Companion Animal Diagnostic Market Size
| Study Period | 2018 - 2028 |
| Base Year For Estimation | 2021 |
| CAGR | 9.20 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Companion Animal Diagnostic Market Analysis
The companion animal diagnostic market is expected to register a CAGR of 9.2% over the forecast period (2022-2027).
The COVID-19 pandemic has also caused drastic changes to a normal routine with social distancing and lockdowns in place across the globe. During the lockdown, many people suffered from the loneliness which led to an adverse impact on their mental health. Therefore, many of them had bought companion animals during the lockdown period. For example, a 2020 survey conducted by the Japan Pet Food Association found a 15.0% increase in dog and cat ownership compared to the pre-pandemic years. There were an estimated 8.5 million dogs and 9.5 million cats being kept as pets in Japan as of October 2020. Similarly, according to the People's Dispensary for Sick Animals (PDSA) PAW report published in June 2021, 2.0 million people in the United Kingdom owned pets between March 2020 to May 2021. Thus, increasing pet ownership surged the demand for companion animal diagnostic procedures owing to which the market witnessed considerable market growth over the forecast period.
Rising veterinary healthcare expenditure and a growing demand for pet insurance coupled with a growing companion animal population are the major factor propelling the growth of the market. For instance, according to the report published by the American Pet Products Association, Inc. the United States pet industry expenditure in 2019, 2020, and 2021 was USD 97.1 billion, USD 103.6 billion, and USD 123.6 billion, respectively. Similary, as per the report published by the North American Pet Health Insurance Association (NAPHIA) in 2021, the pet insurance sector of North America exceeded USD 2.83 billion by the end of 2021, and the industry witnessed a growth of more than doubled over the past four years (2018 – 2021). It also reported total premium volume for pet insurance in the United States was around USD 2.6 billion in 2021. The total number of pets insured in the United States at the end of the year 2021 was 3.9 million, which was around a 28.0% increase from 2020. Therefore, such instances indicate a significant market growth over the forecast period.
However, rising burden of the pet care across the globe is anticipated to hinder the market growth over the forecast period.
Companion Animal Diagnostic Market Trends
This section covers the major market trends shaping the Companion Animal Diagnostic Market according to our research experts:
Clinical Pathology is Expected to Witness Growth Over the Forecast Period
Clinical pathology is estimated to witness significant growth over the forecast period owing to the increasing number of pet pathology tests. These tests encompass cytopathology, hematology, and general pathology. An increasing number of pet owners and their concerns regarding pet health led to the adoption of new innovative diagnostic products for diagnosing purposes. Some of the products are Catalyst Dx and Catalyst One chemistry analyzers.
Moreover, as clinical pathology tests are the mainstay or first step toward detecting companion animal diseases, therefore the rising cases of diseases among companion animals are expected to boost the segment growth. The new instruments for the diagnosis of infectious diseases are also being introduced into the market. For instance, in August 2020, IDEXX Laboratories, Inc. launched the ProCyte One hematology analyzer. The new analyzer's advanced technology delivers breakthrough workflow simplicity and consistent, accurate results at the point of care. Furthermore, in Januray 2020, IDEXX Laboratories, Inc. has launched a new rapid digital cytology service that digitally connects veterinarians with the largest global network of over 100 veterinary clinical pathologists, allowing them to receive cytology interpretations within 2 hours.
Therefore, owing to such instances considerable segment growth is anticipated over the forecast period.
North America is Expected to Dominate the Companion Animal Diagnostic Market Over the Forecast Period
North America is expected to dominate the overall companion animal diagnostics market over the forecast period. The major factors contributing to the market growth in the region are the prevalence of an increasing number of people adopting pets, and several facilities providing pet care services. Additionally, rising adoption of key strategies such as partnerships and acquisitions, and growing investments are expected to lead to market growth. For instance, according to the National Pet Owners Survey 2021-2022, conducted by the American Pet Products Association (APPA), around 70.0% of United States households own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69.0 million dogs. The rising adoption of pets may drive the growth of veterinary diagnostics in the longer term in this region.
Key product launches, high concentration of market players or manufacturer's presence, and acquisition & partnerships among major players in the United States are some of the factors driving the growth of the companion animal diagnostics market in the country. For instance, in December 2020, VolitionRx Limited introduced the ‘’ Nu.Q Vet Cancer Screening Test’’ in the United States. It is a simple and low-cost blood test designed primarily for large dogs. Hence, the geographic presence of major market players, coupled with the increasing market development activities by these players, is anticipated to offer lucrative growth in this region.
Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.
Companion Animal Diagnostic Industry Overview
The companion animal diagnostic market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market studied. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known including Heska Corporation, Agrolabo SpA, Zoetis Inc., IDEXX Laboratories Inc., IDvet, Neogen Corporation, Thermo Fisher Scientific Inc., Randox Laboratories Ltd, and Virbac among others.
Companion Animal Diagnostic Market Leaders
Heska Corporation
IDvet
Neogen Corporation
Zoetis Inc.
IDEXX Laboratories Inc.
*Disclaimer: Major Players sorted in no particular order
Companion Animal Diagnostic Market News
- In January 2022, Idexx Laboratories, Inc. announced a series of product and service enhancements such as, IDEXX 4Dx Plus Test, VetConnectPLUS Mobile App, SediVue Dx Urine Sediment Analyzer, and New Catalyst SDMA Test, that enable veterinary practices to be more efficient, while managing increasing patient volumes. The enhancements provide deeper, actionable insights and personalized support to facilitate faster, more confident clinical decisions.
- In February 2021, Fujifilm launched VXR Veterinary X-Ray Room, an all-in-one digital X-ray system to streamline the workflow for veterinarians.
Companion Animal Diagnostic Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Demand for Pet Insurance
4.2.2 Growth in the Companion Animal Population
4.2.3 Increasing Number of Veterinary Practitioners in Developed Economies
4.3 Market Restraints
4.3.1 Rising Burden of the Pet Care Cost
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value – USD Million)
5.1 By Animals
5.1.1 Cats
5.1.2 Dogs
5.1.3 Other Animals
5.2 By Application
5.2.1 Bacteriology
5.2.2 Parasitology
5.2.3 Clinical Pathology
5.2.4 Other Applications
5.3 By Technology
5.3.1 Immunodiagnostic Tests
5.3.2 Molecular Diagnostics
5.3.3 Diagnostic Imaging
5.3.4 Other Diagnostics
5.4 Geography
5.4.1 North America
5.4.1.1 United States
5.4.1.2 Canada
5.4.1.3 Mexico
5.4.2 Europe
5.4.2.1 Germany
5.4.2.2 United Kingdom
5.4.2.3 France
5.4.2.4 Italy
5.4.2.5 Spain
5.4.2.6 Rest of Europe
5.4.3 Asia-Pacific
5.4.3.1 China
5.4.3.2 Japan
5.4.3.3 India
5.4.3.4 Australia
5.4.3.5 South Korea
5.4.3.6 Rest of Asia-Pacific
5.4.4 Middle East and Africa
5.4.4.1 GCC
5.4.4.2 South Africa
5.4.4.3 Rest of Middle East and Africa
5.4.5 South America
5.4.5.1 Brazil
5.4.5.2 Argentina
5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Agrolabo SpA
6.1.2 BioMerieux SA
6.1.3 Chembio Diagnostic Systems Inc.
6.1.4 Creative Diagnostics
6.1.5 Heska Corporation
6.1.6 IDEXX Laboratories Inc.
6.1.7 Innovative Diagnostics (IDvet)
6.1.8 Indical Bioscience GmbH
6.1.9 Neogen Corporation
6.1.10 Randox Laboratories Ltd
6.1.11 Thermo Fisher Scientific Inc.
6.1.12 Virbac
6.1.13 Zoetis Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Companion Animal Diagnostic Industry Segmentation
As per the scope, companion animal diagnostic deals with identifying, detecting, and severity of several diseases associated with companion animals. The Companion Animal Diagnostic Market is segmented by Animals (Cats, Dogs, Horses, and Other Animals), Application (Bacteriology, Parasitology, Clinical Pathology, and Other Applications), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD million) for the above segments.
| By Animals | |
| Cats | |
| Dogs | |
| Other Animals |
| By Application | |
| Bacteriology | |
| Parasitology | |
| Clinical Pathology | |
| Other Applications |
| By Technology | |
| Immunodiagnostic Tests | |
| Molecular Diagnostics | |
| Diagnostic Imaging | |
| Other Diagnostics |
| Geography | ||||||||
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Companion Animal Diagnostic Market Research FAQs
What is the current Global Companion Animal Diagnostic Market size?
The Global Companion Animal Diagnostic Market is projected to register a CAGR of 9.2% during the forecast period (2023-2028).
Who are the key players in Global Companion Animal Diagnostic Market?
Heska Corporation, IDvet, Neogen Corporation, Zoetis Inc. and IDEXX Laboratories Inc. are the major companies operating in the Global Companion Animal Diagnostic Market.
Which is the fastest growing region in Global Companion Animal Diagnostic Market?
Asia Pacific is estimated to grow at the highest CAGR over the forecast period (2023-2028).
Which region has the biggest share in Global Companion Animal Diagnostic Market?
In 2023, the North America accounts for the largest market share in the Global Companion Animal Diagnostic Market.
Global Companion Animal Diagnostic Industry Report
Statistics for the 2023 Global Companion Animal Diagnostic market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Global Companion Animal Diagnostic analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.
