The Companion Animal Diagnostics Market had a size of USD 3.18 billion in 2022 and is expected to grow to USD 7.2 billion by 2032, with a projected revenue CAGR of 9.5% during the forecast period. This growth is primarily driven by an increasing demand for pet health insurance, the prevalence of zoonotic diseases, and the growing number of veterinary practitioners.
Companion animal diagnostics refer to tests and equipment used to detect and diagnose diseases and disorders in companion animals like cats, dogs, and horses. The rising trend of households adopting companion animals has led to a corresponding increase in demand for companion animal diagnostics. Pet owners are becoming more aware of the importance of early disease detection and treatment, contributing to the high demand for these diagnostics.
Zoonotic diseases such as rabies, Lyme disease, and influenza are prevalent and can be transmitted from animals to humans, further driving demand for companion animal diagnostics. The development of advanced diagnostic technologies and the increasing number of veterinary practitioners also contribute to the growth of the market.
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Another significant factor is the availability of pet health insurance policies that cover veterinary care expenses, including diagnostic tests and treatments. This has led to increased demand for companion animal diagnostics, driving the growth of the market. The humanization of pets has also led to the development of companion animal diagnostics that are similar to those used in human medicine.
However, the high costs associated with diagnostic tests and equipment and the lack of skilled professionals in the veterinary industry are major factors that could hinder revenue growth. Furthermore, the availability of low-cost products from unorganized players may also negatively impact revenue growth to some extent.
Segments Covered in the Report –
Immunodiagnostic, molecular diagnostic, clinical biochemistry, hematology, and others are the five key technologies that are driving the growth of the companion animal diagnostics market. Immunodiagnostic and molecular diagnostic tests are increasingly being used in veterinary medicine to detect and diagnose diseases in companion animals. Clinical biochemistry and hematology tests are also important diagnostic tools used to detect diseases and monitor the health of companion animals.
In addition to technology, animal type outlook will also play a crucial role in driving the growth of the companion animal diagnostics market. Dogs, cats, horses, and others are the key animal types in the market. Dogs are the most common companion animals globally, and the demand for companion animal diagnostics for dogs is expected to increase significantly over the forecast period. Cats are the second most common companion animals and are also expected to contribute significantly to the growth of the market.
Horses are another important animal type in the market. The equine industry has been growing globally, and the demand for companion animal diagnostics for horses is expected to increase significantly. The others category includes various companion animals such as birds, rabbits, and guinea pigs. Although the market for companion animal diagnostics for these animals is relatively small compared to dogs, cats, and horses, it is expected to grow significantly over the forecast period.
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Strategic development:
In April 2020, Heska Corporation completed the acquisition of scil animal care company GmbH, a provider of point-of-care diagnostic solutions for veterinary use. The purpose of the acquisition was to broaden Heska's range of products and strengthen its position in the companion animal diagnostics market in Europe.
In January 2015, Virbac announced the purchase of Sentinel Flavor Tabs and Sentinel Spectrum, two well-known products used for preventing heartworm disease in dogs. The acquisition was part of Virbac's strategy to expand its portfolio of products and strengthen its presence in the companion animal diagnostics market.
Competitive Landscape:
The global companion animal diagnostics market is a highly competitive industry, with a few dominant players who hold a significant share of the market. In order to maintain their position in the market, these companies are consistently involved in research and development, mergers and acquisitions, partnerships, and collaborations, and regularly introduce new products.
Zoetis Inc. is one of the leading companies in the companion animal diagnostics market, with a wide range of products and a strong global presence. Idexx Laboratories, Inc. is another major player, offering diagnostic products for both companion and livestock animals. Heska Corporation is known for its point-of-care diagnostic solutions, while Virbac focuses on developing products for veterinary care. Thermo Fisher Scientific Inc. offers a wide range of diagnostic products and is also involved in molecular biology research.
Other major players in the market include VCA Inc., Abaxis, Inc., Bio-Rad Laboratories, Inc., Neogen Corporation, and Boehringer Ingelheim International GmbH. These companies are also actively involved in product development, mergers and acquisitions, and other activities aimed at maintaining their market position.
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In summary, the companion animal diagnostics market is highly competitive, and the major players are actively engaged in various activities to stay ahead of the competition. The market is expected to continue to grow, providing opportunities for new players to enter the industry and for existing players to expand their presence.
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