At 7.3% CAGR, the Europe Veterinary Diagnostics Market is Projected to be Worth US$ 1,874.97 Million by 2030, Says Business Market Insights

According to Business Market Insights research, the Europe veterinary diagnostics market was valued at US$ 1,064.37 million in 2022 and is expected to reach US$ 1,874.97 million by 2030, registering a CAGR of 7.3% from 2022 to 2030. Growing ownership of companion animals and rising prevalence of zoonotic disease are among the critical factors attributed to the Europe veterinary diagnostics market expansion.

In recent years, increasing disposable income and growing interest of millennials, especially adults in their early 20s and late 30s, for pet adoption are supporting the pet culture across the globe. In addition, due to the onset of the COVID-19 pandemic, people were working from home and self-isolating; this change in lifestyle inspired households to own pets. Since there was no evidence that pets could contribute to the spread of COVID-19, people felt safe with an animal companion that provided mental and emotional support during the pandemic. As per the European Pet Food Industry Federation (FEDIAF), in 2022, ~340 million pets were raised in European households, with cats being the most popular pets with a stable population of 127 million and dogs with 104 million. Additionally, according to the Industrial Association of Pet Care Producers (IVH), in 2021, Germany had 34.7 million pets. Also, around 47% of German households own pets, and 15% have more than one pet. Europe. Also, according to the Pet Food Manufacturers' Association (PFMA), in 2022, 17.4 million households, which constitutes 62% of the total population in the UK, own a pet. Furthermore, dogs accounted for 34% of the whole household owned, while cats accounted for 28% of the household pets. The total pet population in the UK reached 34 million, including 13 million dogs and 12 million cats. Further, 4.7 million households accounting for nearly 17%, have acquired a new pet since the start of the pandemic, with around 45% of the owners aged above 40. Moreover, according to the National Association of Manufacturers for Food and Care of Companion Animals (ASSALCO), roughly half of all Italian households include dogs or cats. According to Euromonitor International, households will continue to exit poverty and reach the middle class and thus, by 2040, 856 million households will have disposable incomes between US$ 15,000 and US$ 45,000, i.e., one in three households worldwide (35.5%). Due to increasing disposable income, companion animal adoption rates are growing. The advancement in the detecting animal diseases and increasing disposable income among pet owners drive the veterinary diagnostics market globally.

On the contrary, lack of skilled professionals in veterinary research hampers the growth Europe veterinary diagnostics market.

Based on product, the Europe veterinary diagnostics market is bifurcated into instruments and consumables. The instruments segment held 65.5% share of the Europe veterinary diagnostics market in 2022, amassing US$ 697.60 million. It is projected to garner US$ 1,170.90 million by 2030 to expand at 6.7% CAGR during 2022-2030.

By technology, the Europe veterinary diagnostics market is segmented into immunodiagnostics, clinical biochemistry, hematology, molecular diagnostics, and other veterinary diagnostic technologies. The immunodiagnostics segment held 40.7% share of the Europe veterinary diagnostics market in 2022, amassing US$ 432.82 million. It is projected to garner US$ 836.97 million by 2030 to expand at 8.6% CAGR during 2022-2030. The immunodiagnostics segment held the largest share in 2022. The immunodiagnostics segment is further subsegmented into lateral flow assays, ELISA, immunoassay, allergen-specific immunodiagnostics test, and other immunodiagnostics. The clinical biochemistry segment is further subsegmented into clinical chemistry analysis, glucose monitoring, and blood gas and electrolyte.

By disease type, the Europe veterinary diagnostics market is segmented into infectious diseases and non-infectious disease. The infectious diseases segment held 62.5% share of the Europe veterinary diagnostics market in 2022, amassing US$ 665.40 million. It is projected to garner US$ 1,211.05 million by 2030 to expand at 7.8% CAGR during 2022-2030.

By animal type, the Europe veterinary diagnostics market is bifurcated into livestock animals and companion animals. The companion animals segment held 69.5% share of the Europe veterinary diagnostics market in 2022, amassing US$ 739.86 million. It is projected to garner US$ 1,351.97 million by 2030 to expand at 7.8% CAGR during 2022-2030. The livestock animals segment is further subsegmented into cattle, pigs, poultry, and other livestock animals. The companion animals segment is further subsegmented into dogs, cats, horses, and other companion animals.

By end user, the Europe veterinary diagnostics market is segmented into veterinary hospitals and clinics, animal diagnostic laboratories, and veterinary research institutes and universities. The veterinary hospitals and clinics segment held 52.6% share of the Europe veterinary diagnostics market in 2022, amassing US$ 559.58 million. It is projected to garner US$ 1,023.74 million by 2030 to expand at 7.8% CAGR during 2022-2030.

Based on country, the Europe veterinary diagnostics market is segmented into Germany, France, the UK, Italy, Spain, and the Rest of Europe. Germany held 29.5% share of Europe veterinary diagnostics market in 2022, amassing US$ 313.46 million. It is projected to garner US$ 648.33 million by 2030 to expand at 9.5% CAGR during 2022-2030.

Key players operating in the Europe veterinary diagnostics market are FUJIFILM Holdings Corp, Heska Corp, Idexx Laboratories Inc, INDICAL BIOSCIENCE GmbH, Merck Animal Health, Neogen Corp, Randox Laboratories Ltd, Thermo Fisher Scientific Inc, Virbac SA, and Zoetis Inc, among others.

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