Veterinary Point Of Care Diagnostics Market Size, Share & Trends Analysis Report By Animal Type (Companion, Livestock), By Sample Type, By Product, By Testing Category, By Indication, By End Use, By Region, And Segment Forecasts, 2021 - 2028

Report Overview

The global veterinary point of care diagnostics market size was valued at USD 1.15 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 11.3% from 2021 to 2028. Technological advancements, strategic initiatives by key market players, rising pet population and humanization, the need to reduce antimicrobial resistance, and the expansion of service offerings by vet clinics are key factors driving the market. Heska, for instance, allocates its R&D budget for developing new Analyzer and Diagnostics Platforms, expanding the menu of analyzer platforms, upgrading the cycle to already installed platforms, and other in-house inventions. The market witnessed a slowdown in sales, reduced demand, and logistical challenges due to the COVID-19 pandemic. The uncertainty was exacerbated by the changing lockdown measures, guidelines on the movement of people and goods, remote work, and self-quarantine conditions.

During the first half of 2020, government measures included the issuance of stay-at-home guidelines and social distancing protocols causing market participants to adjust, reduce or suspend operating activities. Vet clinics and hospitals across various key geographies registered low patient volume while some directed resources to focus only on emergency cases. Veterinary care however continued to be provided to animal owners as it was widely recognized as an "essential" service. The stay-at-home policies resulted in decreased companion animal clinical visits, including delay of wellness visits and elective procedures, thus lowering the demand for diagnostic testing services. The demand gradually recovered during the second and third quarters of 2020 as governments began to ease the stay-at-home policies. In addition, on-site installations of POC Lab and Imaging equipment continued to experience intermittent delays due to social distancing measures, according to Heska Corp.

The company also reported intermittent delays in receiving supply during 2020 and an increase in shipping costs. Its major R&D projects continued to operate as planned with sporadic delays in receiving device components and validation samples. Inefficiencies in remote collaboration and field-testing were other challenges brought on by the COVID-19 pandemic. The market is estimated to grow notably over the coming years owing to the increasing demand for easy-to-use and rapid point of care diagnostic products and comparatively lax regulatory supervision. The U.S. FDA does not mandate manufacturers who exclusively manufacture or market veterinary devices to list their devices or register their establishments.

Devices used to diagnose, treat, mitigate, or prevent diseases in animals are not subject to the FDA’s pre-market approval (PMA) or notification [510(k)] pathway. This presents opportunities for new market entrants. According to IDEXX, a market leader in point of care diagnostics, the FDA does not mandate premarket approval for the sale of the company’s veterinary diagnostic slide and instrument systems. The FDA also doesn’t subject the company to current GMP regulations. The FDC Act only specifies that these products must not be mislabeled, adulterated, or misbranded.

Testing kits for detecting infectious diseases in animals are, however, regulated and have licensing requirements. These are licensed and regulated by the Center for Veterinary Biologics of the U.S. Department of Agriculture (“USDA”), Animal and Plant Health Inspection Service (“APHIS”). The drivers for the development of new tests, however, vary with the particular application. The applications are estimated to expand to diseases currently unmonitored or only diagnosed in reference laboratories.

The global trend of digitalization in healthcare has also impacted the animal health industry including the vet point of care diagnostics market. Companies are investing in product development to incorporate better testing accuracy, validating devices, expanding test menu, and automating the process as much as possible, thus reducing the complexity of operating the device. Point of care testing for infectious diseases also presents high-value targets, especially if they affect livestock animals or pets or if the disease is transmissible from animals to people. 

Sample Type Insights

The blood/plasma/serum segment held the largest revenue share of over 40.0% in 2020. According to the Kirkwood Animal Hospital in the U.S., regular blood tests are recommended as a key part of a companion animal’s overall wellness program. Blood tests are also more affordable and far less invasive than treating ailments. Kirkwood Animal Hospital, for instance, uses blood tests to identify or rule out potential congenital diseases in pets, to identify issues that do not appear during a physical exam, and to obtain pre-anesthetic information before surgical or interventional procedures.

The urine segment is expected to grow at the fastest rate over the forecast period. For instance, ACON Laboratories, Inc. offers CentriVet URS Reagent Strips for Urinalysis. The reagent strips can be used for detecting 10 parameters, including bilirubin and urobilinogen for signs of liver disease, leukocytes and nitrites for urinary tract infections, and glucose and ketone for diabetes mellitus. The results are obtained within 10 seconds.

Product Insights 

The consumables, reagents, and kits segment accounted for the largest share of more than 55.0% in 2020. This is owing to large product availability, subscription-based or repetitive payments sales model for reagents and consumables, and other initiatives by key companies. More than 90% of Heska Corporation’s point of care consumables, for instance, are on long-term subscriptions. The total subscriptions were 2,376 in 2019 and this number increased to 2,980 in 2020. The company reported a subscriber retention rate of over 95%.

The instruments and devices segment is projected to expand at the fastest rate of over 11.6% in the forecast period owing to growing product enhancements and demand for these products. Pentra C400 clinical chemistry analyzer by HORIBA, Ltd., based in Japan, for instance, can be used for routine to specific tests owing to its 55 on-board assays. Other product features include an integrated workstation and validation station, 6 racks with 10 sample positions, and the ability to work with different sample specimens including Serum, Whole Blood, Plasma, Urine, CSF, and Homogeneous Fluids.

Testing Category Insights 

Parasitology dominated the market with a revenue share of over 17.0% in 2020. The hematology segment is estimated to expand at the fastest CAGR of 12.0% over the forecast period. 

Zoetis, for instance, launched Imagyst in 2020 to enable vets to make fast and accurate diagnoses at the point of care by automating the fecal examination to detect endoparasitic eggs, cysts, and oocysts. The product provides results in less than 9 minutes allowing veterinarians to share results with pet parents and offer treatment options during the initial visit. This ultimately removes the need for a second appointment.

As per the World Small Animal Veterinary Association, veterinarians are increasingly adopting simple kits, including SNAP tests for infectious diseases (such as tests for antibodies against parvovirus, FeLV, FIV, heartworm antigen tests, and tick-borne pathogens) and serum progesterone test kits, owing to their ease of use and rapidity of results. This is anticipated to drive the market during the forecast period.

End-use Insights 

Veterinary hospitals and clinics held the largest revenue share of over 50.0% in 2020. This is attributed to a higher volume of patients received in these facilities, growing adoption of point of care devices by vet clinics, and wide diagnostic services offerings. Elm Point Animal Hospital in the U.S. has invested in in-house diagnostic products from IDEXX to offer rapid testing services such as blood chemistry profiles, thyroid testing, complete blood counts, and urinalysis.

The home care settings segment is expected to register the highest growth rate of 11.9% from 2021 to 2028 due to the rising product launches in this category and pet expenditure. For example, AlphaTRAK by Zoetis is a Blood Glucose Monitoring System for cats and dogs. The device uses a small blood sample size, provides data and insights through the PetDialog app, and can be used in-home care settings.

Animal Type Insights 

Companion animals dominated the market with a revenue share of over 60.0% in 2020. The livestock animals segment is projected to grow at the fastest rate over the forecast period. This is attributed to the rising pet population, increasing expenditure, growing adoption of pet insurance, and the need to secure food sources by safeguarding the health of livestock animals.

Dogs and cats, for example, dominate the pet population in the U.S. as per the National Pet Owners Survey of 2019 to 2020 by the American Pet Products Association (APPA). Americans were estimated to have spent over USD 100 billion on pets in 2020. USD 31.4 billion were estimated to have been spent on vet care and product sales alone. The survey by the APPA also found that dog and cat owners spent an average of USD 426 and USD 214 on surgical vet visits every year, and USD 212 and USD 160 on routine vet visits respectively. 

Indication Insights

The infectious disease segment held the largest revenue share of about 40.0% in 2020. The general ailments segment is estimated to expand at the highest rate of 11.4% over the forecast period. The key factors contributing to this growth include the growing prevalence of acute and chronic diseases in animals, the longer lifespan of pets, product advancements, and pet humanization. For instance, diagnostic imaging methods provide detailed information about the animal’s health by noninvasive or minimally means without causing any change in the disease process.

For instance, Independent Vetcare Ltd.’s South Devon Veterinary Hospital in the U.K. offers a full range of diagnostic endoscopy services using flexible and rigid endoscopes as well as video endoscopes. The hospital has invested in 4 different flexible video-endoscopes to support high-quality visualization around the lungs, stomachs, mouths, and intestines of all sizes of patients.  

Regional Insights

North America held the largest revenue share of over 50.0% in 2020. The regional market growth can be attributed to the presence of key market players and advanced veterinary health care infrastructure in the U.S. and Canada. As per the American Veterinary Medical Association, there were a total of 73,373 private veterinary practices in the U.S. in 2018.

Asia Pacific is estimated to expand at the fastest CAGR of 13.6% during the forecast period. This is attributed to the developing veterinary healthcare infrastructure, growing awareness regarding diagnostic options, the presence of local market players, and the pet population. As per the Government of Singapore, there were over 75 licensed vet centers in the country in 2019.

Key Companies & Market Share Insights

The market for veterinary point of care diagnostics is competitive. However, a few major players hold a significant share in the market in key regions such as North America. Large and small companies both implement various strategic initiatives to expand their market share. These include product R&D, expansion, distribution partnerships, mergers & acquisitions, among others. Heska Corp. acquired scil animal care company GmbH— a leader in veterinary point-of-care diagnostics in Europe in April 2020. This enabled Heska to jump to first or second positions in key markets and further its reach to 25 countries. Some prominent players 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

• Woodley Equipment Company Ltd. 

Veterinary Point Of Care Diagnostics Market Report Scope 

Segments Covered in the Report

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2028. For the purpose of this report, Grand View Research has segmented the global veterinary point of care diagnostics market report on the basis of animal type, product, sample type, testing category, indication, end use, and region:

• Animal Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Companion Animals

    • Dogs

    • Cats

    • Horses

    • Others

  • Livestock Animals

    • Cattle

    • Swine

    • Poultry

    • Others

• Product Outlook (Revenue, USD Million, 2016 - 2028)

  • Consumables, Reagents, & Kits

  • Instruments & Devices

• Sample Type Outlook (Revenue, USD Million, 2016 - 2028)

  • Blood/Plasma/Serum

  • Urine

  • Fecal

  • Others

• Testing Category Outlook (Revenue, USD Million, 2016 - 2028)

  • Hematology

  • Diagnostic Imaging

  • Bacteriology

  • Virology

  • Cytology

  • Clinical Chemistry

  • Parasitology

  • Serology

  • Others

• Indication Outlook (Revenue, USD Million, 2016 - 2028)

  • Infectious Disease

  • General Ailments

  • Others

• End-use Outlook (Revenue, USD Million, 2016 - 2028)

  • Veterinary Hospitals & Clinics

  • Home Care Settings

  • Others

• Regional Outlook (Revenue, USD Million, 2016 - 2028)

  • North America

    • U.S.

    • Canada

  • Europe

    • Germany

    • U.K.

    • France

    • Italy

    • Spain

  • Asia Pacific

    • China

    • India

    • Japan

    • Australia

    • South Korea

  • Latin America

    • Brazil

    • Mexico

    • Argentina

  • MEA

    • South Africa

    • Saudi Arabia

    • Israel