Veterinary Point Of Care Diagnostics Global Market Report 2023

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New York, April 24, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Veterinary Point Of Care Diagnostics Global Market Report 2023” – https://www.reportlinker.com/p06451230/?utm_source=GNW
, Anipoc Ltd., Carestream Health Inc., Fujifilm Sonosite Inc., Neogen Corporation , Mindray Medical International Limited ,and GE Healthcare.

The global veterniary point of care diagnostics market is expected to grow from $1.41 billion in 2022 to $1.62 billion in 2023 at a compound annual growth rate (CAGR) of 15.01%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The veterniary point of care diagnostics market is expected to reach $2.59 billion in 2027 at a CAGR of 12.52%.

The veterinary point-of-care diagnostics market includes revenues earned by entities by hematology, diagnostic imaging, bacteriology, virology, cytology, clinical chemistry and parasitology.The market value includes the value of related goods sold by the service provider or included within the service offering.

Only goods and services traded between entities or sold to end consumers are included.

Veterinary point-of-care diagnostics are used for real-time animal health diagnostics, providing clinically meaningful information in clinical practice without relying on clinical laboratory results. It reduces the turnaround time (TAT) of animal test results for clinicians and patients in the prescribed treatment course

North America was the largest region in the veterinary point of care diagnostics market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.

The regions covered in the veterinary point of care diagnostics report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main products of veterinary point of care diagnostics are consumables, reagents, kits and instruments and devices.The consumables, reagents and kits product of veterinary point of care diagnostics are products that are consumed, substances for preparing products, and test kits for diagnosis of both farm and companion animals.

The veterinary point of care diagnostics are used for companion animals and livestock animals to cure infectious diseases and metabolic diseases by using technology such as immunodiagnostics, clinical biochemistry, molecular diagnostics, hematology, urinalysis, and other technologies that are used by veterinary clinics, veterinary hospitals and academic institutes, and home care settings.

The increasing companion animal population is expected to propel the veterinary point-of-care diagnostics market growth going forward.Companion animals are pets who share the residential area with humans.

An increase in the companion animal population is increasing the demand for veterinary point-of-care diagnostics that enables faster clinical decision-making in the diagnostic, treatment selection and monitoring, and prognosis processes, as well as operational decision-making and resource utilization.For instance, according to the American Pet Products Association, a US-based not-for-profit industry association’s 2021-2022 National Pet Owners Survey, 70% of all US households have a companion animal.

Therefore, the increasing companion animal population contributes to the veterinary point-of-care diagnostics market growth.

Technological advancement is a key trend in the veterinary point-of-care diagnostics market.Technological improvements have helped to improve not only the quality of human life but also the animals.

The veterinary point of care has advanced by leaps and bounds, allowing veterinarians to make speedier diagnoses and more precise prognoses, ultimately saving animal lives.Major companies operating in the veterinary point-of-care diagnostics market are advancing toward image recognition technology and artificial intelligence to lead the market.

Image recognition technology uses software to identify objects, places, people, writing, and actions in images.For instance, in September 2020, Zoetis, a US-based manufacturer of medicine and vaccinations for pets and livestock launched Vetscan Imagyst.

It delivers accurate testing results by combining image recognition technology, algorithms, and cloud-based artificial intelligence (AI). The purpose of Imagyst is to assist veterinarians in making accurate and timely point-of-care intestinal parasitic diagnoses in animals.

In March 2022, Vimian Group, a Sweden-based veterinary company, acquired Avacta Animal Health, a veterinary allergy division of AvactaGroup PLC., for an undisclosed amount. Through this acquisition, Vimian Group aimed to strengthen its position in veterinary allergy diagnostics and treatments across the UK. AvactaGroup plc is a UK-based provider of diagnostic tools used in human and animal healthcare.

The countries covered in the Veterinary Point Of Care Diagnostics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The veterinary point of care diagnostics market research report is one of a series of new reports that provides veterinary point of care diagnostics market statistics, including veterinary point of care diagnostics industry global market size, regional shares, competitors with a veterinary point of care diagnostics market share, detailed veterinary point of care diagnostics market segments, market trends and opportunities, and any further data you may need to thrive in the veterinary point of care diagnostics industry. This veterinary point of care diagnostics market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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