Veterinary Diagnostics Market Size, Share & Trends Report

Veterinary Diagnostics Market Size, Share & Trends Analysis Report By End-use (Reference Laboratories, Veterinarians), By Animal Type (Production, Companion), By Testing Category (Hematology, Imaging), By Product, And Segment Forecasts, 2024 - 2030

  • Report ID: GVR-3-68038-130-6
  • Number of Report Pages: 150
  • Format: PDF, Horizon Databook
  • Historical Range: 2018 - 2022
  • Forecast Period: 2024 - 2030 
  • Industry: Healthcare

Research Methodology

A three-pronged approach was followed for deducing the veterinary diagnostics market estimates and forecasts. The process has three steps: information procurement, analysis, and validation. The whole process is cyclical, and steps repeat until the estimates are validated. The three steps are explained in detail below:

Information procurement: Information procurement is one of the most extensive and important stages in our research process, and quality data is critical for accurate analysis. We followed a multi-channel data collection process for veterinary diagnostics market to gather the most reliable and current information possible.

  • We buy access to paid databases such as Hoover’s and Factiva for company financials, industry information, white papers, industry journals, SME journals, and more.
  • We tap into Grand View’s proprietary database of data points and insights from active and archived monitoring and reporting.
  • We conduct primary research with industry experts through questionnaires and one-on-one phone interviews.
  • We pull from reliable secondary sources such as white papers and government statistics, published by organizations like WHO, NGOs, World Bank, etc., Key Opinion Leaders (KoL) publications, company filings, investor documents, and more.
  • We purchase and review investor analyst reports, broker reports, academic commentary, government quotes, and wealth management publications for insightful third-party perspectives.

Analysis: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilized different methods of veterinary diagnostics market data depending on the type of information we’re trying to uncover in our research.

  • Market Research Efforts: Bottom-up Approach for estimating and forecasting demand size and opportunity, top-down Approach for new product forecasting and penetration, and combined approach of both Bottom-up and Top-down for full coverage analysis.

  • Value-Chain-Based Sizing & Forecasting: Supply-side estimates for understanding potential revenue through competitive benchmarking, forecasting, and penetration modeling.

  • Demand-side estimates for identifying parent and ancillary markets, segment modeling, and heuristic forecasting.

  • Qualitative Functional Deployment (QFD) Modelling for market share assessment.

Market formulation and validation: We mine the data collected to establish baselines for forecasting, identify trends and opportunities, gain insight into consumer demographics and drivers, and so much more. We utilize different methods of data analysis depending on the type of information we’re trying to uncover in our research.

  • Market Formulation: This step involves the finalization of market numbers. This step on an internal level is designed to manage outputs from the Data Analysis step.

  • Data Normalization: The final market estimates and forecasts are then aligned and sent to industry experts, in-panel quality control managers for validation.

  • This step also entails the finalization of the report scope and data representation pattern.

  • Validation: The process entails multiple levels of validation. All these steps run in parallel, and the study is forwarded for publishing only if all three levels render validated results.

Veterinary Diagnostics Market Categorization:

The veterinary diagnostics market was categorized into six segments, namely product (Consumables, Reagents & Kits, Instruments & Devices), species (Cattle, Canine, Feline, Caprine, Equine, Ovine, Porcine, Avian), testing type (Analytical Services, Diagnostic Imaging, Bacteriology, Pathology, Molecular Diagnostics, Immunoassays, Parasitology, Serology, Virology), disease type (Infectious Diseases, Non-Infectious Diseases, Hereditary, Congenital and Acquired Diseases, General Ailments, Structural and Functional Diseases), end-use (Laboratories, Veterinary Hospitals and Clinics, Point-Of-Care/In-House Testing, Research Institutes and Universities), and region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa).

Segment Market Methodology:

The veterinary diagnostics market was segmented into product, species, testing type, disease type, end-use, and regions. The demand at a segment level was deduced using a funnel method. Concepts like the TAM, SAM, SOM, etc., were put into practice to understand the demand. We at GVR deploy three methods to deduce market estimates and determine forecasts. These methods are explained below:

Market research approaches: Bottom-up

  • Demand estimation of each product across countries/regions summed up to from the total market.

  • Variable analysis for demand forecast.

  • Demand estimation via analyzing paid database, and company financials either via annual reports or paid database.

  • Primary interviews for data revalidation and insight collection.

Market research approaches: Top-down

  • Used extensively for new product forecasting or analyzing penetration levels.

  • Tool used invoice product flow and penetration models Use of regression multi-variant analysis for forecasting Involves extensive use of paid and public databases.

  • Primary interviews and vendor-based primary research for variable impact analysis.

Market research approaches: Combined

  • This is the most common method. We apply concepts from both the top-down and bottom-up approaches to arrive at a viable conclusion.

Regional Market Methodology:

The veterinary diagnostics market was analyzed at a regional level. The globe was divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa, keeping in focus variables like consumption patterns, export-import regulations, consumer expectations, etc. These regions were further divided into fifteen countries, namely, the U.S.; Canada; Germany; the UK; France; Italy; Spain; Japan; India; China; Brazil; Mexico; Argentina; South Africa; Saudi Arabia.

All three above-mentioned market research methodologies were applied to arrive at regional-level conclusions. The regions were then summed up to form the global market.

Veterinary diagnostics market companies & financials:

The veterinary diagnostics market was analyzed via companies operating in the sector. Analyzing these companies and cross-referencing them to the demand equation helped us validate our assumptions and conclusions. Key market players analyzed include:

  • Zoetis - Zoetis is engaged in discovering, developing, manufacturing, and commercializing animal health pharmaceuticals & vaccines for production & companion animals globally. In addition, the company provides medicated feed additives and nutritional products. Other offerings by Zoetis include genetic tests, diagnostic products, biodevices, and precision livestock farming solutions.

  • Heska Corporation - Heska Corporation is a publicly operated company specializing in veterinary diagnostic and specialty products. Heska’s portfolio includes point-of-care diagnostic laboratory instruments & consumables; digital cytology services; pointof-care digital imaging diagnostic products; vaccines; data services; in-clinic diagnostic tests and others. The company focuses on feline and canine healthcare space and is composed of two reportable segments: North America and International.

  • IDEXX Laboratories, Inc. - IDEXX Laboratories, Inc. is involved in pet healthcare, veterinary diagnostics, veterinary practice software, and water microbiology testing. It has a small animal diagnostics unit, which includes products and services, pet tests, and laboratory systems for veterinary practices. Reference laboratories and consulting unit of the company provides featured tests, research, and consultations with certified pathologists & veterinary specialists to veterinary practitioners & consumers. Practice management unit of the company focusses on software and other informatics solutions. Livestock, poultry, and dairy unit provides software & diagnostic tests for managing health and productivity of these animals. The company’s water quality division works on testing safety and quality of drinking water across 100 countries. Research and human health division of the company offers biological testing and lab animal diagnostic services along with reagents for veterinary & human health. The company serves customers across 175 countries.

  • Agrolabo S.p.A. - Agrolabo S.p.A is a privately held manufacturing and distribution company. It provides nutritional, diagnostic, and therapeutic products for livestock and companion animals. The company dominates 60% of the Italian zootechnical market. It also offers a vast lineup of diagnostic test kits for infectious diseases detection in companion and livestock animals. The company also offers a range of specialized services to laboratories and veterinarians.

  • IDvet - IDvet is a privately-owned company developing and manufacturing innovative diagnostic tests for the detection of diseases in humans and animals. IDvet was established with a focus on PCR and ELISA tests. The company has developed an extensive product range, which includes reagents for both emerging and established diseases. IDvet markets its products in more than 100 countries.

  • Virbac - Virbac is a manufacturer and supplier of animal feed and medicines. It specializes in feed supplements for canine, livestock, equine, and poultry, and aquaculture. It has products for therapeutic areas, including vaccines, tonics, topicals, hormonals, and parasiticides. It operates in around 100 countries globally. It has production sites in 10 countries and distribution subsidiaries in 33 countries worldwide. BVT, a part of Virbac Group, offers a wide range of rapid tests for companion and food producing animals.

  • Thermo Fisher Scientific, Inc. - Thermo Fisher Scientific, Inc. is an American multinational biotechnology company. The different verticals of this company include analytical instrument, laboratory equipment, specialty diagnostic, laboratory supply chain programs, and e-commerce. Most of the company’s revenue comes from laboratory services and products, which includes biopharma services and laboratory products along with research & safety market channels. The company is operating in more than 50 countries and serves more than 400,000 customers, including biotechnology and pharmaceutical companies, clinical diagnostic laboratories, hospitals, and other institutional facilities.

  • Neogen Corporation - Neogen Corporation develops, manufactures, and markets food & animal safety products. The company is involved in marketing and developing dehydrated culture media & diagnostic test kits. Its animal safety division markets veterinary instruments and pharmaceuticals for companion animals, nutritional products, insecticides, rodenticides, & disinfectants for the animal care market. The company has an extensive line of ELISA kits and immunoassay reagents.

  • Covetrus - Covetrus is a publicly operated multinational organization involved in animal-health technology and services industry. It was formed by Henry Schein, Inc. by separating its animal health business and subsequent merger with Vets First Choice. The company offers a range of products and services from many well-known animal health companies. Covetrus’ customers include animal health & veterinary clinics & practices in companion animal, large animal, and equine markets. The company is focused on advancing veterinary medicine solutions to improve animal health outcomes.

  • iM3Vet Pty Ltd. - iM3Vet Pty Ltd. is a family owned company that provides veterinary dental products. The company is located in three regions-Sydney, Australia, Vancouver, U.S., and County Meath, Ireland. The company supplies its products to veterinarians all around the world. It develops and manufactures products such as veterinary dental machines, X-rays, consumables, and instruments. Other products include veterinary dental units and dental tables.

Value chain-based sizing & forecasting

Supply Side Estimates

  • Company revenue estimation via referring to annual reports, investor presentations, and Hoover’s.

  • Segment revenue determination via variable analysis and penetration modeling.

  • Competitive benchmarking to identify market leaders and their collective revenue shares.

  • Forecasting via analyzing commercialization rates, pipelines, market initiatives, distribution networks, etc.

Demand side estimates

  • Identifying parent markets and ancillary markets

  • Segment penetration analysis to obtain pertinent

  • revenue/volume

  • Heuristic forecasting with the help of subject matter experts

  • Forecasting via variable analysis

Veterinary Diagnostics Market Report Objectives:

  • Understanding market dynamics (in terms of drivers, restraints, & opportunities) in the countries.

  • Understanding trends & variables in the individual countries & their impact on growth and using analytical tools to provide high-level insights into the market dynamics and the associated growth pattern.

  • Understanding market estimates and forecasts (with the base year as 2022, historic information from 2018 to 2021, and forecast from 2023 to 2030). Regional estimates & forecasts for each category are available and are summed up to form the global market estimates.

Veterinary Diagnostics Market Report Assumptions:

  • The report provides market value for the base year 2022 and a yearly forecast till 2030 in terms of revenue/volume or both. The market for each of the segment outlooks has been provided on region & country basis for the above-mentioned forecast period.

  • The key industry dynamics, major technological trends, and application markets are evaluated to understand their impact on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis.

  • We have used the bottom-up approach for market sizing, analyzing key regional markets, dynamics, & trends for various products and end-users. The total market has been estimated by integrating the country markets.

  • All market estimates and forecasts have been validated through primary interviews with the key industry participants.

  • Inflation has not been accounted for to estimate and forecast the market.

  • Numbers may not add up due to rounding off.

  • Europe consists of EU-8, Central & Eastern Europe, along with the Commonwealth of Independent States (CIS).

  • Asia Pacific includes South Asia, East Asia, Southeast Asia, and Oceania (Australia & New Zealand).

  • Latin America includes Central American countries and the South American continent

  • Middle East includes Western Asia (as assigned by the UN Statistics Division) and the African continent.

Primary Research

GVR strives to procure the latest and unique information for reports directly from industry experts, which gives it a competitive edge. Quality is of utmost importance to us, therefore every year we focus on increasing our experts’ panel. Primary interviews are one of the critical steps in identifying recent market trends and scenarios. This process enables us to justify and validate our market estimates and forecasts to our clients. With more than 8,000 reports in our database, we have connected with some key opinion leaders across various domains, including healthcare, technology, consumer goods, and the chemical sector. Our process starts with identifying the right platform for a particular type of report, i.e., emails, LinkedIn, seminars, or telephonic conversation, as every report is unique and requires a differentiated approach.

We send out questionnaires to different experts from various regions/ countries, which is dependent on the following factors:

  • Report/Market scope: If the market study is global, we send questionnaires to industry experts across various regions, including North America, Europe, Asia Pacific, Latin America, and MEA.

  • Market Penetration: If the market is driven by technological advancements, population density, disease prevalence, or other factors, we identify experts and send out questionnaires based on region or country dominance.

The time to start receiving responses from industry experts varies based on how niche or well-penetrated the market is. Our reports include a detailed chapter on the KoL opinion section, which helps our clients understand the perspective of experts already in the market space.

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