USD 2.21 billion
Global Companion Animal Diagnostics Market Size, Share, Growth Analysis, By Technology(Clinical Biochemistry, Immunodiagnostics), By Application(Clinical Pathology, Bacteriology), By Animal Type(Dogs, Cats), By End-User(Diagnostic Labs, Veterinary Hospitals) - Industry Forecast 2024-2031
Report ID:
SQMIG35D2047 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
130 |
Figures:
77
Global Companion Animal Diagnostics Market Insights
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.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Clinical Pathology
Fastest Growth
Clinical Pathology
Growth Rate
9.4% CAGR
Global Companion Animal Diagnostics Market ($ Bn)
Country Share for North America Region (%)
Country Share for Asia Pacific Region (%)
Global Companion Animal Diagnostics Market By Application ($ Bn)
Global Companion Animal Diagnostics Market By Application (%)
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Global Companion Animal Diagnostics Market Segmental Analysis
The global companion animal diagnostics market is segmented based on technology, application, organizational size, end-user, and region. Based on technology the market is segmented into clinical biochemistry, immunodiagnostics, molecular diagnostics, hematology, urinalysis, others.
Based on application the companion animal diagnostics market is segmented into clinical pathology, bacteriology, virology, parasitology, other applications.
Based on animal type the companion animal diagnostics market is segmented into dogs, cats, others, based on end-user the companion animal diagnostics market is segmented into diagnostic labs, veterinary hospitals and clinics, point-of-care and in-house testing, research institutes and universities.
Based on region the global companion animal diagnostics market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Companion Animal Diagnostics Market Analysis by Application
Clinical pathology was the market leader in 2022, mainly to the increasing amount of pathology tests conducted on pets. cytopathology, Hematology, clinical chemistry, immunohematology, urinalysis, coagulation, endocrinology, and general pathology are all included in the clinical pathology sector. The increased concern of pet owners about their pets' health has led in an increase in demand for novel diagnostic devices. For instance, Idexx debuted the Catalyst Dx and Catalyst One chemical analysers tests offering to expand its canine diagnostics offering.
Bacteriology is concerned with better diagnostic options for a wide range of bacterial illnesses and infections. Bacteriology includes examining aerobic and anaerobic cultures, as well as testing for bacterial infections in blood or serum samples.
In addition, tests for mycoplasma, mycobacterium, leptospirosis, staphylococcal infection, actinomycosis, and reproductive testing for pet infertility are available. The most common parasite infection in pets is Giardia duodenalis. Hookworms, ascarids, and whipworms are among the other sorts. To detect parasite infection in animal faeces, techniques such as centrifuged intensity flotation, ELISA, wet mounds, and nematode culture are used. Serum tests, on the other hand, can detect heartworms, toxoplasma, and filaria, among other things. As a result, the availability of many improved diagnostic methods for various illnesses in companion animals is boosting overall market growth.
Global Companion Animal Diagnostics Market By Application, 2023 (%)
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Global 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.
Global Companion Animal Diagnostics Market By Region, 2024-2031
- Largest
- Fastest
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Global Companion Animal Diagnostics Market Dynamics
Companion Animal Diagnostics Market Drivers
Rapid testing and portable tools for point-of-care diagnostic services followed by insurance for animal care are in high demand
- 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.
- Rapid tests are becoming more popular among end users because to benefits such as simplicity of use, specificity, repeatability, and low cost. As a result, firms have increased their attention on delivering speedy tests onto the market that may provide definite answers in less than 24 hours or even during the initial inspection of the animal. The rising need for innovative technologies that can give quick results and real-time diagnostic convenience is likely to generate considerable potential prospects for market participants.
- Spending on pet healthcare has risen dramatically in recent years, including the purchase of pet food, supplies/over-the-counter pharmaceuticals, veterinarian treatment, pet insurance coverage, and other services (such as companion animal diagnostic services). Because of the considerable increase in pet care spending in recent years, a large number of pet owners, particularly in major markets throughout North America and Europe, are acquiring pet insurance.
Companion Animal Diagnostics Market Restraint
Rising pet care cost may stymie the market growth
- Increasing pet care costs, as well as a lack of veterinarians in developing economies, will likely act as restraints for companion animal diagnostic market growth over the forecasted timeframe.
Lack of animal healthcare awareness will be the most significant challenge to market growth.
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Global Companion Animal Diagnostics Market Competitive Landscape
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.
For instance, In December 2021, NEOGEN acquired Genetic Veterinary Sciences, Inc., which enlarged NEOGEN Corporation's global genomics business. and In September 2021, Heska Corporation purchased Biotech Laboratories. This acquisition bolstered the company's rapid assay point of care diagnostics portfolio.
Companion Animal Diagnostics Market Top Player's Company Profiles
- 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
Companion Animal Diagnostics Market Recent Development
- In September 2022, Zoetis Inc. acquired Jurox, a privately held animal health firm that develops, produces, and markets a broad variety of veterinary pharmaceuticals for the treatment of livestock and companion animals. Jurox's headquarters are in Australia, with regional offices in New Zealand, the United States, Canada, and the United Kingdom.
- In September 2022, Zomedica a veterinary health company that develops novel diagnostic and therapeutic solutions for companion animals, announced today the commercial introduction of its newest assay - Free T4 (fT4) - for the TRUFORMA In-Clinic Biosensor Testing Platform.
- In March 2022, Companion Animal Health, a division of DJO and a global animal health company specialising in laser and rehabilitation therapies and on-site diagnostics in veterinary markets worldwide, announced a strategic agreement with HT Bioimaging to co-brand and exclusively sell the HTVet product in the United States and Canada.
Global Companion Animal Diagnostics Key Market Trends
- 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.
- Technological Advances: New technologies are emerging to detect any possibilities of anomalies in animal health
Global Companion Animal Diagnostics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to the companion animal diagnostics market report analysis, we found that North America had the most revenue in 2022 due to its healthcare structure and government efforts. North America has several animal health and diagnostic enterprises. Increased veterinary healthcare spending has helped market expansion, making it the world's top veterinary diagnostic revenue stakeholder. Automated and semi-automated diagnostic testing will boost demand for companion animal diagnostics. Automation improves sample handling and testing productivity. The cheap tests cover many illnesses. Increased use of glucose monitoring devices to detect diabetes early should boost growth. Micro fluids and downsizing have helped market and develop in vitro diagnostic equipment and imaging systems, which will expedite the proliferation of companion animal diagnostics.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 2.21 billion |
| Market size value in 2031 | USD 4.97 billion |
| Growth Rate | 9.4% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Companion Animal Diagnostics Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Companion Animal Diagnostics Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Companion Animal Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Companion Animal Diagnostics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Companion Animal Diagnostics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Companion Animal Diagnostics Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Companion Animal Diagnostics Market Report Snapshots
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