South & Central America Veterinary Diagnostics Market Forecast to 2030 - Regional Analysis - by Product, Technology, Animal Type, Disease Type, and End User

The South & Central America veterinary diagnostics market was valued at US$ 309.89 million in 2022 and is expected to reach US$ 504.31 million by 2030; it is estimated to grow at a CAGR of 6.3% from 2022 to 2030.

Growing Ownership of Companion Animals Fuels the South & Central America Veterinary Diagnostics Market

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.

According to Instituto Pet Brasil (IPB), From 2020 to 2021, the pet population grew by 3.6%. Cats stand out, with an increase of 6%. Dogs came in second place, up by 4%. The pet population in Argentina is significantly growing, creating a massive demand for pet supplements. According to Mars incorporated, about 78% of households own at least one dog, while 31% had at least one cat in 2018. 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.

South & Central America Veterinary Diagnostics Market Overview

Brazil is at the highest risk in South & Central America, where biodiversity loss has consequences due to habitat alteration associated with deforestation or forest degradation. Additionally, Brazilian climate change and overexploitation of resources have a high chance of zoonotic disease spreading in Brazil. Brazilian spotted fever (BSF), hantavirus and arenavirus diseases, Q-fever, and bartonellosis are among the examples of zoonotic diseases forgotten in Brazil due to underestimation of the burden of some zoonoses and limited resources. The diagnosis of such zoonotic diseases is difficult, especially during the initial phase, where patients present unspecific clinical manifestations similar to the case of BSF, a tick-borne zoonosis caused by Rickettsia rickettsii. Therefore, Brazil has incorporated integrated planning and interventions based on the"One Health Initiative" to control zoonoses. In Brazil, the One Health concept, a Brazilian government-run policy, requires recognition by healthcare professionals, and today, it is not acknowledged by important entities involving the Federal Council of Medicine. Therefore, the power of implementation of the One Health concept is restricted to veterinary professionals. Also, Brazil has a complex system for monitoring human, animal, and environmental health conditions based on the Health Surveillance System (HSS). However, with some progress made, there is a need for continuous investment and political commitments to address the persistent challenges of zoonotic infections among public health in Brazil.

South & Central America Veterinary Diagnostics Market Segmentation

The South & Central America veterinary diagnostics market is segmented based on product, technology, disease type, animal type, end user, and country.

Based on product, the South & Central America veterinary diagnostics market is bifurcated into instruments and consumables. The instruments segment held a larger share in 2022.

By technology, the South & Central America veterinary diagnostics market is segmented into immunodiagnostics, clinical biochemistry, hematology, molecular diagnostics, and other veterinary diagnostic technologies. 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 South & Central America veterinary diagnostics market is segmented into infectious diseases and non-infectious diseases. The infectious diseases segment held the largest share in 2022.

By animal type, the South & Central America veterinary diagnostics market is bifurcated into livestock animals and companion animals. The companion animals segment held a larger share in 2022. 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 South & Central America veterinary diagnostics market is segmented into veterinary hospitals and clinics, animal diagnostic laboratories, and veterinary research institutes and universities. The companion animals segment held the largest share in 2022.

Based on country, the South & Central America veterinary diagnostics market is segmented into Brazil, Argentina, and the Rest of South & Central America. Brazil dominated the South & Central America veterinary diagnostics market in 2022.

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 are some of the leading companies operating in the South & Central America veterinary diagnostics market.