The rise in companion animal population worldwide is driving the global veterinary point-of-care diagnostics market, predicts Fortune Business Insights. The report is titled.” Veterinary Point-of-Care Diagnostics Market Size, Share and Global Trend by Types (kit, Instruments), Application (Hormone Level Testing, Infectious Disease Testing), End Users (Veterinary Hospitals, Home Care Settings, Veterinary Clinics) and Geography Forecast till 2026”.
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The report reads the kits sub-segment to account for the largest share in the global market concerning segmentation by type. This is owing to the increasing adoption of home testing devices worldwide.
Increasing Demand for Pet Insurance Propelling Health Maintenance of Pets, Boosting Market
The importance of animal companionship is increasing by the day. Animals not only keep company and make people occupied and entertained, but it also helps in emotional healing for age-old people and moral building in children. Having an animal as a companion helps the owner to lower his blood pressure levels, and reduce the level of stress as well. Companion animals make the owners happy and healthy and, in some cases, also protect them from harm. The factors above are the major cause of the rising demand for companion animals worldwide. Animals, just like humans may face health issues and require proper diagnostics, which, in turn, is boosting the veterinary diagnostics market.
The point-of-care diagnostics is driven by several factors. One of the main factors is the rising awareness about animal health and livestock. Additionally, the rising adoption of rapid diagnostic tools by veterinary doctors is also anticipated to contribute to the growth of the market. Veterinary point-of-care diagnostics also provide certain advantages such as simplicity of use, cost-effectiveness, and flexibility in qualitative and quantitative technology.
The increase in animal population is helping the growth of the point-of-care diagnostics market and is anticipated to continue doing the same during the forecast period as well. Following this, the demand for pet insurance is also increasing, which is further propelling the need to maintain the health of the pets, ultimately boosting the market. The increasing demand for quick tests and the availability of portable diagnostic instruments for vets is a major driver for the growth of the global veterinary point-of-care diagnostics market in the foreseeable future.
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However, the market may face restrictions in terms of lack of animal welfare and healthcare centers for animals in developing and under-developed nations. Additionally, the shortage of veterinarians in emerging nations may also hinder the growth of the market in future.
Rising Disposable Income, and Cost Efficiency to Help Asia Pacific Emerge as Fastest Growing Region
Fortune Business Insights foresees the global veterinary point-of-care diagnostics market to be dominated by North America. This is owing to the rising acceptance of pet owners willing to pay for the health of their pets in the developed nations of Canada and the U.S. This, coupled with the rising awareness about the direct and indirect impact of livestock health on the food chain of the ecosystem and also on humans is also helping the market in the region to emerge dominant.
Furthermore, Asia Pacific is anticipated to witness the fastest growth rates on account of the rising disposable income of people and increasing awareness about pet healthcare. Adding to that, affordable pet diagnostic expenses in the developing nations of India and China may bring lucrative growth opportunities for the global veterinary point-of-care diagnostics market in the future.
Some players operating in the global veterinary point-of-care diagnostics market are Heska Corporation, bioMérieux SA, Zoetis Inc., Randox Laboratories Ltd., Virbac, Eurolyser Diagnostica GmbH Thermo Fisher Scientific Inc., Neogen Corporation, Heska Corporation, IDEXX Laboratories, Inc., and others.
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