The veterinary point-of-care market is changing the healthcare industry and is predicted to grow at an extraordinary rate over the next 10 years. The market is expected to grow at a notable 8.2% Compound Annual Growth Rate (CAGR) over the course of the forecast period, according to a thorough analysis conducted by Future Market Insights.
In line with this projection, the market value is anticipated to surge from US$ 1.7 Billion in 2023 to a remarkable US$ 3.8 Billion by the year 2033. This growth trajectory reflects a significant upswing from the valuation of US$ 1.6 Billion recorded at the close of 2022, highlighting the sector’s potential to foster substantial development.
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The veterinary point of care market is poised to witness robust year-on-year growth of 7.4% in 2023 alone, as revealed by the research. This promising expansion is attributed to a convergence of factors such as advancements in technology, rising awareness regarding pet health, and the increasing demand for efficient and timely veterinary diagnostics.
Key industry stakeholders, including manufacturers, healthcare providers, and investors, are expected to capitalize on this burgeoning opportunity. The evolving needs of pet owners and veterinarians are driving the demand for innovative point-of-care solutions that offer rapid, accurate, and convenient diagnostic results. This trend aligns with the rising importance of timely medical interventions for pets, resulting in enhanced well-being and quality of life.
The projected growth signifies not only a significant market expansion but also a reaffirmation of the commitment to improving animal healthcare. As the global veterinary point of care market progresses, it has the potential to revolutionize the way veterinarians deliver diagnoses and treatments, ultimately enhancing the overall veterinary care experience.
The journey towards a US$ 3.8 Billion veterinary point of care market by 2033 is a testament to the industry’s potential to positively impact the lives of animals and their human companions alike. With technology as an enabler and innovation as the driving force, this growth trajectory underlines a promising future for the veterinary healthcare sector.
Competitive Landscape :
The veterinary point of care market is characterised by fierce competition. Major market participants are actively seeking to expand their market presence in emerging economies through strategic partnerships, mergers and acquisitions, and other means. They are also prioritising the development and deployment of innovative, cutting-edge point-of-care diagnostics for animal health. According to our competitive analysis, several global and local businesses currently dominate market shares. In addition to collaborating with key market players through mergers, acquisitions, and alliances.
Some important examples of development include:
On December 12, 2022, Virbac R&D reached a significant milestone with the opening of the company’s new R&D facility in Taiwan’s Pingtung Agricultural Biotechnology Park (PABP).
On September 29, 2021, Virbac and others will Jectas Innovators has announced a strategic collaboration agreement to develop animal health vaccine(s).
Key Companies :
• Zoetis
•IDEXX Laboratories, Inc.
•Virbac
•Heska Corporation
•Thermo Fisher Scientific Inc.
•SOUND
•Mindray
•Esaote SPA
•FUJIFILM Corporation
•Woodley Equipment Company Ltd
Key Segments:
By Product:
•Consumables, Reagents & Kits
•Instruments & Devices
By Animal Type:
•Companion Animals
•Livestock Animals
By Sample Type:
•Blood
•Urine
•Fecal
•Imaging
•Others
By Application:
•Clinical Pathology
•Bacteriology
•Virology
•Parasitology
•Others
By End User:
•Veterinary Hospitals
•Specialty Veterinary Centers
•Veterinary Mobile Facilities
•Veterinary Clinics
Region:
•North America
•Latin America
•Europe
•South Asia
•East Asia
•Oceania
•Middle East & Africa (MEA)
