The global veterinary market for diagnostics has a market value of approximately SEK 26 billion, of which hematology accounts for approximately 10%, with growth of approximately 8%. The growth is mainly driven by more people acquiring pets. Pets make up about two-thirds of the market, which has a slightly higher growth rate than the veterinary market for livestock.
Growth factors
During the pandemic in 2020, the decrease in veterinary visits was not as great as the decline in the human market. Instead, interest in getting pets increased in 2020, as people spent more time at home. There is great focus on cost, but as the finances of pet owners improve, the quality requirements for veterinary medicine are increasing. In the US and Europe, insurance cover is increasing, although the largest proportion of payments are still made directly by the pet owners.
Market and technology trends
Product and technology trends in the pet market are the same as in the human market, i.e., an increased demand for more parameters, an increased share of rapid tests, an increased interest in near-patient instruments and increased digitalization.
However, the regulatory requirements are lower for veterinary products, which means that the time and cost of introducing new products is shorter than for the corresponding products on the human market.
Great growth potential for Boule
The veterinary market is growing due to a growing number of pets and increased care for these new family members. So far, the market is significantly smaller than the human market, but shows steady growth of about 8% per year. Boule has been working for a couple of years to develop and strengthen its range of products and services for the still relatively immature market for veterinary hematology, and now has a high-quality diagnostic range, covering hematology and clinical chemistry.
Boule continues to actively work to develop and strengthen its range of products and services. Boule’s strongest market is currently Western Europe, but Asia and Latin America have also shown a sharp increase in sales. The need for a complete solution for the veterinary lab drives Boule to continuous product and technology development.
The continued investment in the veterinary market and the development of new products provide the company with a solid foundation for good growth in veterinary diagnostics, both in existing and new markets.
