Worldwide veterinary diagnostics to reach $3.9B by 2026
by Katie Pfaff
Analytics firm, MarketsandMarkets, estimates the global veterinary diagnostics market to reach a value of $3.9 billion by 2026. The 2021 value of the market was estimated to be $2.5 billion, with the projected growth to 2026 at a CAGR of 9.4%. While COVID-19 decreased veterinary office visits early in 2020, appointments began to increase in Q3 2020. Visit rates are anticipated to return to pre-pandemic levels by Q2-Q3 2021.
The report highlights diagnostics across categories, including consumables, instruments, immunodiagnostics, clinical biochemistry, hematology, PCR, urinalysis, and by an animal (cat, dog, horse, pig, poultry). Of the categories, consumables took the largest share of the market.
The projected uptick in the market is due to increased diseases, increased populations of animals, increase in interest in animal care, increased use of animal health insurance, and higher spending for animals, according to the company’s report. Growth may be offset by the cost of veterinary diagnostics and veterinary costs in general. Within global veterinary diagnostics, immunodiagnostics was the largest portion.
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