The veterinary diagnostics market in the Asia-Pacific region is expected to grow at a CAGR of 10.57% during the forecast period. As a result, the market size is anticipated to be worth USD 3.11 billion by 2028 from USD 1.88 billion in 2023.
The increasing adoption of pets in the Asia-Pacific region and the growing number of genetic disorders among animals are primarily propelling the veterinary diagnostics market in the Asia-Pacific region. Most Asia people adopt pets for companionship, and the adoption rate has increased due to the COVID-19 pandemic. In addition, increasing pet training centers is anticipated to favor the growth rate of the veterinary diagnostics market in the Asia-Pacific region. Furthermore, rising awareness regarding veterinary health due to increasing risks among animals is boosting the market's growth rate. Various governments of Asia-Pacific stepped forward to conduct several awareness programs regarding veterinary healthcare. Most pet owners conduct regular check-ups for their pets due to the fear of various types of viruses spreading. Detecting animals' health issues at the starting stage is excellent for giving treatment for fast recovery.
The growing adoption of veterinary point-of-care diagnostics also supports the European market growth. Veterinary point-of-care testing is diagnostic testing that helps to give fast results for the pet in veterinary clinics. In addition, most veterinary hospitals use this type of diagnostics for the early identification of diseases. Furthermore, rising advancements in diagnostics devices also drive the market forward. Most of the key market players are manufacturing different types of devices to diagnose animals. Using technologies such as artificial intelligence for the devices gives the best result and reduces the risk of the healthcare provider for the fast analysis of the diseases. In addition, an increasing number of product approvals of animal-based products in this region also drive the market forward.
However, factors such as a limited number of veterinary hospitals, lack of skilled professionals, less awareness of animal health in some rural areas, and high costs associated with veterinary diagnostics hamper the market's growth rate during the forecast period.
This research report on the APAC veterinary diagnostics market has been segmented and sub-segmented into the following categories:
By Product Type:
The APAC region is anticipated to register the fastest CAGR among all regions in the global market during the forecast period. Increasing animal healthcare expenditure in this region is also propelling the market growth. The Asia Pacific Centre for Animal Health (APCAH) is focused on the R&D of training centers to help in animal healthcare and quality treatment for infectious diseases. APCAH also helps to develop vaccines, diagnoses, and treatments for the animals for fast cure. In addition, Asia Veterinary Diagnostics (AVD) helps provide specialty diagnostic services in most regions to increase the lives of animals suffering from chronic diseases. For instance, OncoK9 is the first liquid biopsy test to detect cancer in animals, and it also helps to detect 30 different types of canine cancer by drawing blood. This test was made available in Asia countries provided by Asia Veterinary Diagnostics (AVD).
China had a considerable share of the APAC market in 2021. The Chinese government developed various diagnostics devices for the animal purpose of detecting diseases in them. China is in an advanced state of manufacturing diagnostics devices for animals. China also started investing in animal labs in recent years due to an increase in the adoption of animals among many people. In India, several veterinary healthcare and breeding facilities, veterinary service infrastructure, and artificial Insemination centers exist. In Singapore, animal welfare groups are increased about the treatment of animals.
The Indian market is anticipated to showcase the fastest CAGR in the APAC market during the forecast period. In the Asia-Pacific market, animal diseases are a significant and increasingly important factor in reducing livestock productivity, especially in developing countries like India. While in many areas, traditional methods are still widely used, most are ineffective or too slow to directly influence the clinical management of a particular case, providing results after several days. Thus, the focus in developing animal disease diagnostics has been toward rapid methods that can give a conclusive answer.
KEY MARKET PLAYERS:
Companies playing a significant role in the APAC veterinary diagnostics market profiled in this report are VCA Inc., Heska Corporation, Abaxis Inc., VIRBAC, IDEXX Laboratories Inc., Life Technologies Corporation, Bio-Rad Laboratories Inc., Prionics AG, and Pfizer. Inc.
The veterinary diagnostics market in APAC is predicted to grow at a CAGR of 10.57% from 2022 to 2027.
IDEXX Laboratories, Zoetis, Heska Corporation, Abaxis, Thermo Fisher Scientific, bioMérieux SA, Virbac, and Neogen Corporation are some of the leading companies in the APAC veterinary diagnostics market.
Factors such as increasing demand for animal-derived products, rising pet ownership, and the growing prevalence of zoonotic diseases are majorly driving the growth of the veterinary diagnostics market in the Asia-Pacific region.
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