Press release
A Deep Dive into Companion Animal Diagnostics Market 2025: Key Drivers, Growth Factors, and Projections 2025-2034
Companion Animal Diagnostics
The anticipated growth of the companion animal diagnostics market is projected to be fuelled by an increasing number of individuals becoming pet owners. These individuals are responsible for having and providing for the necessities and welfare of their pets. The understanding of the emotional and health advantages of having pets, along with easy availability of pet services and products, have resulted in more people owning pets. Companion animal diagnostics aid these pet owners, giving indispensable health data and early disease detection for their pets, thereby ensuring swift and effective medical attention. For illustration, the American Pet Products Association, a US non-profit association, stated in October 2023 that 86.9 million US households had a pet, accounting for 66% of all households in 2022. Moreover, in November 2022, Animal Medicines Australia reported that 69% of households had pets in 2022. Hence, the burgeoning number of pet owners is leading the expansion of the companion animal diagnostics market.
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How will the growth rate of the companion animal diagnostics market shape industry trends by 2034?
Recent years have seen sturdy growth in the size of the companion animal diagnostics market. The market is set to expand from $3.1 billion in 2024 to $3.4 billion in 2025, with a compound annual growth rate (CAGR) of 9.9%. This growth during the historical period can be linked to various factors - a spike in pet ownership, increased investment in veterinary healthcare, heightened awareness around pet health, wider acceptance of pet insurance, rising incidence of zoonotic diseases, and a surging demand for early detection of diseases in pets.
Anticipations are high for considerable expansion in the companion animal diagnostics market size in the ensuing years. By 2029, it is predicted to inflate to a valuation of $4.91 billion, boasting a compound annual growth rate (CAGR) of 9.6%. The predicted surge during the forecast period is linked to the escalating use of point-of-care testing, heightened availability of high-tech diagnostic tools, increasing need for customized veterinary care, broadening scope of telemedicine services for pets, a concentrated emphasis on preventive healthcare, and a rise in investment for diagnostic product innovation by the key market competitors. Striking trends projected for the forecast period encompass the enlargement of telehealth diagnostics targeted towards pets, the amalgamation of wearable diagnostic tools, proliferation of molecular diagnostic methodologies, the evolution of individualized veterinary diagnostic tactics, and the embrace of cloud-managed diagnostic data.
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What trends are poised to drive the future success of the companion animal diagnostics market?
Key players in the companion animal diagnostics market are prioritizing the establishment of reference laboratories as a way to improve off-site diagnostic capabilities and expand access to specialized treatment. These reference laboratories are advanced diagnostic facilities that offer extended testing services beyond those performed by regular clinical labs. For instance, Antech Diagnostics, Inc., a veterinary diagnostics business based in the US, in November 2023 introduced its inaugural comprehensive veterinary diagnostics package in the UK. This included a newly-built, cutting-edge reference laboratory in Warwick. The purpose of this recent diagnostics package is to equip UK's veterinary experts with a complete and adaptable array of services, including reference laboratory services, in-house diagnostics, imaging, and software solutions.
Which primary segments of the companion animal diagnostics market are driving growth and industry transformations?
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 geographical regions are pioneering growth in 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.
Who are the influential players reshaping the companion animal diagnostics market landscape?
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
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What Is Covered In The Companion Animal Diagnostics Global Market Report?
•Market Size Forecast: Examine the companion animal diagnostics market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the companion animal diagnostics market for a structured understanding.
•Key Players Overview: Analyze major players in the companion animal diagnostics market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the companion animal diagnostics market.
•Segment Contributions: Evaluate how different segments drive overall growth in the companion animal diagnostics market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the companion animal diagnostics market.
•Industry Challenges: Identify potential risks and obstacles affecting the companion animal diagnostics market.
•Competitive Landscape: Review strategic developments in the companion animal diagnostics market, including expansions, agreements, and new product launches.
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