Veterinary Point of Care Market

Veterinary Point of Care Market Overview

The global veterinary point of care market was valued at over US$ 1.5 Billion in 2021 and is projected to grow at a robust CAGR of around 8.8% to 11.2% between 2022 and 2032, surpassing a valuation of US$ 2.7 Billion by 2032. Growth is attributable to the rising prevalence of animal diseases and increasing need for early detection of diseases for initiating proper treatment.

In a world where even a single strand of virus or pathogen can have devastating impact on human lives, taking care of companion animal health has become an essential task for owners. As a result, pet owners are spending large amounts on maintaining proper health of their companion animals.

Since ancient times, there have been various changes in veterinary healthcare diagnostic methods across the world. One such change was the introduction of veterinary point of care testing.

Veterinary point of care testing allows the rapid and early detection of pathogens or animal diseases in non-laboratory settings. It has become an ideal solution for the detection of animal diseases due to its quick and accurate results capabilities as well as simple and cost-effective nature.

With rapid rise in the adoption of pets and growing awareness among owners about maintaining good pet health, the global veterinary point of care market is deemed to experience healthy growth during the forecast period.

Similarly, favorable government policies coupled with rising demand for animal derived food and innovations in point of care testing products is expected to create potential growth opportunities across emerging nations like Asia Pacific during the forthcoming years.

Which are Some Prominent Drivers Spurring Growth in Veterinary Point of Care Market?

The swift growth of veterinary point of care market is attributable to the rising prevalence of various animal diseases, need for early detection and identification of pathogens for initiating specific treatment, increasing spending on animal health, and innovations in point of care testing.

Point of care testing has become an ideal method for the rapid detection of animal diseases across veterinary facilities due to its various advantages over laboratory analysis. It allows veterinary healthcare professionals to get fast and accurate results in a non-laboratory environment.

In recent years, increase in adoption rates of companion animals and surge in zoonotic diseases have generated immense demand for the veterinary point of care and the trend is likely to continue during the forecast period.

Furthermore, introduction of pet insurance policies across certain regions coupled with rise in the number of veterinary clinics, veterinary hospitals, academic and research institutes is expected to further bolster the growth of veterinary point of care market.

What are the Challenges Faced by the Veterinary Point of Care Industry?

Despite positive growth projections, the global veterinary point of care market is facing various challenges that are likely to restrain its growth to some extent during the forecast period. One such factor is the low penetration and adoption rates of veterinary point of care across various developing and underdeveloped regions.

Similarly, high cost associated with analyzers and imaging instruments is also hampering market growth to some extent.

What Makes North America a Dominant Market for Veterinary Point of Care?

As per FMI, North America is expected to retain its dominance in the global veterinary point of care market, owing to the increasing pet healthcare spending, easy availability of advanced veterinary point of care testing solutions, and presence of leading market players.

People across nations such as the United States and Canada are spending huge amounts on their animals which is providing a major thrust to the growth of veterinary point of care market across the region.

Veterinary point of care is gaining immense traction across North America countries for the early and rapid diagnosis of animal diseases. Once detected, the disease can be prevented from spreading to humans and proper treatment can be initiated.

Similarly, presence of favorable pet insurance policies coupled with increase in the number of veterinary healthcare clinics is expected to further expand the size of the North America market in the coming years.

Sabyasachi Ghosh

Principal Consultant

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Why is Demand for Veterinary Point of Care Rising in Asia Pacific?

Owing to factors such as the rising pet adoption, expansion of veterinary healthcare infrastructure, and growing focus of owners towards maintaining proper health of their pets, the Asia Pacific veterinary point of care market is slated to register a robust growth during the forecast period between 2022 and 2032.

Developing nations like India and China are experiencing significant demand for veterinary point of care due to surge in the pet adoption rates, growing health awareness among people, increasing popularity of POC testing and rising consumption of animal derived foods.

Moreover, increasing government support and rise in the number of veterinary clinics and hospitals is also assisting the market growth across Asia Pacific.

Market Competition

Some of the key participants present in the global veterinary point of care market include Diagon, IDEXX Laboratories, LifeAssays AB, Abaxis, Biogal, Galed Labs. Acs Ltd, and Bionote, Inc, among many others.

These leading players are continuously investing in research and development for introducing novel testing solutions and upgrading their portfolios. Furthermore. They are indulging in adopting various growth strategies such as new facility establishments across attractive regions, partnerships and collaborations with end users, and reduction in product prices to gain a competitive edge in the market.

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Report Scope

Key Segments Profiled in the Veterinary Point of Care Industry Survey

By Product Type:

• Diagnostic Kits
• Analyzers
• Others

By Application:

• Infectious Diseases
• Hematology
• Others

By Sample Type:

• Blood
• Urine
• Others

By Animal Type:

• Dogs
• Bovine
• Swine
• Cats
• Equine
• Others

By End Users:

• Veterinary Hospitals
• Academic and Research Institutes
• Veterinary Clinics

By Region:

• North America
• Latin America
• Western Europe
• Eastern Europe
• APEJ
• Japan
• Middle East & Africa