Companion Animal Diagnostics Market

The global Companion Animal Diagnostics Market is valued at USD 2.6 Billion in 2022 and is projected to reach a value of USD 5.1 Billion by 2030 at a CAGR (Compound Annual Growth Rate) of 8.9% between 2023 and 2030.

Premium Insights

The market for Companion Animal Diagnostics is expanding significantly due to rising demand for cutting-edge veterinary care and rising pet health awareness. The American Pet Products Association (APPA) estimates that 85 million families, or around 67% of American homes, are pet owners. The high percentage of pet owners highlights the necessity for diagnostic equipment and services to guarantee the health and welfare of these creatures. The market is growing because of developments in diagnostic technology as well as an increase in the variety of tests accessible for companion animals. Companion Animal Diagnostics are in high demand because pet diseases are becoming more common and because early detection is key to effective treatment. All these signs point to a bright future for the industry.

• The growing awareness of the importance of preventive healthcare for companion animals is a significant driver for the market throughout the forecast period 2023 to 2030.
• The immunodiagnostics segment will continue to assert its dominance by technology, capturing the largest market share globally throughout the forecast period 2023 to 2030.
• In 2022, North America exhibited its market prowess, achieving the highest revenue share of over 40.3%.
• The Asia Pacific region is poised for remarkable growth, displaying a noteworthy Compound Annual Growth Rate (CAGR) between 2023 and 2030.

Top Market Trends

1. The incorporation of telemedicine technologies is one significant current development in the Companion Animal Diagnostics market. Pet owners can contact veterinarians for initial evaluations and diagnostic advice with the ease and accessibility of video consultations. This trend increases the demand for remote monitoring and diagnostic technologies while also improving the accessibility of veterinary care. Telemedicine in veterinary medicine has been more popular since the COVID-19 epidemic, and this trend is predicted to continue changing the field.
2. The development of tailored medicine for companion animals is another significant trend. Like healthcare for humans, there is an increasing focus on adjusting diagnostic procedures and therapies to meet the specific needs of each pet. Thanks to developments in genetics and molecular diagnostics, veterinarians may now prescribe exact treatments and preventive measures by having a better grasp of each pet's health profile. This trend not only enhances the effectiveness of pet healthcare but also creates new avenues for diagnostic companies to create customized tests and treatments.

Economic Insights

The COVID-19 pandemic has had varying effects on the Companion Animal Diagnostics business, which is indicative of the overall state of the economy. Early in the pandemic, decreased veterinary visits because of lockdowns and supply chain disruptions caused a brief downturn in the market. However, since the number of people seeking companionship through pets increased during the pandemic, there was a corresponding rise in demand for pet-related goods and services, such as diagnostic testing. The American Veterinary Medical Association (AVMA) reports that during the pandemic, the number of pet owners rose by over 6%, which raised the demand for veterinary care and diagnostic services. The market recovered favourably because of the increase in pet ownership and the rising knowledge of pet health. The pandemic also highlighted the value of remote monitoring and telemedicine, which hastened their acceptance in the veterinary field and will probably have a long-term effect on the Companion Animal Diagnostics market. Despite early difficulties, the market proved resilient and adaptive, and as a result, it eventually benefited from changes in consumer interests and behaviors during the pandemic.

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Market Segmentation

The Global Companion Animal Diagnostics Market is segregated into the segments as mentioned below:

The global Companion Animal Diagnostics market can be categorized into Technology, Application, Animal Type, End User, Region. The Companion Animal Diagnostics market can be categorized into Clinical Biochemistry, Immunodiagnostics, Hematology, Molecular Diagnostics, Urinalysis, Other Technologies based on Technology. The Companion Animal Diagnostics market can be categorized into Clinical Pathology, Bacteriology, Virology, Parasitology, Other Applications based on Application. The Companion Animal Diagnostics market can be categorized into Dogs, Cats, Other Animal Types based on Animal Type. The Companion Animal Diagnostics market can be categorized into Diagnostic Labs, Point-Of-Care and In-House Testing, Research Institutes and Universities, Veterinary Hospitals and Clinics based on End User. The Companion Animal Diagnostics market can be categorized into North America, Europe, Asia Pacific, Latin America, Middle East & Africa based on Region.

Based on Technology

Immunodiagnostics to Emerge as one of the Preferred Mode of Technology owing to Widening Functionality

In the Companion Animal Diagnostics industry, immunodiagnostics had a substantial share in 2022. When it comes to identifying a variety of illnesses and ailments in companion animals, such as autoimmune disorders and infectious diseases like feline leukaemia and parvovirus, immunodiagnostics is essential. It provides quick and precise data, allowing vets to identify and treat patients right away. Furthermore, monoclonal antibodies and immunoassay techniques have advanced, making immunodiagnostics more flexible and able to identify both established and newly discovered diseases. Immunodiagnostics is the cornerstone of Companion Animal Diagnostics because of its critical role in identifying infectious infections, tracking chronic ailments, and evaluating general health status.

Based on Application

Clinical Pathology Applications to Dominate Sales Due to Widening Utilization for General Health and Welfare

In 2022, in the Companion Animal Diagnostics market, clinical pathology emerged as the leading product category. Its wide applicability and vital function in evaluating the general health and welfare of companion animals are the reasons for its prevalence. Clinical pathology includes a broad spectrum of diagnostic tests, such as urinalysis, clinical biochemistry, and haematology, which allow for thorough analyses of tissues, blood, and body fluids. These tests offer important information about many facets of an animal's health, including the identification of underlying medical disorders, the assessment of organ function, and the detection of anaemia. Clinical pathology is an essential part of companion animal healthcare since it forms the basis for many veterinarian diagnoses and treatment decisions. For veterinarians and pet owners looking for diagnostic insights into the health of their furry friends, clinical pathology is the go-to option due to its versatility and capacity to offer crucial information for a broad range of illnesses.

Based on Animal Type

Dogs to Accommodate as the Frontrunner Companion Animal Owing to a Large Population and Varying Healthcare Requirements

In 2022, it is evident that dogs dominate the Companion Animal Diagnostics business. The main causes of this supremacy are their large population and varied healthcare requirements. Millions of homes throughout the world own dogs, making them one of the most popular pet species. Frequent diagnostic testing is necessary due to their sensitivity to a wide range of health concerns, such as infectious infections, orthopedic issues, and genetic disorders. Companion Animal Diagnostics are consistently in demand since dogs frequently need wellness exams, immunizations, and diagnostic screenings throughout their lives. Dogs and their owners have a close relationship that encourages them to be willing to invest in their healthcare, including diagnostic treatments. This further solidifies the dogs' position as the market's key diagnostic service customers.

Based on End User

Veterinary Hospitals and Clinics to be the Populous Destination as they Include a Wide Range of Services.

In 2022, Companion Animal Diagnostics veterinary hospitals and clinics category to witness significant share. This is mostly due to the fact that routine check-ups, illness diagnosis, and treatment for companion animals take place exclusively at veterinary hospitals and clinics. To offer complete veterinary care, these facilities mainly rely on a variety of diagnostic tools and tests. Furthermore, clinical decision-making depends on the prompt availability of diagnostic results, which is why point-of-care and in-house testing are often used techniques in veterinary clinics and hospitals. In the context of routine companion animal healthcare, veterinary hospitals and clinics have the most demand for and use of these diagnostic goods, even if research institutes and universities contribute to the advancement of diagnostic technologies and procedures.

Based on Region

North America to Account for the Largest Market Share Due to a Widened Consumer Base

In 2022, For a number of important reasons, the Companion Animal Diagnostics market is dominated by North America. With millions of homes owning companion animals, pet ownership is a widespread and well-established culture in North America. Second, there is a steady need for diagnostic services due to the region's well-developed veterinary healthcare infrastructure, which includes many veterinary clinics and hospitals. Furthermore, pet owners in the region may afford to invest in cutting-edge diagnostic techniques because of the robust economy and high levels of disposable income. Additionally, several well-known diagnostic companies are based in North America, which supports the availability and innovation of diagnostic goods.

On the other hand, because of shifting demographics and an increase in pet ownership, the Companion Animal Diagnostics market in the Asia Pacific area is expanding quickly. Companion animal adoption is rising, especially in China and India, because of rising earnings, more urbanization, and an expanding middle class. The need for veterinary care and diagnostic tests to guarantee the well-being of these animals rises in tandem with the growth in pet ownership. Additionally, global partnerships and collaborations are making it easier to transfer cutting-edge diagnostic technologies to the Asia Pacific area, which is speeding up the region's growth in the Companion Animal Diagnostics market.

Competitive Landscape

Companion Animal Diagnostics is a highly competitive market with multiple major competitors, such as IDEXX Laboratories, Inc., Zoetis Inc., Heska Corporation, Abaxis, Inc., and Thermo Fisher Scientific, Inc. These businesses use their vast resources for research and development to provide a variety of diagnostic services and products for companion animals. Innovation in diagnostic technology, strategic alliances with veterinary clinics, and initiatives to expand the market internationally are what fuel competitiveness in the sector. Furthermore, newcomers and upstarts are launching specialized diagnostic products, adding to the competitive landscape's dynamic and changing character.

The key players in the global Companion Animal Diagnostics market include - HyTest Ltd. (Finland), Triviumvet Ltd. (Ireland), Heska Corporation (U.S.), Fujifilm Holdings Corporation (Japan), Creative Diagnostics (U.S.), Virbac (France), Agrolabo SPA (Italy), Thermo Fisher Scientific Inc. (U.S.), Neogen Corporation (U.S.), Biomerieux SA (France), BioNote Inc. (Republic of Korea), Randox Laboratories Ltd. (UK), Zoetis Inc. (U.S.), IDvet (France), Shenzhen Mindray Animal Medical Technology Co. Ltd. (China), Indical Bioscience Gmbh (Germany), Idexx Laboratories Inc. (U.S.) among others.

Recent Market Developments

• Idexx Laboratories, Inc. announced several product and service improvements in January 2022. These improvements include the New Catalyst SDMA Test, VetConnectPLUS Mobile App, SediVue Dx Urine Sediment Analyzer, and IDEXX 4Dx Plus Test, which help veterinary practices manage growing patient volumes more effectively. The improvements enable quicker, more certain healthcare judgments by offering more insightful, practical information and tailored support.
• VXR Veterinary X-Ray Room, an all-in-one digital X-ray system designed to simplify veterinarians' workflow, was introduced by Fujifilm in February 2022.

Segmentation of the Global Companion Animal Diagnostics Market