The veterinary diagnostics market in North America is estimated to grow at a CAGR of 8.01% from 2023 to 2028 and the regional market size is expected to be worth USD 4.14 billion by 2028 from USD 2.82 billion in 2023.
The North American veterinary diagnostics market is progressing at a healthy rate. It has seen a humongous shift in the past few years with the emergence of new and technologically advanced products, like hemolytic sensors, in-situ chemistry analyzers, and rapid test monitors, which positively impacted the overall growth of the market.
Factors such as increasing companion animal population, growth in the incidence of animal zoonotic diseases, and growing income levels over the developed economies are expected to drive the North American veterinary diagnostics market growth during the forecast period. In addition, an increase in the acquisition of veterinary diagnostics products and growing demand for animal-derived food products further accelerate the market growth over the forecast period. The rising population and accessibility of advanced diagnostic procedures are estimated to assist veterinarians in providing better diagnosis and treatment and are expected to act favorably on the market growth during the forecast period.
High costs associated with pet care are one of the significant factors restraining the market growth. In addition, several consultations towards pet care, growing competition for cultivated land, lack of arable land, and increasing cost of production are also restraining the veterinary diagnostics market growth during the forecast period.
Moreover, the cost related to storing animal vaccines and the usage of parasiticides among food-producing animals may hinder the market's growth.
This research report on the North American veterinary diagnostics market has been segmented and sub-segmented into the following categories:
By Product Type:
Regionally, the North American veterinary diagnostics market occupied the largest share of the global market in 2022. This region's growth is attributed to factors such as an increasing requirement in managing anti-microbial resistant bacteria and a growing number of diagnostic procedures in the clinics that boost the market growth of this region. U.S and Canada are the two major contributors in terms of revenue in this region.
The U.S. veterinary diagnostics market is predicted to dominate the North American market during the forecast period owing to the growing significance of pet insurance, an increasing number of pets, technological advancements, and the growing utilization of animal food products.
The Canadian veterinary diagnostics market is forecasted to witness a steady growth rate during the forecast period followed by the U.S. Factors such as growing animal acquisition and increasing the burden of animal diseases integrated with expenditure growth towards animal health are accelerating the market growth in this region. However, strict regulations for poultry and meat-based foodstuff are the cause of the market growth.
KEY MARKET PLAYERS:
A few prominent companies in the North American 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.
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