Rising Pet Ownership Drives Growth in the Companion Animal Diagnostic Services Market: Major Factor in the Transformation of the Companion Animal Diagnostic Services Market in 2025

How Will the Companion Animal Diagnostic Services Market Grow, and What Is the Projected Market Size?
In recent times, the market size for companion animal diagnostic services has significantly expanded. This upward trend is anticipated to continue, leading to a jump from $6.93 billion in 2024 to $7.53 billion in 2025, with a compound annual growth rate (CAGR) of 8.7%. The historic growth in this market is due to several factors, including a surge in pet adoption, an escalation in the occurrence of zoonotic diseases, increased spending on pet healthcare, heightened demand for preventive healthcare for pets, as well as regulatory actions and initiatives by the government.

Anticipated robust expansion in the upcoming years is set to increase the size of the companion animal diagnostic services market, which is projected to reach $10.39 billion by 2029 at a compounded annual growth rate of 8.4%. Factors contributing to this growth during the forecast period include an increase in pet numbers, the extension of telemedicine services for pets, a surge in pet insurance uptake, an emphasis on early disease identification, and an expansion of veterinary clinics and hospitals. The anticipated trends within this period encompass the incorporation of artificial intelligence and machine learning, telemedicine adoption, the evolution of advanced genetic testing and biomarkers, the progression of wearable health technology for pets, an improvement in point-of-care diagnostic apparatus, and innovation in non-invasive diagnostic procedures.

What Key Elements Are Boosting Growth in the Companion Animal Diagnostic Services Market?
The rise in pet ownership is anticipated to boost the development of the companion animal diagnostic services market. Pet companionship involves a growing demand among people for pets that provide emotional assistance, enhanced mental and physical well-being, lifestyle preferences, and are influenced by culture or society. Companion animal diagnostic services improve pet ownership through early identification and precise diagnosis of health issues, resulting in prompt treatments and better overall health for pets. For example, in April 2023, the UK Parliament, a legislative body based in the UK, reported that 53% of UK adults had a pet, a rise from 51% in February 2020. Thus, an upward trend in pet ownership is fuelling the growth of the companion animal diagnostic services market.

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Who Are the Major Industry Players Fueling Companion Animal Diagnostic Services Market Expansion?
Major companies operating in the companion animal diagnostic services market are Mars Incorporated, Thermo Fisher Scientific Inc., Fujifilm Holdings Corporation, Zoetis Services LLC, Eurofins Scientific SE, Patterson Companies Inc., Charles River Laboratories, SYNLAB Group, IDEXX Laboratories Inc., Independent Vetcare Limited, Virbac SA, CVS Group Plc, Neogen Corporation, Randox Laboratories Limited, Greencross Vets, Heska Corporation, Abaxis Inc., Gribbles Veterinary Pathology, i-SENS Inc., Innovative Diagnostics SAS, Embark Veterinary Inc., NationWide Laboratories, Demeditec Diagnostics GmbH, Universal Biosensors Inc., Companion Animal Medical Center

Who Are the Major Industry Players Fueling Market Expansion?
Major firms in the companion animal diagnostic services market are enhancing their product offerings by creating genetic screening kits. These kits are designed to identify inherited conditions and potential disease susceptibilities. This type of screening gives veterinarians an advantage as it allows for the detection of inherited conditions, leading to earlier treatments and better health results. Take, for example, Neogen Corporation. This US-based biotechnology research firm, in June 2023, launched a product called My CatScan 2.0. This tool makes genetic screening easier through a simple noninvasive cheek swab. This version of My CatScan can identify over 120 genetic health conditions, providing personalized information depending on breed, organ system, or symptoms. This tailored information gives crucial data for making well-informed decisions about a cat's health.

How Is the Segmentation of the Companion Animal Diagnostic Services Market Defined?
The companion animal diagnostic services market covered in this report is segmented -

1) By Type: Point-Of-Care (POC), Laboratory-Based
2) By Animal Type: Dogs, Cats, Horses, Other Animal Types
3) By Testing Category: Clinical Chemistry, Microbiology, Parasitology, Histopathology, Cytopathology, Hematology, Immunology And Serology, Imaging, Molecular Diagnostics, Other Testing Categories

Subsegments:
1) By Point-Of-Care (POC): Rapid Diagnostic Tests, Portable Diagnostic Devices, In-Clinic Testing Services, Blood Glucose Monitors
2) By Laboratory-Based: Clinical Pathology Services, Imaging Services, Histopathology And Cytology, Microbiology And Infectious Disease Testing, Genetic Testing Services

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What Is the Leading Region in the Companion Animal Diagnostic Services Market?
North America was the largest region in the companion animal diagnostic services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the companion animal diagnostic services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

What Is Covered In The Companion Animal Diagnostic Services Global Market Report?

- Market Size Analysis: Analyze the companion animal diagnostic services Market Size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the companion animal diagnostic services 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 diagnostic services market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the companion animal diagnostic services market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.

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