Veterinary Immunodiagnostics Market Analysis

Veterinary Immunodiagnostics Market Analysis

Based on product, the global veterinary immunodiagnostics market is segmented into lateral flow assays, ELISA, allergen-specific immunodiagnostics tests, immunoassay analyzers, and other immunodiagnostic products. The lateral flow assays segment accounted for the largest market share of 85% in 2022. The factors contributing to the growth of this segment are simplicity of use, low cost, and faster results. In addition to these factors, the high prevalence of animal diseases, increased awareness about animal health, pet insurance, and safe and accurate diagnosis of diseases using such immunodiagnostic tests are expected to enhance the market during the forecast period.
 

Based on animal type, the veterinary immunodiagnostics market is subdivided into companion animals and livestock animals. The companion animal segment is classified into dogs, cats, horses, and other companion animals. Whereas the livestock animal segment is classified into cattle, poultry, swine, and other livestock animals. The companion animal segment accounted for the largest market share around 82.5% in 2022. The largest share of this segment is attributed to factors such as rising adoption of companion animals like dogs and cats in developed countries, rising focus on pet health, increasing adoption of pet insurance and healthcare expenditure. During the forecast period livestock animal segment will witness growth of CAGR 7.8% due to the growing demand for animal-derived food products and awareness about animal health.
 

Based on end-user, the veterinary immunodiagnostics market is classified into veterinary reference laboratories, veterinary hospitals & clinics, research & academic institutes, and point-of-care or in-house testing. In 2022, the veterinary reference laboratories segment accounted for the highest revenue and comprised of 57.5% of share in this market. They are the major end-users of the global market. Veterinary reference laboratories provide a wide range of testing services that may not be available at veterinary clinics and hospitals, and hence they accounted for the largest share in this market in 2022.
 

In 2022, North America held the highest revenue in the global veterinary immunodiagnostics market, and it is anticipated to reach around 930.2 million by 2032. This is due to the high demand for pet insurance, the rapidly increasing number of companion animals, high consumption of dairy products and meat, availability of technologically advanced veterinary reference laboratories, and the increased focus on animal health. During the forecast period, it is expected that Asia Pacific will dominate the market because this region has the highest number of domesticated animals, is increasing animal adoption, and focuses on animal health. Asia Pacific market is expected to grow at CAGR of 10.3% during the forecast period.