Top Growth Trends in the Companion Animal Diagnostics Market: Key Insights and Opportunities for 2025-2034
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What key factors are powering the surge in the companion animal diagnostics market right now?
In recent years, there has been significant growth in the size of the companion animal diagnostics market. It is expected to expand from $3.1 billion in 2024 to $3.4 billion in 2025, with a compound annual growth rate (CAGR) of 9.9%. The surge in the past period can be attributed to factors such as heightened pet ownership and veterinary healthcare spending, increased awareness about pet health, expanding pet insurance coverage, heightened incidence of zoonotic diseases, and a rising demand for early disease detection in pets.
How fast Is the companion animal diagnostics market expected to grow, and what’s its future value?
In the coming years, the companion animal diagnostics market is predicted to experience robust growth. By 2029, it should have expanded to $4.91 billion, boasting a compound annual growth rate (CAGR) of 9.6%. The anticipated growth in this period can be credited to factors such as increased use of point-of-care testing, improved availability of advanced diagnostic equipment, rising demand for bespoke veterinary care, developing telemedicine services for pets, an increased emphasis on preventative healthcare, and considerable investments in diagnostic product development made by market players. Key trends projected for this period consist of the growth of telehealth diagnostics for pets, the inclusion of wearable diagnostic devices, advancements in molecular diagnostic methods, the rise of personalized veterinary diagnostics, and the transition to cloud-based diagnostic data management systems.
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What are the leading drivers of growth in the companion animal diagnostics market?
The growth of the companion animal diagnostics market is predicted to be fueled by the increasing number of people owning pets. These pet owners not only own but also take charge of the well-being and care of their pets. There’s been a surge in pet possession due to increased understanding of the emotional and health benefits they offer, and the availability of a plethora of services and products related to pets. Companion animal diagnostics proves helpful for pet owners as they afford crucial health data and early disease detection in their pets, ensuring swift and efficient care. In October 2023, for example, 86.9 million US households were reported to own pets by the American Pet Products Association, a US-based non-profit organization. This was an increase from 66% of households owning pets in 2022. Moreover, as per Animal Medicines Australia, a body that protects animal health in Australia, in November 2022, 69% of households in Australia had pets in 2022. As such, the companion animal diagnostics market’s growth is being propelled by this surge in pet ownership.
What are the key segments defining the companion animal diagnostics market?
The companion animal diagnostics market covered in this report is segmented –
1) By Animal Type: Cat, Horse, Dog, Other Animal Types
2) By Technology: Immunodiagnostics, Clinical Biochemistry, Hematology, Urinalysis, Molecular Diagnostics, Other Technologies
3) By Application: Bacteriology, Clinical Pathology, Virology, Parasitology, Other Applications
4) By End-Users: Diagnostics Laboratories, Veterinary Clinics And Hospitals, Research Institutes, Home Care Settings
Subsegments:
1) By Cat: Feline Infectious Disease Testing, Feline Blood Tests, Feline Urinalysis
2) By Horse: Equine Infectious Disease Testing, Equine Blood Tests, Equine Diagnostic Imaging
3) By Dog: Canine Infectious Disease Testing, Canine Blood Tests, Canine Urinalysis
4) By Other Animal Types: Small Mammals, Birds, Reptiles, Exotic Pets
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Who are the key players steering the development of the companion animal diagnostics market?
Major companies operating in the companion animal diagnostics market are Thermo Fisher Scientific Inc., Merck KGaA, Fujifilm Holdings Corporation, Zoetis Inc., VCA Inc., Mindray Medical International Limited, bioMérieux S.A., IDEXX Laboratories Inc., Qiagen N.V., Virbac S.A., Randox Laboratories Ltd., Esaote S.p.A., Abaxis Inc., Neogen Corporation, Arkray Inc., Indical Bioscience GmbH, Biovet S.A., Woodley Equipment Company Ltd., Scil Animal Care Company, Laboklin GmbH & Co. KG, VolitionRx Limited
What emerging trends are influencing the growth of the companion animal diagnostics market?
Leading firms in the companion animal diagnostics sector are concentrating their efforts on the creation of reference laboratories. This is in a bid to increase remote diagnostic capabilities and enhance access to specialized care. Reference laboratories are specialized diagnostic facilities that deliver comprehensive testing services, often surpassing the capacities of common clinical laboratories. An example of this trend is Antech Diagnostics, Inc., a veterinary diagnostics company based in the US. In November 2023, the company introduced its first extensive veterinary diagnostics portfolio in the UK. Central to this offering was a state-of-the-art reference laboratory in Warwick. The goal of this new diagnostics portfolio is to give veterinary professionals in the UK access to an extensive and adaptable range of services. These include reference laboratory services, internal diagnostics, imaging, and software solutions.
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Which regions are most influential in expanding the companion animal diagnostics market?
North America was the largest region in the companion animal diagnostics market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the companion animal diagnostics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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