Veterinary Point of Care Market
Veterinary Point of Care Market Growth Forecast 2024 to 2034
The global veterinary point-of-care market is set to experience significant growth, with an estimated valuation of USD 2.8 billion in 2024, projected to reach USD 4.8 billion by 2034. This expansion, driven by a robust CAGR of 9.2%, is attributed to increasing pet ownership, rising awareness about animal health, and advancements in diagnostic technologies.
Key Market Highlights
| Attributes |
Insights |
|---|---|
|
Anticipated Market Value (2024) |
$2.8 billion |
|
Projected Market Value (2034) |
$4.8 billion |
|
CAGR (2024 to 2034) |
9.2% |
Market Dynamics
Drivers of Growth
- Increasing Pet Ownership: Rising pet adoption globally drives demand for accessible veterinary care.
- Technological Advancements: Cutting-edge tools like real-time PCR and next-generation sequencing enhance diagnostic precision and turnaround times.
- Convenience and Accessibility: POC diagnostics enable rapid disease detection, especially in resource-limited settings.
Challenges
- High Equipment Costs: Advanced instruments and devices remain expensive, limiting adoption in some regions.
- Training Requirements: Proper use of POC devices necessitates specialized training for veterinary professionals.
Segment and Category Analysis
By Product
| Product |
Market Share (2024) |
CAGR (2024-2034) |
|---|---|---|
|
Instruments & Devices |
57.3% |
9.0% |
|
Consumables & Kits |
42.7% |
9.4% |
By Animal Type
| Animal Type |
Market Share (2024) |
CAGR (2024-2034) |
|---|---|---|
|
Companion Animals |
65.2% |
9.3% |
|
Livestock Animals |
34.8% |
9.1% |
Regional Insights
| Region |
Projected CAGR (2024-2034) |
|---|---|
|
North America |
8.9% |
|
Europe |
9.0% |
|
Asia Pacific |
9.8% |
- North America: Dominates the market with advanced veterinary healthcare infrastructure and high pet ownership rates.
- Asia Pacific: Exhibits rapid growth driven by increased awareness about zoonotic diseases and veterinary care advancements.
Competitive Landscape
Major players like Zoetis, IDEXX Laboratories, and Virbac are leading the veterinary POC market. They focus on innovation, strategic collaborations, and expanding product portfolios to maintain market dominance.
Key Developments
- Virbac opened a new R&D facility in Taiwan’s Pingtung Agricultural Biotechnology Park in 2022.
- Zoetis launched advanced diagnostic solutions targeting companion animal health in 2023.
Frequently Asked Questions (FAQs)
- What is the projected market size of veterinary point-of-care by 2034?
- The market is expected to reach USD 4.8 billion by 2034.
- Which animal type dominates the market?
- Companion animals lead with a 65.2% share in 2024.
- What regions offer the highest growth potential?
- Asia Pacific shows the fastest growth with a CAGR of 9.8%.
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