How is the Companion Animal Diagnostic Services Market Poised for Growth: Trends and Opportunities Through 2034
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How has the companion animal diagnostic services market grown over the years?
The market size for diagnostic services for companion animals has seen significant growth recently. It is projected to increase from $6.93 billion in 2024 to $7.53 billion in 2025, with a compound annual growth rate (CAGR) of 8.7%. This growth during the historical period can be linked to several factors such as the increase in pet ownership, the surge in zoonotic diseases, the rise in pet healthcare spending, the escalating demand for preventive healthcare, and government regulations and initiatives.
What Is the forecasted market size and growth rate for the companion animal diagnostic services market?
Predictions for the companion animal diagnostic services market size indicate a promising escalation in the upcoming years, reaching a value of $10.39 billion in 2029 with an 8.4% compound annual growth rate (CAGR). Factors contributing to the growth during this forecast period include an increase in pet population, the expansion of telemedicine services for pets, a surge in pet insurance adoption, an emphasis on early disease detection, and an increase in veterinary clinics and hospitals. Some of the predominant trends during the forecast period comprise AI and machine learning integration, increased use of telemedicine, development of superior biomarkers and genetic testing protocols, progress in wearable health technology for pets, improvements in point-of-care diagnostic tools, and innovations in non-invasive diagnostic techniques.
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What are the major factors driving growth in the companion animal diagnostic services market?
The upward trend in pet ownership is anticipated to fuel the expansion of the companion animal diagnostic services market in the future. The rise in pet companionship stems from an increasing need among individuals for a pet that provides emotional support, enhances physical and mental wellbeing, represents lifestyle preferences, and caters to cultural and social factors. Companion animal diagnostic services bolster pet ownership by enabling early identification and precise diagnosis of health complications, ensuring prompt interventions and overall better pet health. For example, in April 2023, the UK Parliament, a legislative body based in the UK, revealed that 53% of UK adults had a pet, marking a rise from 51% in February 2020. Hence, the growing trend of pet ownership is escalating the growth of the companion animal diagnostic services market.
What key areas define the segmentation of the global companion animal diagnostic services Market?
The companion animal diagnostic services market covered in this report is segmented –
1) By Type: Point-Of-Care (POC), Laboratory-Based
2) By Animal Type: Dogs, Cats, Horses, Other Animal Types
3) By Testing Category: Clinical Chemistry, Microbiology, Parasitology, Histopathology, Cytopathology, Hematology, Immunology And Serology, Imaging, Molecular Diagnostics, Other Testing Categories
Subsegments:
1) By Point-Of-Care (POC): Rapid Diagnostic Tests, Portable Diagnostic Devices, In-Clinic Testing Services, Blood Glucose Monitors
2) By Laboratory-Based: Clinical Pathology Services, Imaging Services, Histopathology And Cytology, Microbiology And Infectious Disease Testing, Genetic Testing Services
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What are the top market players propelling the growth of the companion animal diagnostic services industry?
Major companies operating in the companion animal diagnostic services market are Mars Incorporated, Thermo Fisher Scientific Inc., Fujifilm Holdings Corporation, Zoetis Services LLC, Eurofins Scientific SE, Patterson Companies Inc., Charles River Laboratories, SYNLAB Group, IDEXX Laboratories Inc., Independent Vetcare Limited, Virbac SA, CVS Group Plc, Neogen Corporation, Randox Laboratories Limited, Greencross Vets, Heska Corporation, Abaxis Inc., Gribbles Veterinary Pathology, i-SENS Inc., Innovative Diagnostics SAS, Embark Veterinary Inc., NationWide Laboratories, Demeditec Diagnostics GmbH, Universal Biosensors Inc., Companion Animal Medical Center
What are the key trends shaping the future of the companion animal diagnostic services market?
Leading firms in the companion animal diagnostic services market are innovating genetic screening kits to detect inherited conditions and susceptibility to several diseases. Genetic screening equips vets to diagnose inherited conditions, allowing for early intervention and enhanced health outcomes. For instance, Neogen Corporation, a biotech research firm based in the US, in June 2023, introduced My CatScan 2.0 that simplifies genetic screening with a noninvasive cheek swab. The My CatScan 2.0 identifies more than 120 genetic health issues and provides customizable insights relating to breed, organ system, or symptoms. This personalized approach delivers crucial information for making knowledgeable decisions about a cat’s wellbeing.
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What regions are dominating the companion animal diagnostic services market growth?
North America was the largest region in the companion animal diagnostic services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the companion animal diagnostic services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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