Veterinary Point of Care Diagnostics Market Analysis

Veterinary Point of Care Diagnostics Market Analysis

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Based on product, the veterinary point of care diagnostics market is segmented as consumables and instruments & devices. The consumables segment held the majority of market share with 57.3% in 2022. The dominating segment share is owing to subscription-based (POC lab) or repetitive payments sales model for reagents and consumables and large product availability as well as other initiatives opted by key market players. For instance, nearly 90% of Heska Corporation’s point-of-care consumables are on long-term subscriptions. The total subscriptions is approximately 2,376 in 2019 and this number increased to 2,980 in 2020. The company reported a subscriber retention rate of over 95%. Thus, aforementioned factor is expected to spur the segmental expansion.
 

Based on test type, the veterinary point of care diagnostics market is segmented as clinical biochemistry, immunodiagnostics, molecular diagnostics, haematology, urinalysis, and other test type. The clinical biochemistry segment is expected reach USD 1.4 billion by 2032. Clinical biochemistry analysis blood plasma (or serum) for a wide range of compounds including substrates, enzymes, hormones, and others to diagnose and follow the evolution of a disease. The product provides results in less than 9 minutes, allowing veterinarians to share results with pet parents and offer treatment options during the initial visit. This ultimately removes the need for a second appointment. Thus, availability of such product will augment the market statistics.
 

Based on animal type the veterinary point of care diagnostics market is segmented as companion animals and livestock animals. The companion animals are further segmented into dogs, cats, horses and other companion animals likewise the livestock animals further include cattle, swine, poultry, sheep & goats, and other livestock animals. The companion animals held a dominant market share in 2022 and is anticipated to grow at 10.3% CAGR by 2032. Commonly used point of care diagnostics for companion animals include urinalysis strips, blood glucose monitors, and pregnancy kits. The rate of consumption and usage of consumables and reagents for diagnosis is increasing during veterinary diagnostic testing. This can be attributed to a global increase in awareness about zoonotic diseases and growing pet adoption & concern regarding their health.
 

Based on sample type, the veterinary point of care diagnostics market is segmented as blood/plasma/serum, urine, fecal, and other samples. The blood/plasma/serum segment held the largest share of 43.5% in 2022. Increasing initiative by government and private hospitals pertaining to awareness program on infectious and related disease will foster the segmental demand. According to Kirkwood Animal Hospital, frequent blood tests are recommended as a key part of companion animal's overall wellness programme across U.S. The Hospital conducts blood tests to identify or rule out potential congenital diseases in pets, discover issues that do not appear during a physical examination and obtain preanesthetic information before surgical or interventional procedures.
 

Based on end-user the veterinary point of care diagnostics market is segmented as veterinary hospitals & clinics, diagnostic labs, home care settings and other end-user. The veterinary hospitals & clinics segment is expected to dominate the segment throughout the analysis period. The dominance of the segment is owing to an increase in the number of patients attending these facilities for treatment and diagnosis, as well as rising demand for animal diagnostic tests in the detection of infectious diseases in small and large animals. Also, government support for veterinary hospitals and clinics is one of the primary factors driving the industry.
 

North America region is predicted to dominate the veterinary point of care diagnostics market with a CAGR of 9% over the forecast period. Presence of major animal healthcare companies coupled with advancements in veterinary healthcare infrastructure in Canada and the U.S. are enabling real-time diagnosis, which is anticipated to R&D activity and new product development. Also, the increased number of veterinarians and veterinary clinics in the region is propelling the market growth.