Global Companion Animal Diagnostics Market

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: July, 2001
Pages: 165 | Tables: 130 | Figures: 77

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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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. 

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. 

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Global Companion Animal Diagnostics Market

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