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Veterinary Diagnostic Services Market Trends

Report ID: GMI10441
Published Date: Jul 2024
Report Format: PDF

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Veterinary Diagnostic Services Market Trends

The increase in zoonotic disease cases among animals is driving the demand for advanced diagnostics, expanding the market for veterinary diagnostic services. Zoonotic diseases, which can transfer from animals to humans, pose significant health risks. As awareness of these risks grows, so does the need for preventive measures, boosting the demand for comprehensive veterinary diagnostics. This helps monitor and control the spread of these pathogens, contributing to the growth of the diagnostic services market.

For instance, a July 2022 report from WHO highlighted Africa's rising risk of zoonotic pathogens like the monkeypox virus, which originates in animals before crossing over to humans. Over the past decade, the region has seen a 63% increase in zoonotic outbreaks. Between January 1 and July 8, 2022, there were 2,087 reported cases of monkeypox, with only 203 confirmed. This rise in zoonotic diseases among animals is driving the demand for veterinary diagnostics, fuelling the services market.

Additionally, increased spending on animal healthcare, the rising adoption of pet insurance, advancements in diagnostic technologies, government support, and strategic expansions by key industry players are further driving the demand for veterinary diagnostic services.

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The veterinary diagnostic services market size was valued at USD 36.1 billion in 2023 and is estimated to record 6.3% CAGR from 2024 to 2032, due to the increasing animal population, rising incidence of zoonotic diseases, and higher disposable incomes.

The laboratory-based segment holds the largest market share of 62.7% in 2023 and is expected to maintain dominance through 2032, owing to accuracy, reliability, and comprehensive diagnostic capabilities.

U.S. dominated North America veterinary diagnostic services industry accounting for USD 14.9 billion in 2023 and is anticipated to show considerable growth over 2024-2032, due to high pet ownership rates and significant investment in R&D.

Ellie Diagnostics, Embark Veterinary, Inc., IDEXX Laboratories, Inc., IVET Labs, NationWide Laboratories, Neogen Corporation, Pathvets, and SYNLAB among others.