The Global Veterinary Point of Care Diagnostics Market is anticipated to grow significantly by 2027, with an estimated CAGR of around 12% during the forecast period from 2021 to 2027. Point-of-care diagnostics (POCD) have become crucial in the healthcare sector for their ability to rapidly diagnose various life-threatening and infectious diseases such as cancer and diabetes, as well as for ongoing patient health monitoring. These devices are seen as essential diagnostic tools that help prevent treatment delays, thereby reducing mortality rates and the spread of infectious agents.

Key Growth Drivers

A major factor driving the veterinary industry's growth is the increasing adoption of pets. Additionally, the rise in diseases affecting animals contributes to the expanding veterinary point-of-care diagnostics market. For instance, according to Vikaspedia (Government of India), the country's total livestock population was 535.78 million in 2019, marking a 4.6% increase since the 2012 Livestock Census. The bovine population (including cattle, buffalo, mithun, and yak) reached 302.79 million in 2019, a 1.0% increase from the previous census. Furthermore, the growing number of zoological parks and heightened efforts in animal conservation significantly influence the demand for point-of-care diagnostics in veterinary medicine.

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Market Segmentation

By Animal Type

The market is divided into two main segments: livestock and companion animals. The livestock segment is expected to witness significant growth, driven by the increasing cattle population and the adoption of modern technologies for animal care. For instance, the Department of Animal Husbandry and Dairying (Government of India) reported that the female cattle population reached 145.12 million in 2019, an 18.0% increase since 2012.

By End-Users

The market is segmented into veterinary hospitals & clinics, home care settings, and others. The veterinary hospitals & clinics segment is projected to experience substantial growth due to rising pet adoption, the prevalence of diseases, and increasing health concerns among pet owners. The specialized services offered by these hospitals and clinics further bolster the segment's growth in the veterinary point-of-care diagnostics market.

Regional Insights

The report also provides a detailed regional analysis of the veterinary point-of-care diagnostics market, covering North America (United States, Canada, Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, Rest of Europe), Asia-Pacific (China, India, Australia, Japan, Rest of APAC), and the Rest of the World. North America represents a significant market due to the high rate of pet adoption. According to the American Pet Products Association (APPA), 67% of U.S. households owned pets in 2021, with total expenditure on pet care products estimated at $123.6 billion.

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Key Market Players

Prominent companies in the global veterinary point-of-care diagnostics market include IDEXX Laboratories, Zoetis, Virbac, Heska Corporation, Thermo Fisher Scientific Inc., Neogen Corporation, Mindray, Esaote SpA, FUJIFILM Corporation, and Woodley Equipment Company Ltd. These players have engaged in numerous mergers and acquisitions, as well as partnerships, to develop various veterinary point-of-care diagnostics solutions.

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