How the Companion Animal Diagnostics Market is Positioned for Growth: Trends, Market Size, and Future Opportunities (2025-2034)
2025 Market Reports Update: Market Size Forecasts to 2034, Key Trends, Leading Players, and Top Regions – Get Ahead of the Competition Today!
Which Primary Drivers Are Supporting the Continued Market Growth of theCompanion Animal Diagnostics Market?
The upward trend in pet ownership is projected to fuel the expansion of the companion animal diagnostics market. Pet owners, those who hold responsibility for their pets’ care, health, and management, are increasing in number due to the growing acknowledgement of the emotional and health advantages of pet ownership, coupled with the availability of pet-related products and services. Diagnostic services for companion animals equip pet owners with crucial health details and early disease detection in pets, ensuring prompt and efficient treatment. In October 2023, the American Pet Products Association, a US-based non-profit, reported that 86.9 million US households, or 66% of households as of 2022, had pets. Similarly, Animal Medicines Australia stated in November 2022, that 69% of households in Australia were pet owners in 2022. Thus, the surge in pet ownership is a significant factor propelling the growth of the companion animal diagnostics market.
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#What Are the Key Projections for the CAGR of the Companion Animal Diagnostics Market From 2025 to 2034?
The size of the companion animal diagnostics industry has seen robust growth in the recent past. Its growth is anticipated to continue from $3.1 billion in 2024 to $3.4 billion in 2025, expanding at a compound annual growth rate (CAGR) of 9.9%. Factors that have contributed to the rise during the historical period encompass a surge in pet ownership, increased spending on veterinary healthcare, heightened awareness of pet health, broadening of pet insurance uptake, rising occurrences of zoonotic diseases, and an escalating demand for early disease identification in pets.
The market size of companion animal diagnostics is set to experience significant growth in the coming years, reaching a worth of $4.91 billion by 2029, with a compound annual growth rate (CAGR) of 9.6%. This expansion over the forecast period can be linked to a multitude of factors; these include an increase in point-of-care testing, the wider availability of sophisticated diagnostic tools, a surge in individualized veterinary care, the development of telemedicine services designed specifically for pets, a focus on preventive healthcare as well as the increased investment into the diagnostics product market by key players. Upcoming trends over this forecast period include the growth of telehealth diagnoses for pets, the integration of wearable diagnostic gadgets, advancements in molecular diagnostic methods, the creation of personalized veterinary diagnostics, and the integration of cloud-based diagnostic data control systems.
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How Are Consumer Market Innovations Shaping the Current and Future Landscape of theCompanion Animal Diagnostics Market?
Major players in the companion animal diagnostics sector are shifting their focus towards the creation of reference laboratories, in an effort to bolster remote diagnostic services and ensure more accessible specialized care. These reference laboratories serve as highly specialized diagnostic centers, often offering superior testing services that are beyond the scope of typical clinical laboratories. For instance, in November 2023, Antech Diagnostics, Inc., an American company specializing in veterinary diagnostics, rolled out their inaugural comprehensive veterinary diagnostics service in the UK. This included a technologically advanced reference laboratory based in Warwick. Through this new catalogue of diagnostic offerings, the company intends to provide a comprehensive array of services to UK’s veterinary professionals – from reference lab services and in-house diagnostics, to imaging and software solutions.
Who Are the Key Market Players Influencing the Growth of the Corn and Companion Animal Diagnostics Industry?
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
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Which Key Market Segments Comprise the Companion Animal Diagnostics Market and Drive Its Revenue Growth?
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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Which Regions Are Emerging as Leaders in 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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