Companion Animal Diagnostics Market Expected to Reach $6.88 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Companion Animal Diagnostics Market," The Companion Animal Diagnostics Market size was valued at $2.99 billion in 2021, and is estimated 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 that are considered part of the family. Companion animal diagnostics are used to analyze various chronic diseases by several diagnostic methods. These diagnostics tests help to perform rapid analysis and provide detailed information that is further utilized in the personalized treatment of various chronic diseases such as cancer. These diagnostics solutions find application in clinical and point-of-care (POC) testing for the early detection of infectious diseases and cancer.

The Companion Animal Diagnostics Market trends are an increase in the prevalence of chronic disease among companion animals, a rise in healthcare expenditure and a rise in the adoption of companion animals across the world drives the growth of the market. However, the lack of skilled veterinary practitioners in developing countries and the rising cost of pet care hinder the growth of the market in the upcoming years. In addition, a rise in awareness of animal health across the world and a surge in demand for rapid tests and portable instruments for point-of-care diagnostics are the key factors anticipated to drive Companion Animal Diagnostics Market growth.

On the basis of technology, the Companion Diagnostics Industry market is segmented into clinical biochemistry, immunodiagnostics, hematology, molecular diagnostics, urinalysis, and others. In 2021, the clinical biochemistry segment accounted for the largest share of the market. Owing to the rise in a number of pet adoptions and the increase in the prevalence of infectious disease animals drives the growth of the market. 

On the basis of application, the market is segmented into bacteriology, clinical pathology, virology, parasitology, and others, the clinical pathology segment largest share of the market in 2021, and is anticipated to lead during the forecast period, owing to the rise in the incidence of zoonotic diseases in companion animals and increase in awareness related to animal health across the world are the key factor which propels the growth of the market.

On the basis of animal type the market is bifurcated into dogs, cats, and others, the dog segment exhibited the largest share of the market in 2021, and is anticipated to lead during the forecast period, owing to the increase in the number population of companion animals across the world and rise in the incidence of cancer s in dogs are the factors which provide the growth to the market.

By end use, the market is segmented into diagnostics laboratories, veterinary healthcare, and clinics, research institute, and point of care, the diagnostics labs segment exhibited the largest Companion Animal Diagnostics Market share in 2021 and is anticipated to lead during the forecast period, owing to increase in demand of diagnosis for prevention and proper treatment of disease among animals drives the growth of the market in upcoming years.

North America accounted for the largest share of the market in 2021 and is anticipated to remain dominant during the forecast period. This is attributed due to the presence of major key player operating in the companion animal diagnostic market and the presence of proper healthcare facilities for companion in animals in the U.S. is one of the major factors that drive 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 a rise in companion animal health expenditure among emerging countries across APAC 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.

Key findings of the study

By technology, the clinical biochemistry segment was the highest contributor to the market in 2021.

By application type, the clinical pathology segment was the highest contributor in 2021.

By animal type, the dogs segment was the highest contributor in 2021.

By end user, the diagnostics laboratories segment dominated the market in 2021, and is expected to continue this trend during the forecast period.

By Region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.