With the population of pets and livestock around the world on the rise, the global veterinary diagnostics market is set to witness a boom, according to MarketsandMarkets, recognized by Forbes as one of America’s best management consulting firms. The size of the global market for veterinary diagnostics in revenue terms was estimated at $3.3 billion, or Rs27,390 crore, in 2023. It is poised to rise to $5.0 billion, or Rs41,500 crore, by 2029 at a compounded annual growth rate of 7.1%, the agency said in a recent research report.
The agency said its research encompassed an exhaustive examination of industry trends, meticulous pricing analysis, patent scrutiny, insights from conferences and webinars, identification of key stakeholders, and a nuanced understanding of market purchase dynamics. The report named the enormous increase in dog and cat populations across the globe, rising demand for animal-based products, growing pet insurance due to the increased number of diseases, rising reference laboratory samples, and growing awareness in emerging countries about animal health and care as factors influencing market growth.
The report said there are at least 30 major diseases in humans that are transmitted through animals. According to the International Livestock Research Institute, 13 zoonotic diseases have been identified as the cause of 2.4 billion cases of human diseases and 2.2 million deaths per annum. Most human infections come from companion animals such as dogs and cats, and from livestock such as pigs, chicken, cattle, goats, and camels. Some of the major zoonotic diseases transmitted from animals to humans are zoonotic gastrointestinal disease, leptospirosis, cysticercosis, zoonotic tuberculosis, and rabies.
Toxoplasmosis, which is transmitted via cat fæces and unprocessed or undercooked infected meat, is quite common worldwide, with 10-20% of the population of the U.K. and 22% of the population of the USA expected to carry the parasite as cysts, the report said.
Given these realities, veterinary spending has been growing exponentially in the past few years. The highest spending in the pet-owner community is taken up by pet care, followed by pet food. Pet owners in the USA spent over $35.9 billion, or Rs2,97,970 crore, in 2022, a rise of almost 15% from 2020, the report said.
However, with the developed regions of the world getting saturated and the setting up of new reference laboratories or hospital and clinic laboratories slowing, a larger share of the diagnostic revenue is expected to be generated from emerging market economies such as the Asia-Pacific region, Latin America, West Asia, and Africa, the report said.
Production of livestock and dairy products is now highest in the Asian region. For instance, in 2022, China produced 55.41 million tons of pork, up from 52.96 million tons in 2021, according to Statista. Animal-based products are growing at a rapid pace in India as well, the report said. For instance, in 2021-22, milk production grew at 5.29% while egg production rose by 6.19% to 129.60 billion numbers. Meat production in the country is growing at over 5% annually.
However, apart from price, there is another constraint in these countries when it comes to veterinary diagnostics, and that is the shortage of veterinary professionals. In India, for instance, only about 3,000 veterinarians graduate annually. But, according to a study by the National Sample Survey Organization in 2022, India had a shortage of around 55,000 veterinarians.
Moreover, only 31% of veterinary hospitals and clinics have the facilities required to treat animals, the report said. And around 40% of veterinary professionals are not trained to handle emergencies, a significant concern in a sector where timely treatment can mean the difference between life and death.
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