The global companion animal diagnostics market revenue was around US$ 3.24 billion in 2022 and is estimated to reach US$ 6.8 billion by 2031, growing at a compound annual growth rate (CAGR) of 8.6% during the forecast period from 2023 to 2031.
Companion animal diagnostics is a method that is utilized to determine a chronic disorder in companion animals at the molecular level. Various diagnostics methods are utilized such as immunodiagnostic, molecular diagnostic, uranalysis, clinical biochemistry, and others for disease detection.
Market Driving Factors
Increasing demand for pet insurance and surging animal health expenditure are expected to drive the market. This is mainly due to the rising spending on pet healthcare, including the purchase of pet food, veterinary care, over-the-counter medications, pet insurance policies, and other services (such as companion animal diagnostic services), which have surged in the past years. As a result, a large number of pet owners, particularly in major nations such as Europe and North America are buying pet insurance owing to the substantial growth in pet care expenditure. For instance, according to the North American Pet Health Insurance Association, the pet health insurance sector in North America expanded by 23.5% in 2022.
Increasing demand for immediate tests and portable instruments for point-of-care diagnostic services is predicted to create opportunities in the market. This is primarily owing to the portable diagnostic instruments for point-of-care (PoC) services have emerged as a necessary component for diagnosing animal diseases. As a result, key players are focusing on introducing portable instruments for field veterinarians in the market.
The shortage of experienced veterinary professionals and animal health awareness limits the market growth.
Regional Analysis
North America dominated the market in terms of revenue and is expected to maintain its dominance. This can be primarily attributed to the surged prevalence of chronic disorders among animals such as gastrointestinal disease, zoonotic disease, arthritis, and others in the region. For instance, according to the National Library of Medicine, the osteoarthritis prevalence in the region is reported at 20% of all dogs over 1 year of age based on details collected from 200 veterinarians.
Asia-Pacific is expected to dominate the market in terms of the growth rate. This is mainly due to the rising companion animal health expenditure, increase in the companion animal population, and surging demand for diagnostics services from the livestock industry in the emerging nations in the region.
Segmentation Insights
Technology Insight
The clinical biochemistry segment dominated the market in terms of the largest shares. This can be primarily attributed to the increase in the number of pet adoptions and the surge in awareness related to pet healthcare among pet owners.
Application Insight
The bacteriology segment is estimated to dominate the market in terms of the growth rate. This is mainly due to the surge in the prevalence of bacterial infections in animals such as cats and dogs and, the increase in the demand for the usage of animal diagnostic tools for the diagnosis.
The clinical pathology segment dominates the market in terms of the largest shares. Rising the incidence of zoonotic diseases in companion animals and the surge in awareness related to animal health around the world are the main elements that boost the segment growth.
Animal Type Insight
The dogs segment dominates the market in terms of the largest share. This is primarily owing to the rising number of companion animals such as dogs worldwide and the surge in the incidence of zoonotic diseases in dogs.
End User Insight
The diagnostics labs are predicted to dominate the market in terms of the rate. This is primarily owing to the surge in animal healthcare expenditure and the increase in demand for diagnosis for prevention and proper treatment of disease among animals.
The point-of-care and in-house testing segment is predicted to dominate the market in terms of growth rate. This is mainly owing to the surge in the prevalence of chronic diseases in companion animals is leading different veterinary diagnostic laboratories and veterinary hospitals to conduct immediate tests for point-of-care diagnostics to get rapid diagnostic outcomes.
Prominent Companies
Segmentation Outline
The global companion animal diagnostics market segmentation focuses on the Technology, Application, Animal Type, End User, and Region.
By Technology
By Application
By Animal Type
By End User
By Region
[TABLE OF CONTENTS]
1 INTRODUCTION OF GLOBAL COMPANION ANIMAL DIAGNOSTICS MARKET
1.1 OVERVIEW OF THE MARKET
1.2 SCOPE OF REPORT
1.3 ASSUMPTIONS
2 EXECUTIVE SUMMARY: COMPANION ANIMAL DIAGNOSTICS MARKET
3 RESEARCH METHODOLOGY
3.1 DATA MINING
3.2 VALIDATION
3.3 PRIMARY INTERVIEWS
3.4 LIST OF DATA SOURCES
3.5 ANALYST TOOLS AND MODELS
4 GLOBAL COMPANION ANIMAL DIAGNOSTICS MARKET OUTLOOK
4.1 OVERVIEW
4.2 MARKET DYNAMICS AND TRENDS
4.2.1 DRIVERS
4.2.2 RESTRAINTS
4.2.3 OPPORTUNITIES
4.3 PORTERS FIVE FORCE ANALYSIS
4.4 VALUE CHAIN ANALYSIS
4.5 MARKET GROWTH AND OUTLOOK
4.5.1 PRICE TREND ANALYSIS
4.5.2 OPPORTUNITY SHARE
5 GLOBAL COMPANION ANIMAL DIAGNOSTICS MARKET, BY TECHNOLOGY
5.1 OVERVIEW
5.2 CLINICAL BIOCHEMISTRY
5.2.1 CLINICAL CHEMISTRY ANALYZER
5.2.2 BLOOD GLUCOSE MONITORING
5.2.3 BLOOD GAS & ELECTROLYTE ANALYSIS
5.3 IMMUNODIAGNOSTICS
5.3.1 ELISA
5.3.2 LATERAL FLOW ASSAY
5.3.3 IMMUNOASSAY ANALYZERS
5.3.4 OTHERS
5.4 HEMATOLOGY
5.4.1 HEMATOLOGY CARTRIDGES
5.4.2 HEMATOLOGY ANALYZERS
5.5 MOLECULAR DIAGNOSTICS
5.5.1 PCR
5.5.2 MICROARRAYS
5.5.3 OTHERS
5.6 URINALYSIS
5.6.1 URINALYSIS CLIPS & CARTRIDGES/PANELS
5.6.2 URINE ANALYZER
5.6.3 URINE TEST STRIPS
5.7 OTHERS
6 GLOBAL COMPANION ANIMAL DIAGNOSTICS MARKET, BY APPLICATION
6.1 OVERVIEW
6.2 CLINICAL PATHOLOGY
6.3 BACTERIOLOGY
6.4 VIROLOGY
6.5 PARASITOLOGY
6.6 OTHERS
7 GLOBAL COMPANION ANIMAL DIAGNOSTICS MARKET, BY ANIMAL TYPE
7.1 OVERVIEW
7.2 DOGS
7.3 CATS
7.4 OTHERS
8 GLOBAL COMPANION ANIMAL DIAGNOSTICS MARKET, BY END USER
8.1 OVERVIEW
8.2 DIAGNOSTIC LABS
8.3 POINT-OF-CARE AND IN-HOUSE TESTING
8.4 RESEARCH INSTITUTES AND UNIVERSITIES
8.5 VETERINARY HOSPITALS AND CLINICS
9 GLOBAL COMPANION ANIMAL DIAGNOSTICS MARKET, BY GEOGRAPHY
9.1 OVERVIEW
9.2 NORTH AMERICA
9.2.1 NORTH AMERICA MARKET SNAPSHOT
9.2.2 U.S.
9.2.3 CANADA
9.2.4 MEXICO
9.3 EUROPE
9.3.1 EUROPE MARKET SNAPSHOT
9.3.2 WESTERN EUROPE
9.3.2.1 THE UK
9.3.2.2 GERMANY
9.3.2.3 FRANCE
9.3.2.4 ITALY
9.3.2.5 SPAIN
9.3.2.6 REST OF WESTERN EUROPE
9.3.3 EASTERN EUROPE
9.3.3.1 POLAND
9.3.3.2 RUSSIA
9.3.3.3 REST OF EASTERN EUROPE
9.4 ASIA PACIFIC
9.4.1 ASIA PACIFIC MARKET SNAPSHOT
9.4.2 CHINA
9.4.3 JAPAN
9.4.4 INDIA
9.4.5 AUSTRALIA & NEW ZEALAND
9.4.6 ASEAN
9.4.7 REST OF ASIA PACIFIC
9.5 MIDDLE EAST & AFRICA
9.5.1 MIDDLE EAST & AFRICA MARKET SNAPSHOT
9.5.2 UAE
9.5.3 SAUDI ARABIA
9.5.4 SOUTH AFRICA
9.5.5 REST OF MEA
9.6 SOUTH AMERICA
9.6.1 SOUTH AMERICA MARKET SNAPSHOT
9.6.2 BRAZIL
9.6.3 ARGENTINA
9.6.4 REST OF SOUTH AMERICA
10 GLOBAL COMPANION ANIMAL DIAGNOSTICS MARKET COMPETITIVE LANDSCAPE
10.1 OVERVIEW
10.2 COMPANY MARKET RANKING
10.3 KEY DEVELOPMENT STRATEGIES
10.4 COMPETITIVE DASHBOARD
10.5 PRODUCT MAPPING
10.6 TOP PLAYER POSITIONING, 2022
10.7 COMPETITIVE HEATMAP
10.8 TOP WINNING STRATEGIES
11 COMPANY PROFILES
11.1 THERMO FISHER SCIENTIFIC INC
11.1.1 OVERVIEW
11.1.2 FINANCIAL PERFORMANCE
11.1.3 PRODUCT OUTLOOK
11.1.4 KEY DEVELOPMENTS
11.1.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.2 VIRBAC
11.2.1 OVERVIEW
11.2.2 FINANCIAL PERFORMANCE
11.2.3 PRODUCT OUTLOOK
11.2.4 KEY DEVELOPMENTS
11.2.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.3 ZOETIS INC
11.3.1 OVERVIEW
11.3.2 FINANCIAL PERFORMANCE
11.3.3 PRODUCT OUTLOOK
11.3.4 KEY DEVELOPMENTS
11.3.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.4 CREATIVE DIAGNOSTICS
11.4.1 OVERVIEW
11.4.2 FINANCIAL PERFORMANCE
11.4.3 PRODUCT OUTLOOK
11.4.4 KEY DEVELOPMENTS
11.4.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.5 RANDOX LABORATORIES LTD
11.5.1 OVERVIEW
11.5.2 FINANCIAL PERFORMANCE
11.5.3 PRODUCT OUTLOOK
11.5.4 KEY DEVELOPMENTS
11.5.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.6 HYTEST LTD
11.6.1 OVERVIEW
11.6.2 FINANCIAL PERFORMANCE
11.6.3 PRODUCT OUTLOOK
11.6.4 KEY DEVELOPMENTS
11.6.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.7 HESKA CORPORATION
11.7.1 OVERVIEW
11.7.2 FINANCIAL PERFORMANCE
11.7.3 PRODUCT OUTLOOK
11.7.4 KEY DEVELOPMENTS
11.7.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.8 BIOMERIEUX SA
11.8.1 OVERVIEW
11.8.2 FINANCIAL PERFORMANCE
11.8.3 PRODUCT OUTLOOK
11.8.4 KEY DEVELOPMENTS
11.8.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.9 AGROLABO SPA
11.9.1 OVERVIEW
11.9.2 FINANCIAL PERFORMANCE
11.9.3 PRODUCT OUTLOOK
11.9.4 KEY DEVELOPMENTS
11.9.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.10 IDVET
11.10.1 OVERVIEW
11.10.2 FINANCIAL PERFORMANCE
11.10.3 PRODUCT OUTLOOK
11.10.4 KEY DEVELOPMENTS
11.10.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.11 IDEXX LABORATORIES INC
11.11.1 OVERVIEW
11.11.2 FINANCIAL PERFORMANCE
11.11.3 PRODUCT OUTLOOK
11.11.4 KEY DEVELOPMENTS
11.11.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.12 SHENZHEN MINDRAY ANIMAL MEDICAL TECHNOLOGY CO. LTD
11.12.1 OVERVIEW
11.12.2 FINANCIAL PERFORMANCE
11.12.3 PRODUCT OUTLOOK
11.12.4 KEY DEVELOPMENTS
11.12.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.13 NEOGEN CORPORATION
11.13.1 OVERVIEW
11.13.2 FINANCIAL PERFORMANCE
11.13.3 PRODUCT OUTLOOK
11.13.4 KEY DEVELOPMENTS
11.13.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.14 BIONOTE INC
11.14.1 OVERVIEW
11.14.2 FINANCIAL PERFORMANCE
11.14.3 PRODUCT OUTLOOK
11.14.4 KEY DEVELOPMENTS
11.14.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.15 FUJIFILM HOLDINGS CORPORATION
11.15.1 OVERVIEW
11.15.2 FINANCIAL PERFORMANCE
11.15.3 PRODUCT OUTLOOK
11.15.4 KEY DEVELOPMENTS
11.15.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.16 INDICAL BIOSCIENCE GMBH
11.16.1 OVERVIEW
11.16.2 FINANCIAL PERFORMANCE
11.16.3 PRODUCT OUTLOOK
11.16.4 KEY DEVELOPMENTS
11.16.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
11.17 TRIVIUMVET
11.17.1 OVERVIEW
11.17.2 FINANCIAL PERFORMANCE
11.17.3 PRODUCT OUTLOOK
11.17.4 KEY DEVELOPMENTS
11.17.5 KEY STRATEGIC MOVES AND DEVELOPMENTS
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