Emphasis on Animal Type (Livestock and Companion); Product (Consumables and Instruments); End-users (Veterinary Hospitals & Clinics, Home Care Settings, and Others); Region/Country
Point-of-care diagnostics (POCD) play a pivotal role in the healthcare sector. Over time, it has gained significant attention for rapid diagnosis of various life-threatening or infectious diseases like cancer, diabetes, and infectious diseases, as well as for monitoring patients’ health conditions. POC devices are regarded as efficient diagnostic options to prevent delays in treatment, a crucial aspect in preventing high mortality rates and transmission of infectious agents.
The Global Veterinary Point Of Care Diagnostics Market is anticipated to grow with an elevated CAGR of around 12% over the forecast period (2021-2027). The increasing efforts on animal conservation is one of the main reasons for the involvement of modern technology to identify the disease in the animal which significantly increases the market size of the POCD in veterinary treatment. Furthermore, the acceleration in the breeding programs of the endangered species is likely to have a positive impact on the market. For instance, The California Condor was once on the brink of extinction — there were only 27 left. The birds were taken into captivity to begin a breeding program to help save the California Condor from extinction. Additionally, the increasing number of diseases in the livestock and pet population is an important factor for significant market growth of the veterinary endoscope market.
IDEXX Laboratories, Zoetis, Virbac, Heska Corporation, Thermo Fisher Scientific, Inc., Neogen Corporation, Mindray, Esaote SpA, FUJIFILM Corporation, and Woodley Equipment Company Ltd. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of Veterinary point of care diagnostics.
Insights Presented in the Report
“Amongst animal type, livestock hold the major share”
Based on animal type, the market is segmented into livestock and companion. The livestock market segment is expected to witness lucrative growth during the forecast period. This is mainly due to the increasing breeding programs in the livestock population for the food and fiber industry. Furthermore, the rural economies are largely dependent on the livestock population and the government encourages breeding programs for rural development which results in the increasing demand for better veterinary treatments and diagnostics. For instance, The Rashtriya Gokul Mission (RGM) is being implemented for the development and conservation of indigenous bovine breeds since December 2014. The scheme is crucial for the upliftment of rural poor as more than 80% low producing indigenous animals are with small and marginal farmers and landless laborers.
Amongst product, the consumable segment holds the major share”
Based on product, the market is segmented into consumables and instruments. The consumable segment is expected to witness lucrative growth during the forecast period. The availability of a variety of products for different diseases is one of the major factors for the growth of the segment. Furthermore, rising efforts on R&D and frequent product launches are also catalyzing the growth of the segment in the veterinary point of care diagnostic market. For instance, in October 2019, ICAR released two diagnostics kits for the diagnosis of Bluetongue in sheep, goats, cattle, buffalo & camel and other for Japanese Encephalitis (JE) in pigs.
“Amongst end-users, veterinary hospitals & clinics hold the major share”
Based on the end-users, the market is segmented into veterinary hospitals & clinics, home care settings, and others. The veterinary hospitals & clinics segment held a significant market share and is anticipated to witness significant growth during the forecast period. This is mainly due to the presence of skilled professionals and their specialization in veterinary treatment. Furthermore, increasing government efforts to strengthen veterinary hospitals are also playing a pivotal role in the segmental growth of the segment in the market. For instance, in September 2021, the government of India launched Livestock Health and Disease Control which improves the animal health sector by way of implementing prophylactic vaccination programs against various diseases of livestock and poultry, capacity building, disease surveillance, and strengthening veterinary infrastructure.
“North America represents one of the largest markets of Veterinary point of care diagnostics market”
For a better understanding of the market dynamics of the veterinary point of care diagnostics market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. In 2020, North America grabbed a significant market share of the global veterinary point of care diagnostics market 2020. It is expected to grow with considerable CAGR during the forecast period (2021-2027F). The presence of a large livestock population and pets is responsible for the significant growth of veterinary point-of-care diagnostics in the region. For instance, as per USDA, till January 2022, the cows and heifers population accounted for 39.5 million. Among these, beef cows accounted for 30.1 million in 2022. Furthermore, the higher per-capita income in the region is also responsible for the regional growth in the veterinary point of care diagnostics market.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Global Veterinary Point Of Care Diagnostics Market Covid-19 Impact
6. Global Veterinary Point Of Care Diagnostics Market Revenue, 2019-2027f
7. Market Insights By Animal Type
8. Market Insights By Product
9. Market Insights By End-users
10. Market Insights By Region
11. Veterinary Point Of Care Diagnostics Market Dynamics
12. Veterinary Point Of Care Diagnostics Market Opportunities
13. Veterinary Point Of Care Diagnostics Market Trends
14. Legal & Regulatory Framework
15. Demand And Supply-side Analysis
16. Value Chain Analysis
17. Competitive Scenario
18. Company Profiled
19. Disclaimer
Research Methodology for the Global Veterinary Point Of Care Diagnostics Market Analysis (2021-2027)
Analyzing the historical market, estimating of the current market, and forecasting the future market of the global veterinary point of care diagnostics market were the three major steps undertaken to create and analyze the adoption of veterinary point of care diagnostics in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global veterinary point of care diagnostics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:
Seek More Details About Research Methodology
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the veterinary point of care diagnostics through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the veterinary point of care diagnostics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as products and end-users. Further country-level analyses were conducted to evaluate the overall adoption of veterinary point of care diagnostics across the globe.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of veterinary point-of-care diagnostics. Further, we conducted factor analysis using dependent and independent variables such as the growing number of pets and animal conservation projects all over the globe. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the veterinary point of care diagnostics sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the veterinary point of care diagnostics market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Veterinary point of care diagnostics market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of animal type, product, and end-users of the veterinary point of care diagnostics market.
The main objective of the Veterinary point of care diagnostics market study
The current & future market trends of veterinary point-of-care diagnostics were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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