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Key Companion Animal Diagnostics Market Driver for 2025-2034: Rising Number Of Pet Owners Fuels Growth In Companion Animal Diagnostics
Companion Animal Diagnostics Market
The dimension of the companion animal diagnostics market has witnessed significant growth recently. The market value is expected to rise from $3.1 billion in 2024 to $3.4 billion in 2025, with a compound annual growth rate (CAGR) of 9.9%. The surge in growth at this historical juncture can be credited to several factors. These include an uptick in pet ownership, heightened spending on veterinary healthcare, increased awareness about pet health, wider adoption of pet insurance, a higher incidence of zoonotic diseases, and a rising demand for the early detection of diseases in pets.
In the forthcoming years, the companion animal diagnostics market is set to experience considerable growth. It is forecasted to swell to $4.91 billion by 2029, with a compound annual growth rate (CAGR) of 9.6%. This growth in the given period is due to a variety of factors such as the increasing use of point-of-care testing, the augmented availability of sophisticated diagnostic tools, a surge in demand for customized veterinary care, the extension of telemedicine facilities for pets, a heightened emphasis on preventive healthcare, and soaring investment in diagnostic product advancement by market participants. Significant trends predicted in this period comprise the proliferation of telehealth diagnostic services for pets, incorporation of wearable diagnostic gadgets, expansion in molecular diagnostic methodologies, the evolution of personalized veterinary diagnostics, and the migration towards cloud-based diagnostic data administration.
What Is Stimulating Growth in the Companion Animal Diagnostics Market?
The companion animal diagnostics market is poised for expansion, fuelled by an uptick in pet ownership. Pet owners are those who own and care for pets, addressing their needs and overall wellbeing. An increase in individuals adopting pets can be attributed to an increased acknowledgment of their emotional and health advantages as well as the availability of more pet-related services and products. Thanks to companion animal diagnostics, owners can obtain crucial health data and early disease detection for their pets, ensuring prompt and efficient treatment. For instance, as per a report by the American Pet Products Association, a US-based non-profit organisation, in October 2023, there were 86.9 million pet-owning households in the US, indicating a 66% increase from 2022. On a similar note, as per a November 2022 report from Animal Medicines Australia, an association that represents animal health in Australia, 69% of Australian households owned pets in 2022. Thus, the growth of the companion animal diagnostics market is directly influenced by the surge in pet ownership.
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Which Key Market Leaders Are Driving Companion Animal Diagnostics Industry Growth?
Major companies operating in the companion animal diagnostics market are Thermo Fisher Scientific Inc., Merck KGaA, Fujifilm Holdings Corporation, Zoetis Inc., VCA Inc., Mindray Medical International Limited, bioMérieux S.A., IDEXX Laboratories Inc., Qiagen N.V., Virbac S.A., Randox Laboratories Ltd., Esaote S.p.A., Abaxis Inc., Neogen Corporation, Arkray Inc., Indical Bioscience GmbH, Biovet S.A., Woodley Equipment Company Ltd., Scil Animal Care Company, Laboklin GmbH & Co. KG, VolitionRx Limited
Which Key Market Leaders Are Driving Industry Growth?
Leading firms in the companion animal diagnostics market are prioritizing the creation of reference laboratories to strengthen remote diagnostic skills and broaden access to specialized care. These reference labs offer exceptional testing services that often exceed what standard clinical labs can. For instance, Antech Diagnostics, Inc., an American veterinary diagnostics firm, introduced its inaugural comprehensive veterinary diagnostics service in the UK in November 2023. This offering includes a new cutting-edge reference laboratory situated in Warwick. The aim of the fresh diagnostics portfolio is to equip UK's veterinary professionals with a complete and flexible selection of services, such as reference laboratory services, in-house diagnostics, imaging, and software solutions.
What Are the Main Segments in the Companion Animal Diagnostics Market?
The companion animal diagnostics market covered in this report is segmented -
1) By Animal Type: Cat, Horse, Dog, Other Animal Types
2) By Technology: Immunodiagnostics, Clinical Biochemistry, Hematology, Urinalysis, Molecular Diagnostics, Other Technologies
3) By Application: Bacteriology, Clinical Pathology, Virology, Parasitology, Other Applications
4) By End-Users: Diagnostics Laboratories, Veterinary Clinics And Hospitals, Research Institutes, Home Care Settings
Subsegments:
1) By Cat: Feline Infectious Disease Testing, Feline Blood Tests, Feline Urinalysis
2) By Horse: Equine Infectious Disease Testing, Equine Blood Tests, Equine Diagnostic Imaging
3) By Dog: Canine Infectious Disease Testing, Canine Blood Tests, Canine Urinalysis
4) By Other Animal Types: Small Mammals, Birds, Reptiles, Exotic Pets
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Which Geographic Area Leads the Companion Animal Diagnostics Market?
North America was the largest region in the companion animal diagnostics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the companion animal diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
What Is Covered In The Companion Animal Diagnostics Global Market Report?
- Market Size Analysis: Analyze the companion animal diagnostics Market Size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the companion animal diagnostics market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall companion animal diagnostics market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the companion animal diagnostics market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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