Companion Animal Diagnostics Market Recent Developments in the Market with Key Players Announcements, , growing at a CAGR of 8.6% from 2022 to 2031

According to a new report published by Allied Market Research, titled, “Companion Animal Diagnostics Market,” The Companion Animal Diagnostics Market size was valued at $2.99 billion in 2021, and is estimated to reach $6.88 billion by 2031, growing at a CAGR of 8.6% from 2022 to 2031.

Increase in the prevalence of chronic diseases and rise in animal expenditure fuels the growth of the companion animal diagnostics market.

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Key Takeaways:

1. Rising pet ownership: Pet ownership is on the rise worldwide, with millennials and Generation X increasingly viewing pets as family members. This trend has led to increased demand for preventive care and diagnostic testing for companion animals.

2. Advances in diagnostic technology: Technological advancements in molecular diagnostics, such as polymerase chain reaction (PCR) and next-generation sequencing (NGS), are enabling more accurate and comprehensive diagnostic tests for companion animals.

3. Growing focus on personalized medicine: Personalized medicine is gaining traction in veterinary medicine, with diagnostic tests being used to tailor treatment plans to individual pets. This is leading to improved patient outcomes and cost-effectiveness.

4. Increasing demand for point-of-care (POC) testing: POC testing is becoming increasingly popular in veterinary medicine, allowing for faster and more convenient diagnostics at the veterinary clinic or at home. This is particularly beneficial for animals with chronic conditions that require frequent monitoring.

5. Growing recognition of the value of early detection: Early detection of diseases in companion animals can lead to earlier treatment and improved outcomes. This is driving the demand for diagnostic tests that can detect diseases in their early stages.

6. Increased emphasis on preventive care: Pet owners are becoming more aware of the importance of preventive care, including regular diagnostic testing. This is leading to increased demand for preventive diagnostics, such as heartworm and tick tests.

7. Growing demand for advanced diagnostics: As diagnostic technology continues to evolve, there is growing demand for advanced diagnostic tests for companion animals. These tests can provide more detailed information about a pet’s health and help to identify underlying conditions.

Market Segmentation:

The U.S. companion animal diagnostic market has experienced significant growth due to a surge in pet ownership in U.S. This surge in pet ownership, driven by factors such as evolving societal dynamics and increased understanding of the emotional and health benefits of pet companionship, has led to a substantial increase in the demand for advanced diagnostic services tailored to detect, monitor, and manage the growing spectrum of chronic diseases affecting companion animals. Furthermore, technological advancement in pet diagnosis and rise in number of insured pets is expected to significantly contribute in market growth.

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Covid-19 Scenario

• The outbreak of the Covid-19 pandemic had negatively impacted the U.S. companion animal diagnostic market.
• The travel restrictions imposed during the lockdown has disrupted the supply chain for the companion animal diagnostic products.
• However, market for companion animal diagnostics is expected to recover owing to rise in awareness about animal healthcare among the pet owners and surge in pet adoption in U.S.

Regional Growth Dynamics:

North America accounted for the largest share of the market in 2021 and is anticipated to remain dominant during the forecast period. This is attributed due to the presence of major key player operating in the companion animal diagnostic market and the presence of proper healthcare facilities for companion in animals in the U.S. is one of the major factors that drive the growth of the market.

Asia-Pacific is anticipated to witness lucrative growth, owing to a surge in the companion animal population, growing demand for diagnostics services from the livestock industry, and a rise in companion animal health expenditure among emerging countries across APAC are expected to offer significant growth for the market.

Competitive Landscape:

The key players that operate in the companion animal diagnostics market are Agrolabo SpA, Biomerieux SA, BioNote Inc. Creative Diagnostics, Fujifilm Holdings Corporation, Heska Corporation, HyTest Ltd., Idexx Laboratories Inc., IDvet, Indical Bioscience Gmbh, Neogen Corporation, Randox Laboratories Ltd., Shenzhen Mindray Animal Medical Technology Co. Ltd, Thermofisher Scientific Inc., Triviumvet, Virbac and Zoetis Inc.

Key findings of the study

By technology, the clinical biochemistry segment was the highest contributor to the market in 2021.

By application type, the clinical pathology segment was the highest contributor in 2021.

By animal type, the dogs segment was the highest contributor in 2021.

By end user, the diagnostics laboratories segment dominated the market in 2021, and is expected to continue this trend during the forecast period.

By Region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.

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VALUE PROPOSITIONS RELATED TO THE REPORT:

• Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
• Comprehensive quantitative and qualitative insights at segment and sub-segment level
• Covid 19 impact trends and perspective
• Granular insights at global/regional/country level
• Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
• Blanket coverage on competitive landscape
• Winning imperatives
• Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market

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