Veterinary Point of Care Diagnostics Current and Future Market Size, Value, and Opportunity Analysis-2032

According to a recently published Future Market Insights report, the Veterinary Point of Care Diagnostics market is expected to grow at a CAGR of 15.5% between 2022 and 2032, with revenues estimated at US$ 1.3 billion in 2021. The market is expected to reach $4.8 billion by the end of 2032.

Technological advancements, the strategies of industry competitors, the increasing number of pets and humanization, the drive to reduce antimicrobial material emissions, and the expansion of service offerings by veterinary clinics are all contributing to the veterinary industry's direction.

During the first half of 2020, government actions such as stay-at-home recommendations and social distancing procedures forced market participants to change, reduce, or halt operating activities. Low patient volumes were reported by veterinary clinics and hospitals across the country, with some focusing solely on emergency patients.

Animal owners, on the other hand, kept receiving veterinary care because it was widely regarded as a "important" service. The blood/plasma/serum category is expected to drive market growth, accounting for more than 40.0 percent of total revenue. Kirkwood Animal Hospital in the United States recommends regular blood testing as an important part of a companion animal's overall wellness regimen. Medical treatment is more expensive and invasive than blood tests.

According to the American Pet Products Association's National Pet Owners Survey for 2019 to 2020, dogs and cats dominate the pet population in the United States. (APPA). By 2020, Americans are expected to spend more than $100 billion on pets. Only veterinary care and product sales are estimated to have cost 31.4 billion US dollars. According to the APPA survey, dog and cat owners spent an average of $426 and 214, respectively, on surgical vet visits, and 212 and 160, respectively, on routine vet visits.

Key Takeaways from the Market Study

  • The global veterinary point-of-care diagnostics market is expected to reach US$6.3 billion by 2032.
  • North America is expected to contribute more than 30% of market revenue in 2022.
  • Companion animals are expected to contribute the most revenue with a CAGR of 15.5%.
  • The Consumables, Reagents, and Kits segment is expected to grow at the fastest rate, with a 15.8% CAGR.

Competitive Landscape

This market is dominated by a number of regional and global players. Companies employ a variety of strategies to remain competitive.

  • Heska Corp. announced the acquisition of Scil Animal Care Company GmbH, a provider of veterinary point-of-care diagnostics, in April 2020.
  • IDEXX Laboratories announced the release of a canine Progesterone Test for the Catalyst One Chemistry and Catalyst Dx Analyzers in 2019.
  • Fujifilm Sonosite announced a partnership with Partners Healthcare in 2019.
  • Stablelab, a compact point-of-care blood test for horses, was introduced by Zoetis Inc. in 2019.

More Insights Available

Future Market Insights, in its new offering, presents an unbiased analysis of the Veterinary Point of Care Diagnostics Market, presenting historical market data (2017-2021) and forecast statistics for the period of 2022-2032. The study reveals essential insights on the basis of end users across five regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).

Future Market Insights’ Domain Knowledge in Healthcare Division

Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Healthcare domain team at Future Market Insights helps clients from across the globe with their unique business intelligence needs. With a repertoire of over a thousand reports and 1 million-plus data points, the team has analysed the Healthcare industry across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.

Click to get complete Report@ https://www.futuremarketinsights.com/reports/veterinary-point-of-care-diagnostics-market

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