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Rapid Diagnostics One of Fastest Growth Areas for Veterinary Revenue

By Pam Foster
November, 2016

In case you missed it — earlier this year, a MarketsAndMarkets.com report revealed that, "The global veterinary diagnostics market is estimated to grow at a CAGR of 8.6% from 2016 to 2021 to reach USD 6.71 Billion by 2021."Vet Advantage image: Recent statistics from the veterinary industry and other reports indicate that rapid diagnostics is one of the fastest revenue growth categories.

The report cited the following reasons for this phenomenal growth prediction:

  • "Growing demand for pet insurance and rising animal health expenditure,
  • increasing demand for animal-derived food products,
  • innovation in veterinary diagnostics,
  • growth in the number of veterinary practitioners and their income levels in developed economies, and
  • increasing incidence of zoonotic diseases are the major factors driving the growth of the global market."

The most recent statistics from our industry leaders corroborates these trends as well, as you can see in this image at right.

This forecast, and these factors, indicate that rapid diagnostics is one of the fastest revenue growth categories for veterinary practices, manufacturers and distribution companies.

What does this mean for you, the veterinary Diagnostic Sales Representative? In one word: Opportunity.

Let's take a look.

Opportunity with rapid diagnostic instruments, equipment, and systems:

It's time to help your customers take a good hard look at the age, performance and potential of their in-clinic diagnostic equipment – to ensure that they can provide quick and accurate evaluations on all patients. This equipment includes testing instruments for chemistry, hematology, electrolytes, etc., as well as diagnostic imaging equipment (digital x-ray, otoscope, endoscope, ultrasound, etc.). The MarketsAndMarkets.com report noted that, "the diagnostic imaging segment accounted for the largest share of the market in 2015."

When visiting practices, be sure to ask the following questions:

  • If you're not sure what they have for equipment, ask them: What do you currently have in-house related to diagnostic instruments and other equipment?
  • What is the age of this equipment?
  • What would it mean if you could upgrade to the latest models? (If they're not sure, this is a great time to discuss the benefits of newer models.)
  • If you discover that they're missing certain instruments or not performing certain diagnostic services in-house, ask: Have you heard about the new [type of equipment]?

Opportunity with rapid diagnostic assays/point-of-care tests using blood, fecal, urine, skin, and other samples:

CAPC (Companion Animal Parasite Council), the industry authority on parasite control in animals, regularly updates its parasite testing and protection guidelines for veterinarians based on the prevalence of common pet diseases including heartworm, feline leukemia, FIV (feline immunodeficiency virus), Lyme disease, and others. 

Earlier this year, CAPC reported, "The predictions for 2016 show the threat of vector-borne disease agents transmitted by ticks and mosquitoes will continue to spread…" And, accordingly, the market for rapid, in-clinic diagnostic screening tests is HOT.

How hot? Currently you can offer your customers a variety of extraordinarily accurate tests… but advances are coming. Several product manufacturers are planning to roll out third-generation screening tests in 2017 (most likely at the NAVC Conference in February). Get ready for big news on these advanced products, and plan to bring them up with your customers. 

When visiting practices, be sure to ask the following questions for discussion:

  • If you haven't discussed the practice's screening protocol in a while, ask: How often do you screen for vector-borne diseases and other preventable health threats? In other words, what's your protocol for common threats such as heartworm, FeLV/FIV, Lyme, etc.?
  • If you're not sure what they use for in-clinic rapid screening, ask them: What do you currently use for screening?
  • Open the conversation for exploring other options: Have you looked at any other tests lately? Some may be more accurate, easier to use, etc. (You can discuss the benefits of tests they haven't considered.)
  • If you discover that they're missing certain tests or not performing certain diagnostic screenings in-house, ask: What have you heard about the new [type of test]? If the practice isn't familiar with the new test(s), you have a golden opportunity to introduce features and benefits.

 

Your next move:

You can help veterinary practices make the most of the growing demand for rapid, pet-side diagnostics… by showing them the latest, highly accurate solutions and revenue potential. 

We mentioned that several companies are rolling out new tests in 2017, and your customers will be hearing about them. Make sure you're well versed in what manufacturing partners will be talking about at the NAVC. You can do this by checking out the latest product sheets in our Vet Advantage Resource App. (Click here to watch a video tour of this valuable DSR app.) You'll also want to consider contacting manufacturers directly to ask about any upcoming rapid test releases.

  

Topics: Rapid Tests, Diagnostics

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