Companion Animal Diagnostics Market to Hit US$ 4.55 Billion by 2029 with 8.8% CAGR | MarketsandMarkets Trademark

The global companion animal diagnostics market, valued at US$2.75 billion in 2023, is forecasted to grow at a robust CAGR of 8.8%, reaching US$2.99 billion in 2024 and an impressive US$4.55 billion by 2029
The global companion animal diagnostics market [https://www.marketsandmarkets.com/Market-Reports/companion-animal-diagnostic-market-173823870.html?utm_source=abnewswire.com&utm_medium=paidpr&utm_campaign=companionanimaldiagnosticsmarket] is projected to reach US$ 4.55 Billion by 2029 from US$ 2.99 Billion in 2024 at a CAGR of 8.8% during the forecast period. The increasing trend of pet ownership in developed regions such as North America and Europe has made the demand for companion animal diagnostics. Pets have been integrated into families as family members, creating emotional bonding that makes owners willing to spend on their health care. This change in perspective has led to a shift in spending on veterinary care, preventive treatments, and advanced diagnostics. There is an echo in the interest in pet health with human healthcare trends: the constant check-ups and vaccinations, the wellness plans, all part of keeping their companions living healthier, longer lives. With pets being considered part of the family, the need for high-tech diagnostics, including blood tests, imaging scans, and genetic screening, has grown sharply. This is also matched by the growth of veterinary clinics and hospitals that provide high-quality services. This growing bond fosters further developments and progress in the animal companion health care industry of the whole world. Advanced diagnostic tests, including molecular diagnostics, often incur a cost that limits access for pet owners, especially in low-income regions. This may restrain market growth.

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In this report, the companion animal diagnostics market has been segmented based on product, technology, animal type, application, end user and region.

The companion animal diagnostics market is segmented into consumables and instruments based on product. Consumables segment accounted for the largest share of global companion animal diagnostics market. Chronic and infectious diseases in pets, like diabetes and parasitic infections, are on the rise, thereby increasing the need for routine diagnostic testing. Such trends require diagnostic consumables because they can only be effectively managed with regular testing. Many pet owners and veterinarians are making more frequent use of diagnostics to observe changes in diseases and their management, avoiding complications arising from the development of complications that can be predicted through these observations. Thus, the rising interest in pet health is compelling the use of consumables, which will ensure timely and correct diagnosis for pets to assure a good long-term future.

The companion animal diagnostics market is segmented into dogs, cats, horses and other companion animals based on animal type. Dogs holds the largest market share of companion animal diagnostics market. Dogs are prone to several diseases, ranging from heart disease and cancers to diabetes and infections; all of these require constant diagnostic tests for proper management. Continuous monitoring and early detection propel the market growth in the companion animal diagnostics segment. With timely diagnoses, treatment outcomes and overall well-being are improving, and the demand for diagnostic tools and services has increased among pet owners and veterinarians. This increasing awareness of the health risks in dogs is helping in the expansion of the market for diagnostic testing solutions in the canine health domain.

The companion animal diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, Middle East, and Africa and GCC Countries based on geographic region. North America holds the largest share of the companion animal diagnostics market in 2023. North America has some of the highest rates of ownership for pets, particularly in the United States and Canada; demand for companion animal diagnostics has therefore been considerable. This has resulted in increasing demand for advanced diagnostic instruments and services in monitoring and treating various health conditions. The level of awareness related to pet care, along with the established veterinary infrastructure in these regions, has contributed to the growth of companion animal diagnostics market, eventually leading to better outcomes in pets.

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Prominent players in this market include IDEXX (US), Zoetis Services LLC (US), Mars, Incorporated (US), FUJIFILM Corporation (Japan), bioMerieux (France), Thermo Fisher Scientific Inc (US), Virbac (France), Neogen Corporation (US), INDICAL BIOSCIENCE GmbH (Germany), IDvet (France), Randox Laboratories Ltd. (UK), Shenzhen Mindray Animal Medical Technology Co., LTD. (China), Bionote USA Inc. (US), Boule (Sweden), EUROIMMUN Medizinische Labordiagnostika AG (Germany), Biopanda Reagents Ltd (UK), Nova Biomedical (US), Megacor Veterinary Diagnostics (Austria), Eurolyser Diagnostica GmbH (Austria), URIT MEDICAL ELECTRONIC CO., LTD. (China), Fassisi GmbH (Germany), Swissavans AG (Switzerland), Skyla Corporation (Taiwan), Ring Biotechnology Co Ltd (China), and Alvedia (France).

IDEXX (US):

IDEXX is one of the major companies in the companion animal diagnostics market, which develops, manufactures, and markets products & services primarily for the companion animal, veterinary, livestock and poultry, dairy, and water testing markets. The company focuses more on identification & consummation of acquisitions that will either enhance existing businesses or develop new businesses. IDEXX mainly concentrates on strengthening its product line through new product development and investing in R&D. The company increased investments for R&D activities in the CAG segment to USD 236.2 million in 2022 from USD 140.6 million in 2021, which rose at a rate of 67.2%. By retaining premium pricing on selective segments, the company can continue its delivery of higher-quality products to customers.

ZOETIS SERVICES LLC (US):

Zoetis is one of the leading companies in the veterinary care market. As part of its growth strategy, Zoetis focuses on the discovery & development of new chemical, biopharmaceutical, and biological entities besides product lifecycle innovation through its R&D group. The company has R&D operations focusing on diagnostics, devices, data, digital, and other technological innovations. In 2023, Zoetis spent USD 614 million, in 2022, it had spent USD 539 million on R&D, and in the year 2021 it had spent USD 508 million. To sustain its market share in the companion animal diagnostics market, the company utilized different organic & inorganic growth strategies. One such example is that it introduced Vetscan OptiCell (Analyzer) in May 2024. The Vetscan OptiCell is cartridge-based Al-powered hematology analyzer which offers advanced Complete Blood Count (CBC) analysis. In 2021, Zoetis entered Canada, Spain, Germany, Italy, Netherlands, Belgium, and Luxembourg.

MARS, INCORPORATED (US):

Mars, Incorporated has a long list of products offered under the Petcare segment. For several years, the company has always expanded its services by acquisitions. Given its vast scope of services ranging from veterinary care and diagnostic tests, the company can comfortably cope with the growing need for animal healthcare services. The other strong feature of the company is its powerful presence globally. It has developed an efficient distribution network across regions and markets that it taps to reach a broad, diversified customer base. It is highly represented in North America with more than veterinary health services, including veterinary and diagnostic businesses in 15 countries.

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