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3. IDEXX Laboratories, Inc. (US) and Zoetis, Inc. (US) are Leading Players in the Veterinary Diagnostic Market

The global veterinary diagnostics market is projected to reach USD 5.0 billion by 2029 from USD 3.3 billion in 2023, growing at a CAGR of 7.1% during the forecast period. Increase in companion animal population, rise in infectious diseases needing quicker diagnosis, rise in adoption of animals as pets, increased clinical visits to veterinary clinics, continuous mutation of viruses that leads to newer diseases, unhygienic environmental conditions in smaller regions, rise in zoonotic diseases, increased awareness of animal health in emerging countries, and cost-effective testing services offered by the end user are expected to drive the market growth.

The prominent players in the veterinary diagnostics market include IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Thermo Fisher Scientific Inc. (US), bioMérieux SA (France), Heska Corporation (US), NEOGEN Corporation (US), Bio-Rad Laboratories Inc. (US), Virbac (France), FUJIFILM Holdings Corporation (Japan), Shenzhen Mindray Animal Medical Technology Co. Ltd. (China), INDICAL BIOSCIENCE GmbH (Germany), BioNote, Inc. (South Korea), Biogal Galed Labs (Israel), Agrolabo S.p.A. (Italy), Innovative Diagnostics (France), Randox Laboratories Ltd. (Ireland), BioChek (Netherlands), Fassisi GmbH (Germany), Alvedia (France), SKYER, Inc. (South Korea), Shenzhen Bioeasy Biotechnology Co., Ltd. (China), Gold Standard Diagnostics (Germany), Precision Biosensor Inc. (South Korea), Antech Diagnsotics Inc. (US), and EUROIMMUN Medizinische Labordiagnostika AG (Germany).

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IDEXX Laboratories, Inc. is a leader in the veterinary diagnostics market. The company operates under four major segments namely Companion Animal Group (CAG), Livestock, Poultry and Dairy (LPD), and Water quality products. The company offers in clinic diagnostic solutions such as blood and urine chemistry, hematology, rapid assay, urinalysis, and other laboratory services in its largest segment CAG. Idexx rules the market with the CAG and LPD segments combined. More than half the market is occupied by Idexx. The company invested nearly 7.5% in its R&D and established a presence across all the regions of the globe. It is involved in continuous upgrades, product launches and acquisitions. For instance, the company introduced Fecal DX and PCR Direct testing services to help veterinarians gain insights during wellness screenings, develop treatment plans for cats with chronic kidney disease, and access fast, definitive answers for the most critical cases. Additionally, in January 2022, the company upgraded its products namely,  IDEXX 4Dx, VetConnect Plus Mobile App, SediVue Dx Urine Sediment Analyser, and New Catalyst SDMA Test. In 2021, the company acquired ezyVet, a practice information management system (PIMS); the acquisition would expand Idexx’s world-class cloud software offerings that support customers with technology solutions that raise the standard of care for patients, improve practice efficiency, and enable more effective communication with pet owners. Such strategies boost its presence and position in the market.

Zoetis, Inc. was placed in second position in this market. The company is an exclusive player in companion animal and livestock products. The wide product offering in blood glucose testing, chemistry,  hematology analysis, urinalysis, etc. accounts for its second position in the market. High investment in R&D of up to 6% of its total revenue makes it a significant player with newer developments in this field. Zoetis is focusing on adding AI capabilities to its existing products. For instance, the company introduced two updates in the VEtscan Imagst platform. One is the AI dermatology and another for AI equine FEC analysis. Continuous acquisition is the key strategy adopted by the company to stay ahead in the competitive market. For instance, Zoetis acquired Jurox, a privately held animal health company that develops, manufactures and markets a wide range of veterinary medicines for treating livestock and companion animals. This strengthens Zoetis companion animal portfolio.

Thermo Fisher Scientific held the number three position in the veterinary diagnostics market. It has an enormous product portfolio related to consumables, instruments, software, and services, in veterinary diagnostics. The VetMX range of rapid assay tests is widely adopted by end users. Its strong presence across the globe, increased R&D expenditure, continuous product upgrades, and wide distribution network, made the company a leader in this market. The company also received quick approvals for marketing across all major regions like the US, Europe and others for the use of its diagnostic instruments and consumables by the end users, due to its precise manufacturing and quality assurance system.

Related Reports:

Veterinary Diagnostic Market by Product (Instrument, Consumable), Technology (Immuno (ELISA, RIA, Lateral flow), Molecular (PCR, Microarray), Hematology, Imaging), Distribution Channel, End User, Unmet Need, Buying Criteria - Global Forecast to 2029

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