The global veterinary diagnostics market has an estimated value of approximately SEK 26 billion, of which hematology accounts for around 10%, with an annual growth rate of approximately 8%. Market growth is largely driven by an increasing number of pet owners worldwide. Companion animals represent about two-thirds of the veterinary diagnostics market and show slightly higher growth compared with the livestock segment.
Key Growth Factors
During the COVID-19 pandemic in 2020, the decline in veterinary visits was less pronounced than the decline observed in human healthcare. At the same time, interest in pet ownership increased, as people spent more time at home.
While cost considerations remain important, improving household finances among pet owners have contributed to rising expectations regarding the quality of veterinary care. In the US and Europe, insurance coverage for veterinary care is increasing, although the majority of payments are still made directly by pet owners.
Market and Technology Trends
Product and technology trends in the veterinary pet market broadly mirror those seen in human diagnostics. These include demand for expanded test parameters, a growing share of rapid tests, increased interest in near-patient diagnostic instruments, and greater digitalization of workflows.
Regulatory requirements for veterinary diagnostic products are generally less extensive than for human diagnostics, which can result in shorter development timelines and lower costs for introducing new products to the market.
Market Outlook and Opportunities
The veterinary diagnostics market continues to expand due to growth in the pet population and increased focus on animal health and welfare. Although the market remains smaller than the human diagnostics sector, it shows consistent annual growth of around 8%.
Boule has, over recent years, worked to develop and broaden its offering within veterinary diagnostics, with a focus on hematology and clinical chemistry. Western Europe currently represents the company’s strongest market, while Asia and Latin America have shown notable growth in recent years.
Ongoing investment in product development and technology supports Boule’s long-term participation in the veterinary diagnostics market, both in established regions and emerging markets.