Companion Animal Diagnostics Market Size and Forecasts 2020-2030 - Upsurge in Pet Spending Drives the Growth the Companion Animal Diagnostics Market

DUBLIN , Dec. 20, 2023 /PRNewswire/ -- The "Companion Animal Diagnostics Market Size and Forecasts 2020 - 2030, Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Technique, Product, Application, Companion Animal Type, End User, and Geography" report has been added to ResearchAndMarkets.com's offering.

The companion animal diagnostics market is expected to grow from US$ 3.139 billion in 2022 to US$ 6.303 billion by 2030 and is anticipated to record a CAGR of 9.1% from 2022 to 2030.

Upsurge in Pet Spending Drives the Growth the Companion Animal Diagnostics Market

A large number of pet owners spend significantly on animal healthcare, particularly on veterinary care, diagnostics, and pharmaceuticals. Pet wellness and preventive diagnostic testing is still in its early stages. Animals can suffer from chronic illnesses such as arthritis, cancer, and allergies, similar to humans. Chronic diseases in pets have become more prevalent, which has a significant impact on people's spending on their pets' well-being and health. According to estimates from the American Veterinary Medical Association, 1 in 4 dogs is likely to experience neoplasia at some point in its life. Moreover, nearly half of the dogs would develop cancer after the age of 10. According to the American Pet Products Association, Americans spent US$ 136.8 billion on their pets in 2022, which was 10.68% higher than the amount spent in 2021 (US$ 123.6 billion). Thus, the growing prevalence of chronic diseases has become a more significant factor in the increase in pet spending. For instance, according to HealthforAnimals globally, an estimated US$ 4.6 billion was spent on companion animal diagnostics in 2022.

American Pet Products Association's 2021-2022 National Pet Owners Survey

The companion animal diagnostics market is divided on the basis of technique, product, application, companion animal type, end user, and geography. Based on technique, the companion animal diagnostics market is segmented into immunodiagnostics, clinical biochemistry, hematology, urinalysis, molecular diagnostics, and others. The immunodiagnostics segment is sub-segmented into lateral flow assays, ELISA tests, allergen-specific immunodiagnostic tests, and immunoassay analyzers. The clinical biochemistry segment is further categorized into clinical chemistry analysis, glucose monitoring, and blood gas electrolyte analysis. Based on product, the companion animal diagnostics market is bifurcated into instruments and consumables. Based on application, the companion animal diagnostics market is segmented into bacteriology, clinical pathology, virology, parasitology, and others. Based on companion animal type, the companion animal diagnostics market is segmented into dogs, cats, horses, and others. Based on end user, the companion animal diagnostics market is segmented into diagnostic laboratories, veterinary hospitals and clinics, and research institutes and universities..

Based on geography, North America held the largest market share of the companion animal diagnostics market. The growth of the market in the region is due to rising government support for research and development activities in veterinary medicine, growing technological advancements that are resulting in various market consolidations, and rising adoption of pet animals across countries in North America. In addition, the presence of various market leaders in the companion animal diagnostics market is projected to influence the market growth positively during the forecast period.

The companion animal diagnostics market in the US is expected to be the largest in North America. The growth of the market in the country is determined by factors such as a technologically advanced team in research and development of the veterinary sector and the presence of numerous animal health centers. Besides this, an increase in the adoption rate of pet animals and rising concern about maintaining the health of pets further promote the market growth. According to the Humane Society of the United States, an estimated 69 million and 45.4 million households owned at least one dog and cat in 2021 and 2022, respectively. As per the American Pet Products Association, Americans spent US$ 136.8 billion on their pets in 2022, a 10.68% increase from 2021 (i.e., US$ 123.6 billion).

In the US, specific veterinary diagnostics are regulated and dependent on the US Department of Agriculture-Center for Veterinary Biologics (USDA-CVB) for approval. These involve veterinary diagnostic kits intended to diagnose pathogens in animals undergoing treatment. USDA-CVB are point-of-care diagnostics for testing feline leukemia virus (FeLV), canine parvovirus, canine heartworm, and other viruses. The National Veterinary Services Laboratories provide diagnostics services for animals, and it offers a wide range of diagnostic services and information centered around the diagnosis of domestic and foreign animal diseases. The laboratory is also involved in the support of disease control and eradication programs. It produces reagents for diagnostic testing and offers training and laboratory certification. Similarly, there are presence other private laboratories affiliated to the American Association of Veterinary Laboratory Diagnosticians. For instance, the Wisconsin Veterinary Diagnostic Laboratory offers a broad range of diagnostic services to the production, companion, and exotic animal industries.

The presence of strong players in the US is further augmenting the market growth. For instance, Zoetis Inc. is among the market leaders involved in the development, manufacturing, and marketing of veterinary point-of-care diagnostic instruments and consumables. It also offers immunodiagnostic products to help detect viruses, bacteria, antibodies to viruses, and bacteria through antigen-antibody reactions.

Key Topics Covered:

1. Introduction

2. Executive Summary

3. Research Methodology

4. Companion Animal Diagnostics Market Landscape

5. Companion Animal Diagnostics Market - Key Industry Dynamics
5.1 Market Drivers
5.1.1 Increasing Adoption of Pets for Companionship
5.1.2 Upsurge in Pet Spending
5.2 Market Restraints
5.2.1 Lack of Skilled Professionals
5.3 Market Opportunities
5.3.1 New Product Launches and Approvals
5.4 Future Trends
5.4.1 Technological Advancements
5.5 Impact Analysis

6. Companion Animal Diagnostics Market - Global Market Analysis
6.1 Companion Animal Diagnostics Market Revenue (US$ Mn), 2022 - 2030

7. Global Companion Animal Diagnostics Market - Revenue and Forecast to 2030 - by Technique
7.1 Overview
7.2 Companion Animal Diagnostics Market Revenue Share, by Technique 2022 & 2030 (%)
7.3 Immunodiagnostics
7.4 Clinical Biochemistry
7.5 Molecular Diagnostics
7.6 Urinalysis
7.7 Hematology

8. Global Companion Animal Diagnostics Market - Revenue and Forecast to 2030 - by Product
8.1 Overview
8.2 Companion Animal Diagnostics Market Revenue Share, by Product 2022 & 2030 (%)
8.3 Instruments
8.4 Consumables

9. Global Companion Animal Diagnostics Market - Revenue and Forecast to 2030 - by Application
9.1 Overview
9.2 Companion Animal Diagnostics Market Revenue Share, by Application 2022 & 2030 (%)
9.3 Bacteriology
9.4 Clinical Pathology
9.5 Virology
9.6 Parasitology

10. Global Companion Animal Diagnostics Market - Revenue and Forecast to 2030 - by Companion Animal Type
10.1 Overview
10.2 Companion Animal Diagnostics Market Revenue Share, by Companion Animal Type 2022 & 2030 (%)
10.3 Dogs
10.4 Cats
10.5 Horses

11. Global Companion Animal Diagnostics Market - Revenue and Forecast to 2030 - by End User
11.1 Overview
11.2 Companion Animal Diagnostics Market Revenue Share, by End User 2022 & 2030 (%)
11.3 Diagnostic Laboratories
11.4 Veterinary Hospitals and Clinics
11.5 Research Institutes

12. Companion Animal Diagnostics Market - Geographical Analysis

13. Companion Animal Diagnostics Market Industry Landscape

14. Company Profiles

• Demeditec Diagnostics
• ARI Medical Technology
• Tianjin LOCMEDT Technologie
• Heska
• Innovative Diagnostics
• i-SENS
• Universal Biosensors
• Immunology Consultants Laboratory
• Zoetis
• Elabscience Biotechnology

For more information about this report visit https://www.researchandmarkets.com/r/di1755

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