The veterinary home diagnostic market is estimated to secure a valuation of US$ 6.5 billion in 2023 and is estimated to rise to US$13.7 Billion by 2033. The market is anticipated at a CAGR of 7.8% during the forecast period. The factors accelerating the demand for veterinary home diagnostics are as follows-
The increased growth of the animal healthcare products market is likely to drive the veterinary home diagnostics market during the forecast period. The increased spending of pet owners on pet healthcare is the key factor driving the veterinary home diagnostics market
The increased number of veterinary practitioners is expected to boost the veterinary home diagnostics market to some extent. Increased prevalence of zoonotic disease and transboundary disease accelerates the demand for veterinary home diagnostic services
North America is expected to witness prolific growth in the veterinary home diagnostics market owing to the increased adoption of pets in the region and increased pet care expenditure in the countries like USA and Canada.
Europe is expected to account for the second-highest revenue share of the veterinary home diagnostics market during the forecast period. increased burden of diseases in pet animals and increased number of government initiatives to support animal healthcare is likely to drive the veterinary home diagnostics in Europe
Asia Pacific account for the largest share of the market owing to the increased prevalence of polyclinics and veterinary diagnostics centers in the countries like China and India support the market growth. Increased per capita income and increased spending on pet care are likely to drive market growth in the region.
Some of the players operating in the veterinary home diagnostic market are Teco Diagnostics, Biocare Corporation, i-SENS Inc, VivaCheck Laboratories, Vmed Technology, SunTech Medical, Ramsey Medical, Inc, IDEXX Laboratories Inc, and Zoetis Inc, among others.
To gain a competitive edge the market players are constantly focusing on mergers, acquisitions, and product launches. Also, the veterinary home diagnostics market players are heavily investing in research & development activities to increase their product portfolio.
For instance, in September 2022- Zoetis announced the acquisition of Jurox. This acquisition will help Zoetis for greater global expansion and a valuable animal healthcare portfolio with the addition of an important range of products from Jurox.
The veterinary home diagnostic market is expected to grow in the coming years with increased demand for veterinary services and trained medical staff. Also, the growing consumption of animal-delivered products like meat and dairy products is expected to boost the growth of the veterinary home diagnostics market during the forecast period. With the increased demand for healthcare services for animal wellbeing, start-ups are entering the market with innovative procedures and products.
For instance, founded in 2015 - Vetstore is an online platform that allows users to book veterinary services at home. The user can book a vet for a home visit, pet diagnostics, vaccination, and health checkup for dogs and cats. One has to provide pet details for booking a vet for a home visit.
| Data Point | Key statistics |
|---|---|
| Expected Market Value in 2023 | US$ 6.5Billion |
| Projected Market Value in 2033 | US$ 13.7Billion |
| Growth Rate (2023 to 2033) | CAGR of 7.8% |
According to the latest research by Future Market Insights, veterinary home diagnostics market is set to experience 6.5% growth during the year 2023 to 2033. The growth of veterinary home diagnostics is attributed towards the rise in prevalence of zoonotic and transboundary disease and growing pet population.
Moreover, the increased focus on the pet’s health by its owners is further expected to accelerate the demand of veterinary home diagnostics sales during the forecast period.
There is a notable increase in the adoption rate and overall companion animal population globally. According to several studies, having a companion animal is associated with several positive health benefits. According to a study by Animal Medicines Australia, 61% of Australian households had a pet in 2019.
The study also suggests that Australia has the highest pet ownership rate worldwide. Thus, this rise in population of pets along with the growing concern over the pet’s health by the owner is expected to propel the growth of veterinary home diagnostics market.
Moreover, growing animal health expenditure is also driving the demand for veterinary home diagnostics sales.
Rise in incidence of transboundary and zoonotic diseases possess great threat to the animal as well as human life. Zoonotic diseases are caused by harmful germs like bacteria, parasites, viruses and fungi. Zoonotic diseases are very common around the globe. According to a study by CDC, more than 6 out of 10 known infectious diseases in people can be spread from animals.
Thus, rise in incidence of transboundary and zoonotic diseases is expected to boost the demand for veterinary home diagnostics.
USA and Canada are expected to have the highest share and therefore will dominate the veterinary home diagnostics market. This is due to the increasing pet adoption in this region. Additionally, rising veterinary healthcare expenditure is also contributing towards the growth of veterinary home diagnostics market.
For instance, according to American Pet Products Association (APPA), 67% of U.S. households, or about 85 million families, owned a pet in 2019.
The European market for veterinary home diagnostics is estimated to grow at a considerable rate during the forecast period. This surge in growth is due to the growing expenditure on pets. Moreover, the high risk of spread of zoonotic diseases is also expected to drive the sales of veterinary home diagnostics.
According to the Health and Safety, there were approximately 40 potential zoonoses in the United Kingdom and apparently 300,000 in a variety of occupations are potentially exposed to these zoonoses.
Some of the key players operating in the veterinary home diagnostics market are
Manufacturers in the market focus on carrying out certain strategic activities such as acquisitions and merger, expansion, product launch, etc. For instance, in May 2020, Zoetis Inc. announced the acquisition of Abaxis in a deal of US$ 1.9 Bn.
In June 2021, IDEXX laboratories inc. announced the acquisition of ezyVet in cloud software expansion push.
The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments.
The report also maps the qualitative impact of various market factors on market segments and geographies.
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Veterinary Home Diagnostics Market
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