What Is The Current and Historic Market Size Analysis Of The Companion Animal Diagnostics Market?
The companion animal diagnostics market has seen considerable growth due to a variety of factors.
• The market size of companion animal diagnostics has seen significant growth recently. The market, estimated at $3.1 billion in 2024, is forecasted to increase to $3.4 billion in 2025, at a compound annual growth rate (CAGR) of 9.9%.
The historical expansion in the market is primarily due to factors such as growing pet ownership, elevated spending on veterinary healthcare, increased consciousness about pet health, widespread adoption of pet insurance, higher incidence of zoonotic diseases, and a rising requirement for early detection of diseases in pets.
What are the Market Size and Expected Growth Rates for the Companion Animal Diagnostics Market?
The companion animal diagnostics market is expected to maintain its strong growth trajectory in upcoming years.
• The market for companion animal diagnostics is predicted to experience significant growth in the upcoming years, reaching a value of $4.91 billion in 2029 with a compound annual growth rate of 9.6%.
The projected growth during the forecast period can be tied to several factors such as increased use of point-of-care testing, more widespread availability of sophisticated diagnostic tools, a surge in demand for individualized pet care, growth in remote veterinary care services, a rising emphasis on preventative healthcare, and increased investment by market players in the development of diagnostic products. Key trends for the forecast period encompass the advancement of remote diagnostic services for pets, merging of wearable diagnostic devices, increase in molecular diagnostic procedures, progress in personalized pet diagnostics, and the implementation of cloud-based systems for managing diagnostic data.
Which Key Drivers Are Propelling The Companion Animal Diagnostics Market's Growth?
The growth of the companion animal diagnostics market is anticipated to be driven by the escalating quantity of pet owners. These pet owners are those who possess and manage the well-being and care of pets. Due to an enhanced understanding of their health and emotional benefits and the accessibility of pet-related products and services, there's an increase in pet ownership. Companion animal diagnostics pass crucial health information to pet owners and facilitate early detection of diseases in pets, assuring prompt and efficient care. As per the American Pet Products Association, a non-profit association based in the US, in October 2023, pet ownership was prevalent in 86.9 million US households, which amounts to 66% of all households in 2022. Moreover, in November 2022, Animal Medicines Australia, an association from Australia advocating animal health, stated that 69% of Australian households in 2022 had pets. Hence, the burgeoning quantity of pet owners is fueling the growth of the companion animal diagnostics market.
What Are The Key Segments Within The Global Companion Animal Diagnostics Market?
The companion animal diagnostics market covered in this report is segmented –
1) By Animal Type: Cat, Horse, Dog, Other Animal Types
2) By Technology: Immunodiagnostics, Clinical Biochemistry, Hematology, Urinalysis, Molecular Diagnostics, Other Technologies
3) By Application: Bacteriology, Clinical Pathology, Virology, Parasitology, Other Applications
4) By End-Users: Diagnostics Laboratories, Veterinary Clinics And Hospitals, Research Institutes, Home Care Settings
Subsegments:
1) By Cat: Feline Infectious Disease Testing, Feline Blood Tests, Feline Urinalysis
2) By Horse: Equine Infectious Disease Testing, Equine Blood Tests, Equine Diagnostic Imaging
3) By Dog: Canine Infectious Disease Testing, Canine Blood Tests, Canine Urinalysis
4) By Other Animal Types: Small Mammals, Birds, Reptiles, Exotic Pets
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How Are New Trends Impacting The Size Of The Companion Animal Diagnostics Market?
Leading businesses in the companion animal diagnostics market are strategically focusing on the development of reference laboratories. This aims to enhance remote diagnostic capabilities and improve accessibility to specialized services. Reference laboratories are essentially specialized diagnostic-based labs that offer extensive testing services, often surpassing the capabilities of conventional clinical laboratories. To exemplify, Antech Diagnostics, Inc., a vet diagnostics firm based in the US, launched its first comprehensive vet diagnostic services in the UK in November 2023. This introduction included a newly built, technologically advanced reference lab situated in Warwick. The goal of the new diagnostic range is to furnish veterinary professionals in the UK with a full and adaptable selection of services. This includes reference laboratory services alongside in-house diagnostics, imaging, and software solutions.
Who Are the Key Players In The Companion Animal Diagnostics Market?
Major companies operating in the companion animal diagnostics market are:
• Thermo Fisher Scientific Inc.
• Merck KGaA
• Fujifilm Holdings Corporation
• Zoetis Inc.
• VCA Inc.
• Mindray Medical International Limited
• bioMérieux S.A.
• IDEXX Laboratories Inc.
• Qiagen N.V.
• Virbac S.A.
• Randox Laboratories Ltd.
• Esaote S.p.A.
• Abaxis Inc.
• Neogen Corporation
• Arkray Inc.
• Indical Bioscience GmbH
• Biovet S.A.
• Woodley Equipment Company Ltd.
• Scil Animal Care Company
• Laboklin GmbH & Co. KG
• VolitionRx Limited
What Are The Regional Insights Into The Companion Animal Diagnostics Market?
North America was the largest region in the companion animal diagnostics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the companion animal diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
