CHICAGO, Feb 2, 2022 /PRNewswire/ — Disruption – Potential opportunity worth USD 1.4 bn is expected to open up in Veterinary Diagnostics Industry as it heads towards POC diagnostic services. The global veterinary diagnostics market is expected to reach USD 3.9 bn in value by 2026, owing to the rising demand for animal-derived food products, demand for pet insurance, growing animal health expenditure, and rise in the number of veterinary practitioners and income levels in developed economies.
Some of the opportunity areas for the market players are –
- Development of diagnostic platforms in combination with image recognition technology, algorithms, and cloud-based AI
- The adoption of multiple testing panels in veterinary reference laboratories is a key trend
- Launch of portable diagnostic instruments for field veterinarians
- Integration of microfluidics technology for development of rapid and sensitive veterinary diagnostic kits
- Development of smart IoT-based sensors to continuously monitor animal health, majorly in livestock animals
- AI and machine learning in predicting CKD in companion animals
According to MarketsandMarkets™ analysis,
- Veterinary diagnostics market is estimated to grow at a healthy CAGR of 8-10% in the coming 5 years, mainly driven by growth in the companion animal population and increasing incidence of transboundary and zoonotic diseases.
- In animal health market, increasing adoption of AI and microfluidics is likely to disrupt the demand for diagnostic products, in turn impacting the growth of the market.
Unknowns and adjacencies
Currently, businesses have low access to primary intelligence to clarify some unknowns and adjacencies in these opportunity areas –
- The increasing rate of zoonotic transfers adds challenges to diagnostics testing for development of testing assays, treatments, and instruments.
- The adoption of portable diagnostic instruments such as urine analyzers, hematology analyzers, and chemistry analyzers for small and medium-sized practitioners is low. Currently, it ranges between 30-40% globally, however, in developed countries it is approaching 50%. As the adoption of portable diagnostic instrument increases, the dependency on veterinary laboratories decreases, which in turn reduces the time required for the overall treatment.
- The availability of antimicrobial resistance testing for livestock and companion animals to reduce the major upcoming threat of resistance to antibiotics in animals.
- Increasing adoption of IoT-based animal health monitoring and movement tracking devices which are a significant boost to livestock farming such as cattle, horses etc.
Some of the growth problems encountered by the animal health companies are:
Customer prioritization and assessing unmet needs:
- What are the disruptions in our clients’ businesses? How can we support them for our own growth?
- Who are the most potential customers going forward? Should we prioritize veterinary hospitals & clinics over veterinary reference laboratories or veterinary research institutes?
- What are the key unmet needs of customers? Who are the key stakeholders in different settings? Do vendor selection criteria differ by settings? Which new product features should be added to the existing products?
Where to play:
- Which animal type areas and disease areas should we focus on? Should the focus be on instruments or consumables?
- How are technological advancements such as integration of microfluidics and AI going to affect conventional diagnostics instruments?
- Which regions should we place our bets on? Should we continue with developed countries or do developing countries offer more growth opportunities?
Building a compelling Right-to-Win (RTW):
- For M&A, which are the right targets for us? Should we target emerging companies or consumables companies? Should we enter new markets directly or through partners?
- How can we differentiate from top players? What is their right-to-win vs ours?
Key uncertainties/perspectives which industry leaders seek answers to:
For veterinary diagnostics companies:
- What products and services will be relevant and redundant in the next 5 years?
- Can molecular diagnostic tests become affordable for routine testing, or will it continue being used for specific diseases?
- How will the development of portable instruments affect the diagnostics market in the coming years?
- How can companies optimize the manufacturing processes to be more agile and efficient to achieve a more seamless workflow?
- What regulatory policies can help strategize and achieve volumetric scale-up?
- Will the increasing consolidation of the veterinary diagnostics industry change the global market standing of key players?
For Companies in Adjacent markets:
- How are the technological advancements in the market impacting the pricing and adoption of various instruments?
- How is the increase in outsourcing of diagnostic testing services affecting the companies?
- What will be the impact of POC diagnostics have on the end users of the global market?
Therefore, MarketsandMarkets™ research and analysis focuses on high growth and niche markets, such as veterinary pharmaceuticals, diagnostics, and medical devices, and other related markets, which will become ~80% of the revenues of diagnostics from animal health industry in the next 5 -10 years.
Download PDF Brochure: https://www.marketsandmarkets.com/practices/pdfdownload.asp?p=veterinary-diagnostics
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies’ revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenue decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the “Growth Engagement Model – GEM”. The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write “Attack, avoid and defend” strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledge Store” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
mr Aashish Mehra
630 Dundee Road
Northbrook, IL 60062
E-mail: [email protected]
SOURCE Markets and Markets