Home > Pressrelease > Animal Diagnostics Market size to surpass $18 Bn by 2032

Animal Diagnostics Market size to surpass $18 Bn by 2032

  • Published Date: March 16, 2023

Animal Diagnostics Market size is poised to cross USD 18 billion by 2032, according to a new research report by Global Market Insights Inc.

Many farmers across the globe rely on their livestock to earn a living, which creates a high impetus for them to keep their animals closely guarded and free from food-borne and zoonotic ailments. Meanwhile, rapidly surging demand for animal derived products such as eggs, milk, and meat among others, is a key driver behind market growth.

In many economies, animal-derived products are regarded as desired food owing to their taste and nutritional value. Consumption of animal-derived products is especially rising in emerging economies, creating a strong revenue for effective animal diagnostics. 

Growing occurrence of livestock diseases to foster farm animals segment share

The farm animals segment held over 22% of animal diagnostics market share in 2022. Rapidly growing spending on veterinary care among farmers and the growing occurrence of livestock diseases is likely to augment the segment share. Several world government have rolled out novel initiatives to fight the recent surge in livestock diseases.

Back in February 2022, the UK government announced an investment of over £200 million (USD 240 million) to combat zoonotic diseases. The capital will go towards a cutting-edge revamp of the scientific laboratories of Animal and Plant Health Agency (APHA) in Weybridge. This would further enhance the UK’s already world-leading veterinary and scientific capabilities. 

Benefits of modern animal diagnostic instruments to fuel product segment gains

Animal diagnostics market size from the instruments segment is poised to surpass USD 6 billion by 2032, driven by the host of benefits animal diagnostic instruments present to veterinarians. Modern digital veterinary equipment are fast and safe and help veterinarians diagnose diseases much quicker through features such as independent operating system, one button analysis, and auto & manual calibration among others.

Browse key industry insights spread across 350 pages with 802 market data tables & 17 figures & charts from the report, “Animal Diagnostics Market Size By Technology (Immunodiagnostics {ELISA, Lateral Flow Assays, Immunoassay Analyzers}, Clinical Biochemistry {Glucose Monitoring, Blood Gas & Electrolyte Analysis}, Hematology, Molecular Diagnostics {PCR, Microarrays}, Urinalysis], By Animal (Farm Animals {Poultry, Swine, Cattle}, Companion Animals {Dogs, Cats, Horses}), By Product (Instruments, Consumables), By Application (Bacteriology, Parasitology, Pathology), By End-use (Veterinary Clinics, Veterinary Hospitals), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023 – 2032” In detail along with the table of contents:

Increasing demand from animal husbandry sector to impel bacteriology application segment

 The animal diagnostics market from bacteriology segment is anticipated to grow at more than 9.5% CAGR over 2023 - 2032. Growing adoption of animal diagnostic tests for the detection of various diseases of bacterial origin such as Brucellosis, Cryptosporidiosis, Anthrax, and Campylobacteriosis is contributing to segment growth.

Recent research efforts have shown that the prevalence of bacterial infections is increasing among farm animals. The incorporation of advanced technologies in molecular diagnostics and immunodiagnostics to effectively diagnose bacterial infections is also shaping the business scenario.

Rising animal healthcare investments to strengthen Asia Pacific animal diagnostics market

Asia Pacific animal diagnostics industry is slated to grow at more than 10.5% CAGR by 2032, driven by growing investments towards animal healthcare in the region. Supportive government-driven initiatives to curb cases of animal derived infections is mainly outlining the regional scenario.

Product innovations to define the competitive landscape for animal diagnostics industry

Some major animal diagnostics market players include Idexx laboratories, Neogen Corporation, Virbac, Heska Corporation, Boehringer Ingelheim International GmbH, and VetAll Laboratories, among others.

Authors: Rupali Swain, Subodh Kharad

Explore More on Related Topics: