Press release
Rising Pet Ownership Drives Growth in the Companion Animal Diagnostic Services Market: A Key Driver Powering Companion Animal Diagnostic Services Market Growth In 2025
Companion Animal Diagnostic Services
What Is the Current Companion Animal Diagnostic Services Market Size and Its Estimated Growth Rate?
The size of the companion animal diagnostic services market has witnessed significant growth over the past few years. The market is projected to increase from $6.93 billion in 2024 to $7.53 billion in 2025, accounting for a compound annual growth rate (CAGR) of 8.7%. This previous growth can be explained by several factors: an increase in pet ownership, a rise in the occurrence of zoonotic diseases, an expansion in pet healTH*Care spending, an upsurge in demand for preventive healTH*Care, as well as government initiatives and regulations.
The market size for companion animal diagnostic services is projected to experience substantial expansion in the upcoming years, escalating to $10.39 billion in 2029, with a compound annual growth rate (CAGR) of 8.4%. This anticipated growth over the forecast period can be credited to factors such as an increasing pet population, the broadening of telemedicine for pets, rising pet insurance adoption, emphasis on early disease detection, and expansion of veterinary clinics and hospitals. Key trends expected during the forecast timeframe include the incorporation of AI and machine learning, the utilization of telemedicine, development of advanced biomarkers and genetic testing, progress in wearable health technology made for pets, improved point-of-care diagnostic tools, and breakthroughs in non-invasive diagnostic methods.
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How Are Emerging Segments Shaping the Companion Animal Diagnostic Services Market Landscape?
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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Which Growth Factors Are Influencing Companion Animal Diagnostic Services Market Expansion?
The growth of the companion animal diagnostic services market is predicted to be driven by rising pet ownership. This increase in companion pets stems from the need for emotional support from pets, the enhancement of mental and physical health provided by pets, personal lifestyle preferences, and social and cultural effects. Companion animal diagnostic services contribute to better pet ownership by enabling early detection and accurate diagnosis of health issues in pets, ensuring timely medical intervention and improving the overall well-being of pets. Citing a case from April 2023, the UK Parliament, a legislative body in the UK, reported that pet ownership had risen to 53% among UK adults, up from 51% in February 2020. Hence, the mounting ownership of pets is fueling the growth of the companion animal diagnostic services market.
Who Are the Dominant Players Across Different Companion Animal Diagnostic Services Market Segments?
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
What Are the Latest Developing Trends in the Ambulatory X-Ray Devices Market?
In the companion animal diagnostic services market, key players are focusing on the creation of genetic screening kits. These kits are utilized to detect inherited conditions and susceptibilities to various illnesses, aiding in early treatment and enhancing health results. For instance, Neogen Corporation, a biotech research firm based in the US, unveiled My CatScan 2.0 in June 2023. This product simplifies the genetic screening process using a harmless cheek swab. The My CatScan 2.0 is capable of recognizing over 120 genetic health issues, and provides tailored inputs based on the breed, organ system, or symptoms. This customized methodology delivers essential data for making educated choices about a cat's health.
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Which Geographic Regions Are Expected to Dominate the Companion Animal Diagnostic Services Market in the Coming Years?
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.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Companion Animal Diagnostic Services Market?
2. What is the CAGR expected in the Companion Animal Diagnostic Services Market?
3. What Are the Key Innovations Transforming the Companion Animal Diagnostic Services Industry?
4. Which Region Is Leading the Companion Animal Diagnostic Services Market?
Why This Report Matters:
Competitive overview: This report analyzes the competitive landscape of the companion animal diagnostic services market, evaluating key players on market share, revenue, and growth factors.
Informed Decisions: Understand key strategies related to products, segmentation, and industry trends.
Efficient Research: Quickly identify market growth, leading players, and major segments.
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