Veterinary Point-of-Care Diagnostics Market Worth $2.32 Billion by 2029 – Exclusive Report by Meticulous Research®

Redding, California, May 23, 2022 (GLOBE NEWSWIRE) — According to a new market research report titled, “Veterinary PoC Diagnostics Market by Product (Kits & Reagents, Analyzers), Technology (Hematology, Immunodiagnostics, Mdx), Disease (Infectious, Metabolic), Animal (Companion, Livestock), and End User (Diagnostic Labs, Hospitals) – Global Forecast to 2029”, published by Meticulous Research^®, the veterinary PoC diagnostics market is expected to grow at a CAGR of 10.6% during the forecast period of 2022–2029 to reach $2.32 billion by 2029.

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Point-of-care diagnostics consist of analytical systems that provide clinically relevant information without needing a core diagnostic laboratory. These tests are simplified versions of traditional laboratory assays and are designed to provide information at the point-of-use while giving the individual practitioner significant autonomy. 

Livestock and poultry provide food, agricultural labor, clothing, fertilizers, and social status and act as wealth assets to most of the population dependent on livestock worldwide. However, this dependence comes with a disproportionately high burden of zoonotic infections and leaves the health and livelihoods of many rural communities particularly vulnerable to incursions of animal diseases.

According to the CDC, more than six out of every ten known infectious diseases in people can be spread from animals. Three out of every four new or emerging infectious diseases come from animals. Moreover, according to the WHO, an estimated 600 million, i.e., almost 1 in 10 people in the world, fall ill every year from consuming contaminated food. Children under five years of age are at a particularly high risk of carrying 40% of the burden of foodborne diseases, with 1,25,000 children dying from foodborne diseases every year. Diarrheal diseases are the most common illnesses resulting from the consumption of contaminated food, causing 550 million people to fall ill and 2,30,000 deaths every year.

Further, there are many key conditions responsible for increasing the prevalence of disease and affecting the health of the pet population. Diabetes Mellitus & Heartworm Diseases are the most common diseases diagnosed in canines and felines. According to Vetsource 2018, it is estimated that 1 in every 300 dogs and 1 in 230 cats develop diabetes during their lifetime. Governments across the globe are heavily focusing on increasing awareness about these diseases, thereby resulting in early diagnosis. For instance, in April 2019, the British Horse Society (BHS) and the University of Nottingham (U.K.) launched the Colic Awareness Week to increase the awareness of recognizing the earlier signs of colic.

Impact of COVID-19 Pandemic on the Veterinary PoC Diagnostics market

As governments worldwide initiated social distancing and self-isolation guidelines, the market players experienced reduced or delayed operations. Veterinary clinics and hospitals received fewer patient visits because of the resources directed towards humans and emergencies. The travel restrictions and lockdown restrictions in the first half of 2020 resulted in decreased visits of patients to veterinary clinics and hospitals. As meat-producing plants were also temporarily shut down, there was a reduction in meat production and decreased adoption of diagnostics products. In addition to that, installation and shipments of devices and instruments in PoC labs and hospitals were delayed due to the stringent travel restrictions. The companies operating in this market had to delay their R&D activities due to delayed shipments of samples, devices, and components and increased shipping costs. Moreover, on-field testing and local collaboration were suspended due to the pandemic.

However, COVID-19 infections were reported in companion animals near the people infected with the virus. For instance, in June 2020, the United States Department of Agriculture’s (USDA) National Veterinary Services Laboratories (NVSL) announced the first confirmed case of SARS-CoV-2 (the virus that causes COVID-19) infection in a pet dog (German shepherd) in New York state.

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In 2020, the Centers for Disease Control and Prevention (CDC) (U.S.) issued guidelines for testing companion, livestock, zoo, and wild animals for epidemiologic investigation. In addition to that, In response to SARS-CoV-2 infections in animals living with infected patients, several studies are underway to access the point of care test for detecting infections. For instance, in November 2021, Federal Research Institute for Animal Health (Germany) conducted research on the impact of animal saliva on the performance of rapid antigen tests for detecting SARS-CoV-2. This study concluded that rapid antigen tests could be used as a point-of-care surveillance tool in animals with SARS-CoV-2 infections.

The veterinary PoC diagnostics market is segmented on the basis of product, disease, technology, animal type, and end user. The study also evaluates industry competitors and analyzes the regional and country markets.

Based on product, in 2022, the Kits & Reagents segment is expected to account for the largest share of the veterinary PoC diagnostics market. The largest share of this segment is mainly attributed to the emergence of various POC tests and the increasing demand for rapid disease diagnosis.

Based on technology, the immunodiagnostics segment is estimated to account for the largest share of the veterinary PoC diagnostics market in 2022. Immunodiagnostics tests are easy to use and cost-effective. In addition, up to three rapid tests can be done to screen components with a single sample, and advancements in immunodiagnostics techniques further support the growth of this segment.

Based on animal type, the companion animals segment is estimated to account for the largest share of the veterinary PoC diagnostics market in 2022. Factors such as the growing pet population, adoption of pet insurance, and increase in pet expenditure are some of the factors driving the growth of this segment.

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Based on disease, in 2022, the infectious disease segment is estimated to account for the largest share of the veterinary PoC diagnostics market. The rising prevalence of infectious diseases and the growing need for early diagnosis are the primary factors driving the growth of PoC diagnostics for infectious diseases. Moreover, the potential risk of transmission of infectious disease in humans and government initiatives help increase awareness for early disease diagnosis, further supporting this segment’s growth.

Based on geography, in 2022, North America is estimated to dominate the veterinary PoC diagnostics market, followed by Europe and Asia-Pacific. The increasing awareness of animal disease diagnosis, rising number of veterinarians, and increased spending on the healthcare of pet animals in the region support the large share of North America in the veterinary PoC diagnostics market. On the other hand, Asia-Pacific is projected to grow at the highest CAGR during the forecast period due to the large livestock population and rising incidence of various zoonotic diseases.

The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments in the industry’s leading market participants over the past four years (2019–2022). The veterinary PoC diagnostics market has recently witnessed several new product launches, enhancements, approvals, partnerships & agreements, expansions, and acquisitions.

Some of the key players operating in this market are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Heska Corporation (U.S), Neogen Corporation (U.S.), Eurolyser Diagnostica GmbH (Austria), Woodley Equipment Company Ltd. (U.K.), Randox Laboratories Ltd. (U.K.), AniPOCLtd (U.K.), and Virbac (France).

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Scope of the Report:

Veterinary PoC Diagnostics Market, by Product

• Kits and Reagents
• Analyzers

Veterinary PoC Diagnostics Market, by Disease

• Infectious Diseases
• Metabolic Diseases
• Others

Veterinary PoC Diagnostics Market, by Technology

• Clinical Biochemistry                  
• Immunodiagnostics     
• Molecular Diagnostics
• Hematology
• Urinalysis
• Other Technologies

Veterinary PoC Diagnostics Market, by Animal Type

• Companion Animals
• Livestock Animals

Veterinary PoC Diagnostics Market, by End User

• Veterinary Hospitals and Clinics
• Diagnostic Labs
• Home Care Settings

Veterinary PoC Diagnostics Market, by Geography

• North America
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe (RoE)
• Asia-Pacific (APAC)
  • Japan
  • China
  • India
  • Rest of APAC (RoAPAC)
• Latin America
• Middle East & Africa

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https://www.meticulousresearch.com/product/companion-animal-diagnostics-market-5273

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