What is the global market size of Companion Animal Diagnostics Market?

Companion Animal Diagnostics Market size was valued at USD 2.21 billion in 2021 and is poised to grow from USD 2.42 billion in 2022 to USD 4.97 billion by 2030, growing at a CAGR of 9.4% in the forecast period (2023-2030).

What is the key driver of Global Companion Animal Diagnostics Market?

Rapid testing and portable tools for point-of-care diagnostic services followed by insurance for animal care are in high demand

Companion Animal Diagnostics Market Size, Share, Growth Analysis, By Technology(Clinical Biochemistry, Immunodiagnostics, Molecular Diagnostics, Hematology), By Application(Clinical Pathology, Bacteriology, Virology, Parasitology), By Animal Type(Dogs, Cats, Others (Other companion animals comprise rabbits, birds), By End-User(Diagnostic Labs, Veterinary Hospitals, Clinics, Point-Of-Care), By Region - Industry Forecast 2024-2031

Report ID: SQMIG35D2047 | Region: Global | Published Date: July, 2001
Pages: 165 | Tables: 130 | Figures: 77

Companion Animal Diagnostics Market Regional Insights

North America accounted for the greatest revenue share in 2022, owing to advantageous healthcare structure and expanding government efforts. The region has experienced an increase in veterinary healthcare expenditure, which has aided market expansion, making it the world's top revenue stakeholder in the veterinary diagnostic arena.

According to the American Veterinary Medical Association (AVMA), pet owners in the United States spent over USD 18 billion on veterinary procedures in 2022. Rapid advancements in improved bioreactors, reagents, and supplies, and other biocatalytic equipment are expected to drive regional expansion. Increased R&D expenditure in numerous technologies, such as cultured cells engineering for companion animal diagnostics, is expected to boost the regional market even more.
Asia Pacific is expected to have the fastest CAGR over the estimated period, owing to the rapid growth of manufacturing facilities in rising economies such as China and India. Rising R&D expenditure by leading market participants in the creation of novel value-added products is expected to fuel companion animal diagnostics growth in the area over the projected period.

Companion Animal Diagnostics Market Report Snapshots

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Companion Animal Diagnostics Market size was valued at USD 2.21 billion in 2019 and is poised to grow from USD 2.42 billion in 2023 to USD 4.97 billion by 2031, growing at a CAGR of 9.4% in the forecast period (2024-2031).

The market is consolidated in nature, with a variety of small and major enterprises present. Idexx and Zoetis accounted for more than half of the industry's revenue. IDvet, Heska Corporation, Virbac, and Neogen Corporation are among the other participants. To achieve a larger market share, market players regularly participate in strategic activities such as new product launches, geographical growth, technical developments, and mergers & acquisitions. 'IDEXX Laboratories, Inc.', 'Zoetis Inc.', 'Heska Corporation', 'Thermo Fisher Scientific, Inc.', 'Abaxis, Inc.', 'Virbac SA', 'VCA, Inc.', 'IDVet', 'NEOGEN Corporation', 'bioMérieux SA', 'Randox Laboratories Ltd.', 'AniCell Biotech', 'Bionote Inc.', 'Bio-Rad Laboratories, Inc.', 'Neogen Corporation', 'Antech Diagnostics', 'Bionote, Inc.', 'Eurofins Scientific SE', 'Animalytix LLC', 'Advanced Animal Diagnostics'

Portable diagnostic tools for point-of-care (PoC) services have evolved as a significant component for detecting animal illnesses in recent years. The major manufacturers in the companion animal diagnostics market are concentrating on the release of portable tools for field veterinarians. Portable systems are often utilised in distant areas such as the patient's house or a shelter home, as well as during an emergency. The expanding need among veterinarians for on-the-spot diagnostics, as well as their simplicity of use in moving data from one department to the next within big veterinary hospitals and academic and research organisations, are driving the increased usage of such tools.

Ongoing Research to Create More Avenues: Many animal species have been shown to be vulnerable to SARS-CoV-2 infection. As a result, there has been a boom in research to produce diagnostic devices for companion animals in order to better understand its epidemiological relevance in animal health, biodiversity, and human health. In addition, the CDC, USDA, and state public health and animal health officials in numerous nations are collaborating to perform active monitoring of SARS-CoV-2 in pets, including cats, dogs, and other small mammals, that have contact with a human infected with COVID-19. SARS-CoV-2 infections have been documented in a small number of animals throughout the world, most of which had intimate contact with a sick person with COVID-19.

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Companion Animal Diagnostics Market Regional Insights

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