Companion Animal Diagnostics Market Research, 2031
The global Companion Animal Diagnostics Market size was valued at $2.99 billion in 2021, and is projected to reach $6.88 billion by 2031, growing at a CAGR of 8.6% from 2022 to 2031. Companion animals majorly consist of dogs and cats considered part of the family. Companion animal diagnostics is a diagnostic method that is used to identify a chronic disease in companion animals at the molecular level. Companion animal diagnosis is considered to be the best method to identify & characterize various chronic diseases in animals. For the detection of diseases, several diagnostics methods are used such as molecular diagnostic, immunodiagnostic, Clinical biochemistry, uranalysis, and others
The key factors that drive the Companion Animal Diagnostics Market growth are an increase in the prevalence of zoonotic diseases in animals, a rise in technological advancement in point-of-care diagnostics, and a rise in disposable income levels in developing regions. Furthermore, the rise in awareness associated with animal healthcare and the rise in adoption of rapid tests and portable instruments in point-of-care diagnostics provide Companion Animal Diagnostics Market opportunity for key industry players in the market. However, the lack of skilled veterinary professionals and animal health awareness hinders the growth of the market.
The companion animal diagnostics market is segmented on the basis of technology, application, animal type, end-user, and region. By technology, it is segmented into clinical biochemistry, immunodiagnostics, hematology, molecular diagnostics, urinalysis, and others. Clinical biochemistry is further sub-segmented into clinical chemistry analyzers, blood gas & electrolyte analysis, and glucose monitoring. Immunodiagnostics is sub-segmented into ELISA, lateral flow assay, immunoassay analyzer, and others (rapid test, western blot tests, immunohistochemistry, allergen-specific immunodiagnostic tests diagnostics). Hematology is further bifurcated into hematology cartridges and hematology analyzers. Molecular diagnostics is sub-segmented into PCR, microarray, and others. Urinalysis is sub-segmented into urinalysis clips & cartridges/panels, urine analyzers, and urine test strips. And on the basis of others, the technology market for companion animal diagnostics is bifurcated into microbiology tests and histopathology tests. On the basis of application, it is segmented into bacteriology, clinical pathology, virology, parasitology, and others. On the basis of animal type, it is bifurcated into dogs, cats, and others. By end user, it is segmented into diagnostics labs, veterinary hospitals, and clinics, research institutes & universities, and point of care/in-house testing. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Technology Segment review
On the basis of technology, the companion animal diagnostics market is segmented into clinical biochemistry, immunodiagnostics, hematology, molecular diagnostics, urinalysis, and others. In 2021, the clinical biochemistry segment accounted for the largest Companion Animal Diagnostics Market share. This is attributed to the rise in the number of pet adoptions and the rise in awareness related to pet healthcare among pet owners, which drives the growth of the market.
The immunodiagnostics segment is expected to witness considerable market growth during the forecast period, owing to the rise in the prevalence of chronic diseases in animals across the globe.
Application Segment Review
On the basis of application, the market is segmented into bacteriology, clinical pathology, virology, parasitology, and others, the clinical pathology segment has the largest market share in 2021, and is anticipated to lead during the forecast period, owing to the rise in the incidence of chronic diseases such as rabies virus, skin disease and among others is the factor which propels the growth of the market.
The bacteriology segment is expected to witness considerable market growth during the forecast period, owing to an increase in the prevalence of bacterial infections in animals such as dogs and cats, a rise in the demand for the use of animal diagnostic tools for the diagnosis which will propel the growth of the market.
Animal Type Segment Review
On the basis of animal type the market is bifurcated into dogs, cats, and others, the dogs have largest market share in 2021, and is anticipated to lead during the forecast period, owing to the increasing number of companion animals such as dogs across the world and rise in the incidence of zoonotic diseases in dogs are the factors which provides the growth to the market. The cat segment is expected to witness considerable market growth during the forecast period, owing to the rise in the adoption of cats as companion animals.
End User Segment Review
By end user the market is segmented into diagnostics labs, veterinary hospitals, and clinics, research institutes & universities, and point of care. in-house testing, the diagnostics labs exhibited the largest market share in 2021, and are anticipated to lead during the forecast period, owing to an increase in animal healthcare expenditure and a rise in demand of diagnosis for prevention and proper treatment of disease among animals drives the growth of the market in upcoming years.
The point of care/in-house testing is anticipated to be the fastest-growing segment during the forecast period. Owing to the increase in the prevalence of chronic diseases in companion animals is leading various veterinary diagnostic laboratories and veterinary hospitals to conduct rapid tests for point-of-care (PoC) diagnostics to get fast diagnostic outcomes.
Region Segment Review
Region-wise, the Companion Diagnostics Industry is analyzed across North America, Europe, Asia-Pacific, and LAMEA. The North America market was dominant, in terms of revenue among other regions in 2021, owing to the prevalence of chronic diseases among animals such as zoonotic disease, gastrointestinal disease, and among others and arthritis are the key factor that propels the growth of the Market.
Asia-Pacific is anticipated to witness lucrative growth, owing to a surge in the companion animal population, growing demand for diagnostics services from the livestock industry, and growing companion animal health expenditure, emerging countries across Asia-Pacific are expected to offer significant growth for the market
The key players that operate in the companion animal diagnostics market are Agrolabo SpA, Biomerieux SA, BioNote Inc. Creative Diagnostics, Fujifilm Holdings Corporation, Heska Corporation, HyTest Ltd., Idexx Laboratories Inc., IDvet, Indical Bioscience Gmbh, Neogen Corporation, Randox Laboratories Ltd., Shenzhen Mindray Animal Medical Technology Co. Ltd, Thermofisher Scientific Inc., Triviumvet, Virbac and Zoetis Inc
The companion animal diagnostics market is segmented into Technology, Application, Animal Type and End User.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the companion animal diagnostics market analysis from 2021 to 2031 to identify the prevailing companion animal diagnostics market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the companion animal diagnostics market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global companion animal diagnostics market trends, key players, market segments, application areas, and market growth strategies.
Companion Animal Diagnostics Market Report Highlights
| Aspects | Details |
 By Technology |
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 By Application |
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 By Animal Type |
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 By End User |
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 By Region |
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 Key Market Players | Fujifilm Holdings Corporation, Virbac, Thermo Fisher Scientific, Inc, Idexx Laboratories Inc, BioNote Inc, Triviumvet, Creative Diagnostics, Zoetis, Inc, IDvet, Shenzhen Mindray Animal Medical Technology Co. Ltd, HyTest Ltd, Biomerieux SA, agrolabo spa, Randox Laboratories Ltd, Indical Bioscience Gmbh, Neogen Corporation, Heska Corporation |
 Other Players | Merck Kgaa |
Analyst Review
This section provides various opinions on top-level CXOs in the companion animal diagnostics market. In accordance with several interviews conducted, the companion animal diagnostics market is expected to witness significant growth in the future, owing to rise in the adoption of companion animals across the world.
According to the perspectives of CXOs, the global companion animal diagnostics market is expected to witness steady growth in the future. Owing to rise in prevalence of various chronic diseases among companion animals and an increase in animal health expenditure are the key factors driving the growth of the market. However, the rising cost of pet care and the lack of skilled professionals across the world are expected to hamper the growth of the market in the upcoming years.
On the contrary, the rise in demand for rapid tests and portable instruments for a point-of-care diagnostic tests in veterinary clinics are expected to provide opportunities for the growth of the global companion animal diagnostics market in the future.
Further, North America is the largest contributor to the market in 2021, in terms of revenue, owing to an increase in the adoption of pet animals and the rise in veterinary healthcare expenditure in the region are the factors that propel the growth of the market.
Asia-Pacific is expected to witness the highest growth rate during the forecast period, owing to a rise in the companion animal population and growing demand for diagnostics services from the livestock industry..
The global companion animal diagnostics market was valued at $2,989.8 million in 2021
$6,884.67 million is the estimated industry size of Companion Animal Diagnostics in 2031
North America is the largest regional market for Companion Animal Diagnostics
The upcoming trends are an increase in the prevalence of zoonotic diseases in animals, rise in technological advancement in point-of-care diagnostics, and a rise in disposable income levels in developing regions.
The top companies to hold market share are Agrolabo SpA, Biomerieux SA, BioNote Inc. Creative Diagnostics, Fujifilm Holdings Corporation
The forecast period in the report is from 2022 to 2031
The base year for the report is 2021
No, there is a value chain analysis provided in the Companion Animal Diagnostics Market report
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