 10.3% annual growth rate on the horizon.
Veterinary Immunodiagnostics Market Share
The key players in veterinary immunodiagnostics market are
- IDEXX Laboratories, Inc.
- bioMérieux SA
- Zoetis Inc.
- Randox Laboratories Ltd.
- Neogen Corporation
- Thermo Fisher Scientific Inc.
- QIAGEN N.V
- Abaxis, Inc.
- Virbac
- Heska Corporation
These companies are implementing several strategies such as collaborations, acquisitions, partnerships, mergers, and product launches, etc. to maintain a competitive edge in the industry.
Veterinary Immunodiagnostics Industry News
- In September 2021, Heska Corporation acquired Biotech Laboratories to enter and strengthen rapid assay point-of-care diagnostic market.
- In June 2022, IDEXX Laboratories, Inc. announced the new reference laboratory tests and services to support early diagnosis and interventions for critical care cases.
The global veterinary immunodiagnostics 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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Market Size, By Product
- Lateral flow assays
- Lateral flow rapid tests
- Lateral flow strip readers
- ELISA tests
- Chemiluminescence immunoassays
- Fluorescent immunoassays
- Colorimetric immunoassays
- Allergen specific immunodiagnostics tests
- Immunoassay analyzers
- Other immunodiagnostic products
Market Size, By Animal Type
- Market Size, By End-user
- Veterinary reference laboratories
- Veterinary hospitals & clinics
- Point-of-care/in-house testing
- Veterinary research & academic institutes
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
- China
- Japan
- 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
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