Veterinary Diagnostic Equipment Market Forecast 2024-2033: Projected CAGR, Key Drivers, And Trends

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Overview and Scope

Veterinary diagnostic equipment refers to devices and instruments mainly used by veterinary practitioners in determining and identifying various disorders in animals by using various diagnostic equipment such as clinical thermometers, diagnostic lights, X-ray equipment, and certain diagnostic test kits to detect the cause of disease and determine the treatment schedule for animals.

Sizing and Forecast

The veterinary diagnostic equipment market size has grown strongly in recent years. It will grow from $1.02 billion in 2023 to $1.09 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth in the historic period can be attributed to increasing pet ownership, growing livestock industry, prevalence of companion animals, demand for preventive veterinary care, rising disposable income levels, .

The veterinary diagnostic equipment market size is expected to see strong growth in the next few years. It will grow to $1.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to rising pet healthcare awareness, global pandemic preparedness, increasing focus on animal disease surveillance and control, increased pet insurance. Major trends in the forecast period include adoption of digital technologies, telemedicine integration, point-of-care testing, ai and machine learning, eco-friendly practices.

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Segmentation & Regional Insights

The veterinary diagnostic equipment market covered in this report is segmented –

1) By Product: Hematology, Immunodiagnostics, Clinical Chemistry, Molecular Testing

2) By Animal: Livestock Cattle, Domestic Pets

3) By End Users: Hospitals And Clinics, Reference Laboratories, Universities/Research Centers, Point-Of-Care/In-House Testing

North America was the largest region in the veterinary diagnostic equipment market in 2023. Asia-Pacific was the second-largest region in the global veterinary diagnostic equipment market analysis. The regions covered in the veterinary diagnostic equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.

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Major Driver Impacting Market Growth

An increase in the prevalence rate of diseases among animals serves as one of the major drivers of the veterinary diagnostic equipment market. Due to the increase in the incidence of diseases in livestock and pets, the demand for enhanced diagnostic equipment increases. For instance, in July 2023, according to the World Health Organization, a Switzerland-based Specialised agency of the United Nations in charge of global public health, WOAH received reports from 67 countries on five continents of H5N1 high pathogenicity avian influenza epidemics in poultry and wild birds, with over 131 million domestic fowl killed due to death or culling in afflicted farms and communities in 2022. The increase in the prevalence rate of diseases in animals increases demand for diagnostic equipment, driving the veterinary diagnostic equipment market.

Key Industry Players

Major companies operating in the veterinary diagnostic equipment market include IDEXX Laboratories Inc., ABAXIS Inc., HESKA Corporation, Zoetis Inc., Virbac, Mindray Medical International Limited, Neogen Corporation, QIAGEN N.V., Agfa Healthcare, Toshiba, Carestream Health, MinXray, Diagnostic Imaging Systems, BCF Technology, Sedecal, Kaixin Group Co. Ltd., Esaote S.p.A., Pfizer Inc., Thermo Fisher Scientific Inc., Henry Schein Inc., Idvet, BioMérieux SA, Randox Laboratories Ltd., Abbott Laboratories, Acon Laboratories Inc., Animal Biome, BioCHEK BV, Chison Medical Imaging Co. Ltd., DCN Dx Daignostics, General Electric Company, Hallmarq Veterinary Imaging Ltd., INDICAL Bioscience GmbH, MI:RNA Ltd., Scopio Labs Ltd., VCA Antech Inc.

The veterinary diagnostic equipment market report table of contents includes:

1. Executive Summary

2. Veterinary Diagnostic Market Characteristics

3. Veterinary Diagnostic Market Trends And Strategies

4. Veterinary Diagnostic Market – Macro Economic Scenario

5. Global Veterinary Diagnostic Market Size and Growth

31. Global Veterinary Diagnostic Market Competitive Benchmarking

32. Global Veterinary Diagnostic Market Competitive Dashboard

33. Key Mergers And Acquisitions In The Veterinary Diagnostic Market

34. Veterinary Diagnostic Market Future Outlook and Potential Analysis

35. Appendix

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