Veterinary Diagnostics Market Trends

Growth Drivers:

• Increasing pet ownership: Pet ownership is becoming more prominent as people seek companionship and demonstrate responsible pet care. The surge in pet ownership amongst people in urban areas is likely to escalate the sales of veterinary diagnostics. Owners are now seeking advanced diagnostics tests and treatments, to ensure the optimal health of their pets. This has resulted in increasing demand for preventive care, advanced medications, and point of care.  
  
  Overall, the shift towards more personalized pet care has created a lucrative market for veterinary diagnostics, with owners willing to invest in their pet’s health and well-being, thus, fueling the investments in veterinary healthcare infrastructure. A report by the European Pet Food Industry (FEDIAF) 2022 confirms a healthy growth of pet ownership with 166 million European households (50%) owning one or more of the region’s 352 million pets.
• Rising concerns about animal health: The rising concerns about animal health and welfare is a significant driver for the veterinary diagnostics market. As public awareness of animal welfare issues grows, so does the demand for diagnostic tests to monitor health. Advancements in animal health research and development, coupled with government initiatives and regulations supporting animal health and welfare, are fueling overall market growth.
  
  Social media plays a crucial role in raising consumer awareness and boosting demand for products from companies that prioritize animal well-being.As a result, animal health and welfare have become increasingly important in the market, leading to a surge in demand for diagnostics tests and services that support animal well-being. This trend is expected to continue driving growth and innovation in the market.
  
  For instance, the American Animal Hospital Association (AAHA) has designated September as National Pet Health Awareness Month to raise awareness regarding the significance of preventive care, diagnostics testing, and regular veterinary check-ups for pets.
• Rapid advancements in diagnostic technology: New cutting-edge innovations and technological advancements in PCR and NGS catalyze the expansion of veterinary diagnostics. Another example is mass spectrometry and imaging tools that facilitate the visualization of health issues more precisely. Artificial intelligence systems and miniaturized biosensors also aid in diagnosis, making it more streamlined for vets to treat animals leading to a systematic and optimized approach for animal wellness and care.

Challenges:

• High costs of veterinary diagnostics: Continuous research and development require substantial investment inclusive of costs of equipment and instrumentation such as imaging technologies and PCR machines. The cost of reagents and consumables, laboratory setups and maintenance, and regulatory compliance also add to the financial burden. Furthermore, consulting with veterinarians and specialists, and animal handling can be costly, particularly for large or exotic animals. These costs can hinder the adoption of diagnostics testing, especially for economically weaker owners such as farmers in resource-constrained settings.
• Low awareness about veterinary diagnostics in many parts of the globe: Limited awareness is a significant challenge in the veterinary diagnostics market where the lack of optimal knowledge can hinder the understanding of the adoption of diagnostic tests. Animal owners, veterinarians, and farmers in remote areas may be unaware of the availability or importance of these tests, leading to underutilization and delayed diagnosis.