The global companion animal diagnostics market in terms of revenue was estimated to be worth $2.4 billion in 2022 and is poised to reach $3.8 billion by 2027, growing at a CAGR of 9.6% from 2022 to 2027.
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The growth in this market is driven by the increasing companion animal population, rising adoption of pet insurance, growing animal health expenditure, and the increasing number of veterinary practitioners & their rising income level in developed countries. The growing usage and demand for rapid tests and portable instruments for point-of-care (POC) services is offering new growth opportunities for companies in the companion animal diagnostics market. On the other hand, a lack of animal health awareness and a shortage of veterinarians in emerging markets pose significant challenges in the market.
“Molecular diagnostics is expected to witness the fastest growth companion animal diagnostics market during the forecast period.”
Based on technology, the companion animal diagnostics market is segmented into clinical biochemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and other companion animal diagnostic technologies. The molecular diagnostics segment is projected to register the highest CAGR during the forecast period. The high growth rate of this segment can be attributed to the results of the quick and reliable diagnostics.
“Clinical Pathology segment is expected to witness the fastest growth in the forecast period.”
Based on application, the companion animal diagnostics market is segmented into clinical pathology, bacteriology, virology, parasitology, and other applications. Clinical pathology includes all primary diagnostic tests that utilize blood and other body fluids for efficient and accurate disease diagnosis and screening of animal health. In 2021, clinical pathology was the largest application segment in this market. One of the major factors driving the growth of this application segment is the high volume of clinical pathology tests performed on companion animals. This is because clinical pathology tests are recommended by veterinarians to evaluate the cause of diseases (in the case of chronic conditions) in companion animals.
“Dog segment accounted for the largest share of by animal type of companion animal diagnostics market in 2021”
Based on animal type, the companion animal diagnostics market is segmented into dogs, cats, horses, and other companion animals. Companion animal diagnostics for dogs accounted for the largest share of this market in 2021. The large share and high growth in this segment is attributed to factors such as the increasing dog population and ownership rate, the rising canine healthcare expenditure, and the increasing number of pet insurers across the globe.
“Asia Pacific region is expected to witness the fastest growth during the forecast period”
On the basis of region, the companion animal diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The Asia Pacific region is projected to grow at a highest growth rate during the forecast period. Factors such as the rapidly increasing animal population, growing awareness about animal welfare, and the rising prevalence of zoonotic diseases are driving the growth of this regional market.
Key Market Players :
Key players in this market are adopting several organic and inorganic growth strategies (such as product launches, agreements, collaborations, acquisitions, and expansions). Some major players in this market are Idexx Laboratories, INC. (US), Zoetis, INC. (US), Heska Corporation (US), Thermo Fisher Scientific, INC. (US), Biomérieux SA (France), Virbac (France), Neogen Corporation (US), Fujifilm Holdings Corporation (Japan), Indical Bioscience GmbH (Germany), Idvet (France), Randox Laboratories, LTD. (UK), Shenzhen Mindray Animal Medical Technology Co., Ltd. (China), and BioNote, Inc (South Korea).
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