Companion Animal Diagnostics Market
Number of pages: 100 | Report Format: PDF | Published date: April 18, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 2.51 Billion |
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Market Size Value in 2031 |
US$ 5.59 Billion |
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CAGR |
9.3% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Animals, Technology, Application, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global companion animal diagnostics market was valued at US$ 2.51 billion in 2022 and is expected to register a revenue CAGR of 9.3% to reach US$ 5.59 billion by 2031.
Companion Animal Diagnostics Market Fundamentals
Animals kept for companionship and enjoyment, as opposed to livestock, laboratory animals, working animals, or sports animals, i.e., against economic or productive purposes, are companion animals. Companion animals appear to give non-trivial health advantages to their owners. Keeping companion animals has been found to help decrease stress in individuals who like having animals around. According to numerous studies, having a companion animal provides various health benefits, including reduced anxiety, reduced cardiac arrhythmia, normalized blood pressure, higher psychological stability, and enhanced well-being. Companion animal diagnostics refers to medical testing tools and instruments used to diagnose infectious illnesses, injuries, poisons, and other health issues in companion animals. The diagnosis takes place in veterinary hospitals, clinics, and diagnostic facilities.
Companion animal diagnostics tools provide the information required to safely and efficiently use corresponding pharmaceutical or biological products. The test assists a medical specialist in deciding if the benefits of a certain pharmaceutical substance exceed any potential major hazards or side effects. The market revenue growth indicators include an increase in pet insurance demand, an increase in the number of companion animals, and a growth in the number of veterinarians in developed countries. The expense of providing pet healthcare has risen considerably in recent years, including purchasing pet food, supplies, over-the-counter medications, veterinarian services, pet insurance coverage, and companion animal diagnostic services. Due to the growing demand for different cross-bred animals and exotic animals as pets, novel diseases emerge in this space. Such a phenomenon has resulted in the swift uptake of companion animal diagnostic tests.
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Companion Animal Diagnostics Market Dynamics
The demand for companion animal diagnostics is expected to rise in conjunction with the demand for fully and semi-automated diagnostic tests. Automation in testing will increase efficiency while efficiently managing large amounts of samples. The tests are inexpensive and cover a wide range of disorders. Furthermore, the growing use of glucose monitoring technology to diagnose diabetes early on is expected to boost growth. Rising veterinary healthcare expenditures, growing demand for pet insurance, and a growing pet population are the primary factors driving the growth of the companion animal diagnostics market. For instance, the American Pet Products Association, Inc. reported that the United States pet industry spending in 2019, 2020, and 2021 was US$ 97.1 billion, US$ 103.6 billion, and US$ 123.6 billion, respectively.
Similarly, according to research issued by the North American Pet Health Insurance Association (NAPHIA) in 2021, the pet insurance business in North America would surpass US$ 2.83 billion by the end of 2021, with the industry having more than quadrupled during 2018 – 2021. It also stated that the overall premium volume for pet insurance in the United States is expected to be approximately US$ 2.6 billion in 2021. The total number of pets insured in the United States by the end of 2021 was 3.9 million, a 28.0% increase over 2020. Therefore, the growing uptake of pet insurance ensures stability in pet health expenditures from the owners, increasing the uptake of advanced diagnostic and testing methods.
The growing need for point of care diagnostics (POCD) is projected to drive the companion animal diagnostics market even more. POCD gives rapid clinical test findings and may be examined promptly, saving time. Market participants are spending money on R&D to create POCD equipment to increase their revenue share. Idexx, for example, introduced Symmetrical Dimethylarginine (SDMA) test kits with artificial intelligence for kidney function in cats and dogs in February 2018. Zoetis also has a pipeline of point-of-care diagnostics solutions that will be released within the coming years.
Despite a favorable prognosis for product uptake, the companion animal diagnostics industry growth is challenged by cost disparities associated with veterinary testing. These diagnostic tests are costly because they require instruments, personnel, overhead, and laboratory equipment to perform properly. Furthermore, the high costs of breeding and housing and the long procedures of animal trials are important drawbacks.
Companion Animal Diagnostics Market Ecosystem
The global companion animal diagnostics market is segmented into four perspectives: animals, technology, application, and region.
Companion Animal Diagnostics Market by Animals
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Based on the animal types, the global companion animal diagnostics market is segmented into cats, dogs, and others.
The dog segment had the highest revenue share due to the expanding population and adoption rate of dogs and the rising incidence of zoonotic illnesses worldwide, contributing to the soaring need for veterinary consultations and diagnostics for dogs. In 2023, the worldwide population of dogs is expected to reach over 900 million, of which around 470 million are pet dogs. With such a large and continually growing population, the demand for diagnostic solutions for dogs will increase, positively impacting the market revenue growth.
Companion Animal Diagnostics Market by Technology
Based on the technologies, the global companion animal diagnostics market is segmented into clinical biochemistry, clinical chemistry analyzers, glucose monitoring, immunodiagnostics, hematology, molecular diagnostics, urinalysis, and others.
The clinical biochemistry segment generated the highest revenue share. This technique may be used to examine diseases and conditions such as liver dysfunction, diabetes, renal failure, hypocalcemia or hypoglycemia, and hypoadrenocorticism or hypokalemia. Total protein, albumin, urea, creatinine, alanine transaminase (ALT), alkaline phosphatase (ALP), glutamate dehydrogenase (GDH), gamma-glutamyl transferase (GGT), creatine kinase (CK), and aspartate transaminase are the basic tests included in this method. (AST). These are the most critical tests for assessing elderly dogs, pets with diarrhea or toxin exposure and vomiting, health before anesthesia, and pets on long-term drugs.
During the forecast period, the immunodiagnostics segment is expected to grow fastest. This is due to the increasing use of diagnostic tools based on immunodiagnostic technologies and sophisticated diagnostic immunoassays. These tests are more accurate and are increasingly recommended by veterinarians due to their precision. Furthermore, with the growing use of automated immunoassay equipment, the market in this segment is expected to expand rapidly. The adoption of immunodiagnostic tests in companion animals is also increasing in the developed parts of the world due to the increasing uptake of insurance coverage.
Companion Animal Diagnostics Market by Application
Based on the applications, the global companion animal diagnostics market is segmented into bacteriology, parasitology, clinical pathology, and others.
Because of the increasing amount of different pathology tests conducted in dogs, the clinical pathology segment leads the companion animal diagnostics market in terms of revenue share. Hematology, cytopathology, clinical chemistry, coagulation, immunohematology, endocrinology, urinalysis, and general pathology are all included in the clinical pathology segment. The increased concern by pet owners about their pets’ health and the growing awareness has led to a high demand for novel diagnostic devices based on clinical pathology. Considering this trend, the market players are also increasingly launching new diagnostic tools. For instance, Idexx debuted the Catalyst Dx and Catalyst One chemical analyzers in January 2019 to expand its offerings in the canine pet segment.
Companion Animal Diagnostics Market by Region
Based on region, the global companion animal diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Over the projected period, North America is expected to continue to lead the overall companion animal diagnostics market. The presence of a rising number of individuals adopting pets, as well as various facilities providing veterinary care services, are the primary market drivers in the region. Furthermore, the rising adoption of important growth strategies such as alliances and acquisitions, and increased investment, are likely to drive market revenue growth. According to the American Pet Products Association’s (APPA) National Pet Owners Survey 2021-2022, around 70.0% of US households own a pet, which corresponds to 90.5 million homes, including 45.3 million cats and 69.0 million dogs. In the long run, growing pet adoption trends will fuel the rise of veterinary lab tests in the region. Increasing R&D expenditure in many technologies, such as cell line engineering to perform veterinary diagnostics, is predicted to further propel the North American companion animal diagnostics market.
The Asia Pacific region is expected to have the fastest revenue CAGR over the estimated period, owing to the rapid growth of manufacturing facilities in rising economies such as China and India. Rising R&D expenditure by leading market participants in creating novel value-added products is expected to fuel companion animal diagnostics market revenue growth in the area over the projected period. Rising pet ownership, more expenditure on pet care goods, increased desire for innovative therapeutic choices, more affordable patient care facilities, and lower laboratory expenses contribute to this region’s market revenue growth. The growing policies to encourage animal health awareness also boost market revenue growth in this region.
Companion Animal Diagnostics Competitive Landscape
The market for companion animal diagnostics is relatively competitive, with many significant competitors. In terms of market revenue share, the veterinary diagnostics industry is currently dominated by a few significant competitors. The competitive landscape involves an examination of a few multinational and domestic firms that possess considerable market shares. The prominent players operating in the global companion animal diagnostics market include,
Companion Animal Diagnostics Strategic Developments
According to the American Society for the Prevention of Cruelty to Animals, companion animals are domesticated or domestic-bred animals whose emotional, physical, social, and behavioral needs are easily met as companions in-home or in daily relations with humans.
The growing rate of pet animal adoption and the increasing uptake of pet insurance are the prime drivers of companion animal diagnostics market revenue growth.
The prominent market players in the global companion animal diagnostics market include Zoetis Inc., Agrolabo SpA, and Idexx Laboratories Inc.
The clinical pathology application segment led the global companion animal diagnostics market.
The increasing burden of the pet care cost is the main restricting factor in the companion animal diagnostics market.
*Insights on financial performance are subject to the availability of information in the public domain