Veterinary Home Diagnostics Market Overview
According to the latest research by Future Market Insights, veterinary home diagnostics market is set to experience 6.5% growth during the year 2021-2031. 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.
What is driving Demand for Veterinary Home Diagnostics?
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.
Increasing Incidence of Transboundary and Zoonotic Diseases Likely to Augment 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.
U.S. and Canada Veterinary Home Diagnostics Market Outlook
U.S. 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.
Europe Demand Outlook for Veterinary Home Diagnostics
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 U.K. and apparently 300,000 in a variety of occupations are potentially exposed to these zoonoses.
Who are the Key Manufacturers and Suppliers of Veterinary Home Diagnostics?
Some of the key players operating in the veterinary home diagnostics market are
- Teco Diagnostics
- Biocare Corporation
- i-SENS, Inc.
- VivaChek Laboratories, Inc.
- Vmed Technology
- SunTech Medical
- Ramsey Medical, Inc.
- IDEXX laboratories inc.
- Zoetis Inc.
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.
By Product Type:
- Urinanalysis Testing Kits
- Hematology Testing Kits
- Blood Pressure Monitoring Devices
- Blood Glucose Monitoring Devices
By Animal Type:
By End Use:
- Diagnostic Centres
- North America
- Latin America
- South Asia
- East Asia
- The Middle East and Africa