Veterinary Infectious Disease Diagnostics Market
Veterinary Infectious Disease Diagnostics Market Growth Forecast 2024 to 2034
The global veterinary infectious disease diagnostics market is poised for significant growth, with an estimated valuation of USD 2.9 billion in 2024, projected to reach USD 5.9 billion by 2034. Driven by a robust CAGR of 11.1%, this market expansion is underpinned by technological advancements, increasing pet adoption, and heightened awareness about zoonotic diseases.
Key Market Highlights
| Attributes |
Insights |
|---|---|
|
Anticipated Market Value (2024) |
$2.9 billion |
|
Projected Market Value (2034) |
$5.9 billion |
|
CAGR (2024 to 2034) |
11.1% |
Market Dynamics
Drivers of Growth
- Rising Pet Ownership: Increased pet adoption across developed and developing regions is driving the demand for diagnostic solutions.
- Advances in Technology: Integration of AI, PCR, and ELISA platforms offers precise, efficient diagnostic capabilities.
- Zoonotic Disease Concerns: Growing focus on preventing animal-to-human disease transmission fuels market demand.
Challenges
- Cost Constraints: High costs of advanced diagnostic technologies limit adoption in low-income regions.
- Lack of Awareness: Limited understanding of diagnostic tools in emerging markets hinders growth.
Segment and Category Analysis
By Technology
| Technology |
Market Share (2024) |
CAGR (2024-2034) |
|---|---|---|
|
Immunodiagnostics |
45.0% |
11.5% |
|
Molecular Diagnostics |
35.0% |
10.8% |
|
Others |
20.0% |
10.2% |
By Animal Type
| Animal Type |
Market Share (2024) |
CAGR (2024-2034) |
|---|---|---|
|
Companion Animals |
60.0% |
11.3% |
|
Food-Producing Animals |
40.0% |
10.7% |
Regional Insights
| Region |
Projected CAGR (2024-2034) |
|---|---|
|
North America |
11.0% |
|
Europe |
10.8% |
|
Asia Pacific |
12.0% |
- North America: Dominates the market with advanced veterinary care infrastructure and strong pet insurance adoption.
- Asia Pacific: Rapid growth due to increasing awareness and investments in veterinary healthcare.
Competitive Landscape
Key players such as Zoetis Inc., Thermo Fisher Scientific, and Biomerieux SA are at the forefront of market innovations. Their strategies include expanding product portfolios, leveraging AI-based diagnostics, and forming strategic collaborations.
Key Developments
- Zoetis Inc. acquired Abaxis to enhance its diagnostic portfolio in 2018.
- Zomedica Corp. launched TRUFORMA, a point-of-care diagnostic platform for cats and dogs, in 2021.
- FUJIFILM Europe expanded its offerings by acquiring DMV Imaging in 2021.
Frequently Asked Questions (FAQs)
- What is the projected size of the veterinary infectious disease diagnostics market by 2034?
- The market is expected to reach USD 5.9 billion by 2034.
- Which technology leads the market?
- Immunodiagnostics dominate with a 45.0% market share in 2024.
- What regions offer the highest growth potential?
- Asia Pacific leads with the fastest growth at a CAGR of 12.0%.
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