One of the major drivers of the global veterinary medicine market is the increase in animal-based food products such as meat. Ensuring that animal protein production is high and affordable is critical to making these products safe for human consumption. In addition, the increasing prevalence of chronic diseases such as spongiform encephalopathy and the increase of other zoonotic diseases reinforce the need for veterinary treatment and research among pet and cattle owners. With a significant increase in disposable income, pet owners are not shy about spending a little more than usual for the well-being of their pets. This has led to the expectation that veterinary healthcare spending will show significant growth in the future. This increase can boost the growth of the animal research industry.
Rise in the prevalence of zoonotic diseases in animals, surge in technological advancements in point-of-care diagnostics, and increase in disposable income levels in the developing regions drive the growth of the global companion animal diagnostics market. On the other hand, lack of skilled veterinary professionals impedes the growth to some extent. However, surge in awareness associated with animal healthcare and increase in adoption of rapid tests and portable instruments in point-of-care diagnostics are projected to create lucrative opportunities in the industry.
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.
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Companion animals majorly consist of dogs and cats that are considered part of the family. Companion animal diagnostics are used to analyze various chronic diseases by several diagnostic methods. These diagnostics tests help to perform rapid analysis and provide detailed information that is further utilized in the personalized treatment of various chronic diseases such as cancer. These diagnostics solutions find application in clinical and point-of-care (POC) testing for the early detection of infectious diseases and cancer.
Increase in the prevalence of chronic diseases and rise in animal expenditure fuels the growth of the companion animal diagnostics market.
The Companion Animal Diagnostics Market trends are an increase in the prevalence of chronic disease among companion animals, a rise in healthcare expenditure and a rise in the adoption of companion animals across the world drives the growth of the market. However, the lack of skilled veterinary practitioners in developing countries and the rising cost of pet care hinder the growth of the market in the upcoming years. In addition, a rise in awareness of animal health across the world and a surge in demand for rapid tests and portable instruments for point-of-care diagnostics are the key factors anticipated to drive Companion Animal Diagnostics Market growth.
Covid-19 Scenario-
- Increase in the number of Covid-19 infections in animals had alarmed various veterinary organizations across the world to evaluate specimens for diagnosis from domesticated as well as companion animals for the virus. This factor had a positive impact on the global companion animal diagnostics market. For example, according to the NCBI in 2020, around 40% of animals were diagnosed with the Covid-19 virus out of which 39% of dogs were affected in the United States.
- Moreover, companion animals diagnosed with Covid-19 have been used for experimental testing of SARS-CoV-2 veterinary vaccines, which serves as a valuable model for screening vaccines and antiviral drugs. This factor has again boosted the market growth.
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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.
The dogs segment to maintain the lion’s share-
By animal type, the dogs segment contributed to nearly half of the global companion animal diagnostics market share in 2021, and is expected to retain its dominance by 2031. The same segment is also expected to exhibit the fastest CAGR of 8.9% from 2022 to 2031. Increase in the number of companion animals such as dogs across the world and rise in the incidence of zoonotic diseases in dogs are the major factors fueling the segment growth.
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North America garnered the major share in 2021-
Based on region, North America held the major share in 2021, generating nearly half of the global companion animal diagnostics market, owing to increase in the prevalence of chronic diseases among these animals. Asia-Pacific, simultaneously, would garner the fastest CAGR of 10.2% by 2031. This is due to surge in the population of companion animals, growing demand for diagnostics services from the livestock industry, and increasing expenditure to restore the health of the animals.
Key players in the industry-
- Thermo Fisher Scientific, Inc
- Zoetis, Inc
- Agrolabo spa
- Biomerieux SA
- Virbac
- Indical Bioscience Gmbh
- Fujifilm Holdings Corporation
- Triviumvet
- Neogen Corporation
- Shenzhen Mindray Animal Medical Technology Co. Ltd
- BioNote Inc
- Creative Diagnostics
- Heska Corporation
- HyTest Ltd
- Idexx Laboratories Inc
- IDvet
- Randox Laboratories Ltd
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