Companion Animal Diagnostics Market Regional Analysis

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.