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

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 rising frequency of chronic disorders with accurate diagnostics in pets is expected to stimulate development. Canine diabetes soared by 40% and feline diabetes climbed by 30% between 2012 and 2022 says a report on Pet Health Care in U.S. Furthermore, an increase in the number of pet owners, suggesting higher acceptance of companion animals, is expected to support total revenue growth. According to the Humane Society of the United States, over 63.9 million U.S. homes had at least one dog in 2019 and around 52 million had at least one cat.

Increased need for completely automated and semi-automated diagnostic testing is expected to drive demand for companion animal diagnostics. Automation in testing will result in more efficient sample handling and higher productivity. The tests are inexpensive and cover a wide spectrum of disorders. Furthermore, greater usage of glucose monitoring devices to identify diabetes at an early stage is expected to drive growth even further. The introduction of micro fluids and downsizing, among other things, aided in the marketing and development of in vitro diagnostic equipment and imaging systems, which is expected to accelerate the expansion of companion animal diagnostics even further.
 
In 2020, the United States, for example, spent around, or more than USD 31.4 billion on veterinarian care and related product sales. This figure is predicted to rise to USD 33 billion by 2031. PetMD also revealed that low-to-medium pet care prices in veterinary offices had reached USD 250 to USD 4,500, with a high-end operation costing anywhere between USD 5,000 and USD 20,000.

The growing need for Point of Care Diagnostics (POCD) is projected to drive the companion animal diagnostics market even more. POCD gives rapid clinical test findings and may be examined promptly thus saving huge time. Market participants are spending in R&D to create POCD equipment to increase their revenue share. for example, Idexx introduced Symmetrical Dimethylarginine (SDMA) test kits with artificial intelligence for kidney function in cats and dogs in February 2018. Zoetis also has a pipeline of point-of-care diagnostics solutions that will be released in the next years.

Various recommendations are issued by government organisations throughout the world to encourage veterinary services, which is projected to contribute to market growth during the forecast period. For instance, The OIE International Standards, which is part of the WTO framework, established standards to enhance overall animal health by increasing overall veterinarian services and reducing animal illnesses.

US Companion Animal Diagnostics Market is poised to grow at a sustainable CAGR for the next forecast year.