Author: Himanshu Patni
19 November 2022
The Global Veterinary Point Of Care Diagnostics Market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 12% during the forecast period (2021-2027F). 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 increasing pet adoption is the main factor is contributing factor in the veterinary industry. Furthermore, the increasing number of diseases in the animal is also contributing to the increasing market of the veterinary point-of-care diagnostic industry. For instance, according to Vikaspedia (Government of India), the total livestock population is 535.78 million in the country showing an increase of 4.6% over Livestock Census2012, and the total Bovine population (Cattle, Buffalo, Mithun, and Yak) is 302.79 Million in 2019 which shows an increase of 1.0% over the previous census. Furthermore, the increasing number of zoological parks and rising efforts on animal conservation in them have a significant effect on the market for point of care in veterinary treatment.
For a detailed analysis of the market drivers of veterinary point-of-care diagnostics browse through – https://univdatos.com/report/veterinary-point-of-care-diagnostics-market/
Based on animal type, the market is segmented into livestock and companion. The livestock segment is expected to witness significant growth. The increasing cattle population and growing adoption of modern technology to provide care to the animals attribute to the market growth of the segment in the veterinary market. For instance, as per the Department Of Animal Husbandry and Dairying – Government of India, in 2019, the female cattle population was 145.12 million which increased by 18.0% over 2012.
Based on end-users, the market is segmented into veterinary hospitals & clinics, home care settings, and others. The veterinary hospitals & clinics segment is expected to witness significant growth. The rising pet adoption along with the rising prevalence of diseases and increasing health concerns among pet owners are the reasons for the growth of the segment in the veterinary point-of-care diagnostics market. Furthermore, the specialization of hospitals & clinics is also an important factor that is responsible for the growth of the segment in the veterinary point of care diagnostic industry.
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Additionally, the report provides detailed report also provides insights into the veterinary point of care diagnostics market in the medical diagnostics market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a significant market for veterinary point-of-care diagnostics due to the higher number of pet adoption in the region. According to APPA, 67% of U.S households own pets and total expenditure on pet care products was estimated at US$ 123.6 billion in 2021.
IDEXX Laboratories, Zoetis, Virbac, Heska Corporation, Thermo Fisher Scientific Inc., Neogen Corporation, Mindray, Esaote SpA, FUJIFILM Corporation, and Woodley Equipment Company Ltd. are some of the key players operating in the global veterinary point of care diagnostics market. Several M&As along with partnerships have been undertaken by these players to develop various types of veterinary point of care diagnostics.
Global Veterinary Point of Care Diagnostics Market Segmentation
Market Insight, by Animal Type
Market Insight, by Product
Market Insight, by End-users
Market Insight, by Region
Top Company Profiles
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