Eliana Grace
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Sheridan, U.S.A.
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The global
veterinary diagnostics market size was valued at USD 6.2 billion in 2020 and is
expected to expand at a compound annual growth rate (CAGR) of 11.5% from 2021
to 2028. The growth in this market is attributed to factors such as increased
animal health expenditure, rising incidence of zoonotic diseases, number of
veterinary practitioners, technological advancement in point of care
diagnostics, and the disposable income levels in the developing regions. Increasing demand for point-of-care diagnostics is expected
to further propel the market. It provides fast results for clinical tests and
can be directly assessed to save time. According to AVMA, there were around
26,000 veterinary hospitals and clinics in the U.S. in 2019 and more than 80%
of them provided point-of-care testing.
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