Global Veterinary Point of Care (PoC) Diagnostics Market Size to Reach USD 4.36 Billion 2032 | Emergen Research
Growth in the companion animal population is a significant factor driving global veterinary Point of Care (PoC) diagnostics market revenue growth
Vancouver, Sept. 07, 2023 (GLOBE NEWSWIRE) — The global Veterinary Point of Care (PoC) Diagnostics Market size is expected to reach USD 4.36 Billion at a steady revenue CAGR of 8.9% in 2032, according to the latest analysis by Emergen Research. Advantages of POCT can be attributed to the steady market revenue growth of veterinary PoC diagnostics. Point-Of-Care Testing (POCT) allows for quicker clinical decision-making during the processes of diagnosis (rule-in or rule-out), treatment selection and monitoring, and prognosis, as well as operational decision-making and resource usage. So, for all of the aforementioned reasons, it is possible to think about how POCT can play a part in easing the pressure on Erectile Dysfunction (ED). Since POCT has been used in urgent care facilities and paramedical vehicles, it can be offered in all of these care contexts and speed up decision-making if a referral was perhaps necessary. In addition, it has been proposed that urgent care facilities could be used to address less urgent problems, decreasing the number of patients that visit hospitals.
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The high cost of veterinary imaging systems is expected to restrain the market revenue growth. Systems for digital radiography in veterinary medicine can cost anywhere between USD 25K and USD 50K. The higher end of that pricing range consists of systems from the biggest veterinary companies that sell panels from the most reputable producers. Flat panel systems at the lower end of the pricing range often come from less respected manufacturers or use older technologies (such as CCD systems). The American Pet Products Association projects that consumer spending on veterinarian services and product sales will total USD 32.3 billion this year in the United States.
Scope of Research
|Market size in 2022||USD 1.85 Billion|
|Revenue forecast to 2032||USD 4.36 Billion|
|Base year for estimation||2022|
|Quantitative units||Revenue in USD Million and CAGR in % from 2023 to 2032.|
|Report coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends.|
|Segments covered||Products, technology, application, animal type, end-use, and region.|
|Regional scope||North America; Europe; Asia Pacific; Latin America; Middle East & Africa.|
|Country scope||U.S., Canada, Mexico, Germany, U.K., France, Spain, BENELUX, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, Israel, Rest of MEA.|
|Key companies profiled||Idexx Laboratories, Inc., Zoetis, Virbac, Heska Corporation, Thermo Fisher Scientific, Inc., Eurolyser Diagnostica GmbH, Woodley Equipment Company Ltd., Randox Laboratories, Ltd., AniPOC, Ltd., Carestream Health|
|Customization scope||10 hours of free customization and expert consultation.|
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Major Companies and Competitive Landscape
The global veterinary Point of Care (PoC) diagnostics market is fragmented, with many large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective veterinary PoC diagnostics. Some major players included in the global veterinary Point of Care (PoC) diagnostics market report are:
- Idexx Laboratories, Inc.
- Heska Corporation
- Thermo Fisher Scientific, Inc.
- Eurolyser Diagnostica GmbH
- Woodley Equipment Company Ltd.
- Randox Laboratories, Ltd.
- AniPOC, Ltd.
- Carestream Health
- On 26 January 2023, the world’s leading provider of veterinary imaging, Sound Technologies, and GE HealthCare announced a partnership to market the Vscan Air, a cutting-edge, wireless, pocket-sized ultrasound that offers incredibly clear images. Veterinarian clinics in the United States can now benefit from high-quality images, whole-patient scanning capabilities, and user-friendly software. The use of ultrasound in veterinary medicine has the potential to revolutionize the way that dogs, cats, horses, cows, pigs, goats, and exotic animals care for creatures such as reptiles and small mammals. Without the risk of ionizing radiation and typically for a low cost, ultrasound allows for a precise and thorough inspection of inside organs. It is a crucial tool in veterinary medicine since it helps doctors to accurately detect a variety of illnesses that animals can develop and to closely inspect their interior organs, unlike with other methods.
- On 4 November 2022, Mast Group Limited, an independent world-class manufacturer and supplier of diagnostic products for clinical, industrial, and veterinary testing, signed a multi-region distribution agreement with Nanomix Corporation, a pioneer in the development of mobile, affordable, Point-Of-Care (POC) diagnostics. Mast has a main office in the U.K. and subsidiary businesses in Amiens, France, and Reinfeld, Germany. The Nanmix eLab system will be marketed and distributed by Mast in the U.K., Germany, France, Ireland, and South Africa.
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Some Key Highlights From the Report
- The clinical biochemistry segment is expected to account for the largest revenue share in the global market over the forecast period. Clinical biochemistry is the analysis of the blood plasma (or serum) for a variety of compounds, including substrates, enzymes, hormones, and others, to diagnose and monitor the progression of a disease. Other physiological fluids like urine, ascitic fluids, and Cerebrospinal Fluid (CSF) are also examined. The variables affecting the most often requested analytes are shown below in basic checklist form as it is extremely rare for one test to be relevant to only one clinical condition. In contrast to six tests that only confirm or rule out six possibilities, a correctly chosen set of six tests can, through a process of pattern recognition, provide information pointing to a wide range of other scenarios. Biochemistry testing should be accompanied by a full hematological evaluation as it is important for the best identification of many of the most distinctive disease patterns.
- The clinical pathology segment is expected to account for the largest revenue share in the global market over the forecast period. Clinical pathology covers many lab activities. The diagnosis, treatment, and prevention of diseases are its main objectives. Clinical pathologists are among the medical specialists with specialized training. They frequently supervise every specialist department in the lab. Clinical pathologists evaluate samples of blood, urine, and other bodily fluids using a microscope or other diagnostic tools. They keep an eye on the body’s various chemical levels as well as other things. The findings of the test are then utilized to determine a diagnosis or whether more investigation is warranted. A clinical pathologist can be in charge of the blood bank in a hospital. Gathering and processing blood and blood byproducts are also required. Additional research could be done on the causes of transfusion reactions and the viability of tissue for transplantation.
- The veterinary clinics segment is expected to account for the largest revenue share in the global market over the forecast period owing to safety, comfort, and convenience. The best option for pets is a veterinary clinic since it offers individualized care and reduces the need for repeated hospital visits. In addition to having more control over the scheduling of surgeries, outpatient surgery facilities can be 45–60% less expensive than hospitals, which benefits patients, insurance, and taxpayers equally. Practically very few surgeries can be postponed or rescheduled due to unexpected hospital events such as problems in the emergency room. In addition, it prevents patients from acquiring infections obtained in hospitals.
- Market in North America is expected to account for the largest revenue share during the forecast period, which is attributed to increasing activities by key market players in countries in the region. For instance, IDEXX Laboratories, Inc., a pioneer in veterinary diagnostics and software, reports the launch of the ProCyte One Hematology Analyzer. The new analyzer’s cutting-edge technology offers revolutionary workflow ease and trustworthy, accurate results right at the point of service. The ProCyte One Hematology Analyzer’s global rollout started in early 2021. Both North America and Europe have access to it. In the first quarter of 2021, the corporation began shipping in considerable numbers. ProCyte One reimagines point-of-care hematology with a fundamentally simple procedure that practically eliminates complexity without sacrificing performance.
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For the purpose of this report, Emergen Research has segmented the global veterinary PoC diagnostics market on the basis of product, technology, application, animal type, end-use, and region:
- Product Outlook (Revenue, USD Billion; 2019–2032)
- Technology Outlook (Revenue, USD Billion; 2019–2032)
- Clinical Biochemistry
- Molecular Diagnostics
- Other Technologies
- Application Outlook (Revenue, USD Billion; 2019–2032)
- Clinical Pathology
- Orthopedics & Traumatology
- Other Applications
- Animal Type Outlook (Revenue, USD Billion; 2019–2032)
- Companion Animals
- Livestock Animals
- End-Use Outlook (Revenue, USD Billion; 2019–2032)
- Veterinary Clinics
- Veterinary Hospitals & Academic Institutes
- Home Care Settings
- Regional Outlook (Revenue, USD Million, 2019–2032)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- Rest of MEA
- North America
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