Companion Animal Diagnostic Market Size, Share, Trends, 2032

Companion Animal Diagnostic Industry Prospective:

The global companion animal diagnostic market size was worth around USD 2702.88 million in 2023 and is predicted to grow to around USD 7795.64 million by 2032 with a compound annual growth rate (CAGR) of roughly 12.49% between 2024 and 2032.

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Global Companion Animal Diagnostic Market: Overview

The report covers a forecast and an analysis of the companion animal diagnostic market on a global and regional level. The study provides historical data for 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Million). The study includes drivers and restraints for the companion animal diagnostic market along with the impact they have on the demand over the forecast period. Additionally, the report includes the study of opportunities available in the companion animal diagnostic market on a global level.

In order to give the users of this report a comprehensive view of the companion animal diagnostic market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

Animal diagnostics is important as it ensures a better understanding of an ailment. Companion animal diagnostic consists of various instruments and consumables, which can be used to assist in disease diagnosis. It involves the factors responsible for the onset of a disease. The growing demand for effective monitoring of pathogenesis of diseases in companion animals has encouraged various organizations to ensure that appropriate measures are taken. These organizations also aim to focus on disease prevention, maximize productivity, and enhance the nutritional content of various finished pet products.

The willingness of pet owners to improve their pets’ health and enhance their lifespan is likely to drive the companion animal diagnostic market globally in the future. As per the APP (American Pet Products Association), the number of pets owned in the U.S. households has increased by 2.1%, which is significantly higher than it was twenty years ago. Moreover, the rise in the number of nuclear families is triggering the increase in pet ownership. Various campaigns are being organized by the community for animal welfare to support the growth of animal healthcare sector, the rising initiatives taken by the U.S. government called as the “Feed the Future”, and the increasing foodborne and zoonotic diseases are likely to boost the companion animal diagnostic market.

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The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new product launches, agreements, partnerships, collaborations & joint ventures, research & development, and regional expansion of major participants involved in the market on a global and regional basis.

The study provides a decisive view of the companion animal diagnostic market by segmenting the market based on companion animals, technology, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

The companion animal diagnostic market is segmented on the basis of companion animal and technology. By companion animal, the market is segmented into dogs, cats, equine, and others.

By technology, the market is segmented into immunodiagnostics, clinical biochemistry, hematology, molecular diagnostics, urinalysis, and others. The immunodiagnostics is further segmented into ELISA, lateral flow assays, immunoassay analyzers, and others. The molecular diagnostics market is further segmented into PCR, microarrays, and others.

By region, North America is anticipated to dominate the companion animal diagnostic market and hold a major market share in the forecast period. The presence of major industry players and initiatives taken by them toward animal care is likely to propel the region’s companion animal diagnostic market. The key market players are taking initiatives and collaborating with various animal welfare organizations to improve and create awareness for companion animal healthcare. For instance, Ceva, in 2015, renewed its partnership with American Association of Feline Practitioners, to protect animals against diseases further encouraging pet owners to live in urbanized societies and take better care of pets.

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The regional segmentation includes the current and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa with its further division into major countries.

Global Companion Animal Diagnostic Market: Report Scope:

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Some of the leading players in the companion animal diagnostic market are Thermo Fisher Scientific, Heska Corporation, QIAGEN, Randox Laboratories, Abaxis, Inc., IDEXX Laboratories, Inc., Neogen Corp., Virbac, and Zoetis Inc., among others.

Companion Animal Diagnostic Market: Competitive Analysis

The global companion animal diagnostic market is led by players like:

• Thermo Fisher Scientific
• Heska Corporation
• QIAGEN
• Randox Laboratories
• Abaxis, Inc.
• IDEXX Laboratories, Inc.
• Neogen Corp.
• Virbac
• Zoetis Inc.

This report segments the global companion animal diagnostic market into:

Global Companion Animal Diagnostic Market: Companion Animal Analysis

• Dogs
• Cats
• Equine
• Others

Global Companion Animal Diagnostic Market: Technology Analysis

• Immunodiagnostics
  • ELISA
  • Lateral Flow Assays
  • Immunoassay Analyzers
  • Others
• Clinical Biochemistry
• Hematology
• Molecular Diagnostics
  • PCR
  • Microarrays
  • Others
• Urinalysis
• Others

Global Companion Animal Diagnostic Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa