Vet Dx market to grow by more than 9%
by Katie Pfaff
The global market for veterinary diagnostics was forecast to grow at a CAGR of 9.3%, according to a report by analysts at ResearchAndMarkets.com. The report evaluated the period of 2022 to 2029. By the end of the period, the market was projected to reach a value of $6.37 billion.
Market growth was pinned on the growing demand for animal products coupled with the increasing rates of foodborne illness and zoonotic disease. At the same time, additional factors are contributing to growth such as a higher amount of spending on animal health, including by governments, and increasing technology and advances in the industry. Emerging markets also play a role in increasing rates of growth, according to the report.
When reviewing segment by type, the consumables segment was forecast to make up the largest share of the market in 2022. Within the segment in that same year, the heartworm disease sub-segment was expected to take the largest share of the consumables market. The uptick was based on the potential transmission of the disease to people as well as higher rates of pet adoption.
By the segment on technology, immunodiagnostics was projected to lead with the largest market share in 2022, based on greater use of immunoassays in diagnostics, new test development, and easier-to-use instruments.
Dividing by animal type, companion animals are projected to grow at the highest CAGR across the forecast period. Growth is anticipated based on higher rates of companion animal ownership and willingness to spend high amounts on pets.
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