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(Health-NewsWire.Net, August 27, 2021 ) The global Veterinary PoC Diagnostics Market size is projected to reach USD 2.4 billion by 2025 from USD 1.4 billion in 2019, at a CAGR of 8.9%.
Growth Boosting Factors:
Factors such as increasing prevalence of zoonotic diseases among companion and livestock animals and the growing need for the rapid detection of these diseases, along with the advantages of POCT over laboratory analysis are driving the growth of this market during the forecast period. However, the high cost of veterinary imaging instruments is restraining the growth of this market to some extent.
In 2018, the consumables segment dominated the veterinary point-of-care diagnostics market
Based on product, the Veterinary PoC Diagnostics Market is segmented into consumables and instruments. Consumables accounted for the largest market share in 2018. The large share of the consumables segment can be attributed to the increasing demand for the rapid detection of diseases, the growing prevalence of animal zoonotic diseases, and growth in the companion animal population worldwide. This segment is also expected to grow at the highest CAGR during the forecast period.
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By technology, the clinical biochemistry segment accounted for the largest share of the Veterinary PoC Diagnostics Market in 2018
Based on technology, the Veterinary PoC Diagnostics Market is segmented into immunodiagnostics, clinical biochemistry, molecular diagnostics, hematology, urinalysis, and other technologies. In 2018, the clinical biochemistry segment accounted for the largest share of the market. The higher preference for various advanced clinical diagnostic products by veterinarians and pet owners are contributing to the large share of this segment.
By application, the clinical pathology segment accounted for the largest market share in 2018
Based on application, the Veterinary PoC Diagnostics Market is segmented into clinical pathology, bacteriology, virology, parasitology, and other applications. The clinical pathology segment accounted for the largest market share in 2018. This segment is also projected to register the highest CAGR during the forecast period. The growth in this segment can be attributed to the increasing adoption of chemistry analyzers for the primary diagnosis of diseases in clinics.
By animal type, the companion animals segment accounted for the largest share of the Veterinary PoC Diagnostics Market in 2018
Based on animal type, the Veterinary PoC Diagnostics Market is segmented into companion and livestock animals. In 2018, the companion animals segment accounted for the largest share of the veterinary point-of-care diagnostics industry. The increasing companion animal ownership, growing awareness about animal health among pet owners, and rising pet healthcare expenditure are the factors driving the growth of this segment.
By end user, the veterinary clinics segment accounted for the largest share of the Veterinary PoC Diagnostics Market in 2018
Based on end user, the Veterinary PoC Diagnostics Market is segmented into veterinary hospitals & academic institutes, veterinary clinics, and home care settings. In 2018, the veterinary clinics segment accounted for the largest share of the veterinary point-of-care diagnostics market. The large share of this segment is attributed to the growing number of patients visiting vet clinics and the increasing number of private clinical practices.
North America will continue to dominate the market during the forecast period
The Veterinary PoC Diagnostics Market, by region, is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the Veterinary PoC Diagnostics Market in 2018. The large share of North America in the global market can be attributed to the increasing adoption of companion animals, growing veterinary healthcare expenditure, and rising demand for animal-derived food products.
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Key Market Players:
Zoetis, Inc. (US), IDEXX Laboratories, Inc. (US), Heska Corporation (US), Virbac (France), Thermo Fisher Scientific, Inc. (US), Eurolyser Diagnostica GmbH (Austria), Woodley Equipment Company (UK), Randox Laboratories LTD. (UK), AniPOC, Ltd. (UK), Carestream Health, Inc. (a part of ONEX Corporation) (Canada), NeuroLogica Corporation (a part of Samsung Electronics Co. Ltd.) (South Korea), and FUJIFILM SonoSite (a part of FUJIFILM Holdings Corporation) (Japan).
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