The growth in this market is driven by the rising companion animal population, increasing demand for pet insurance, and the growth in the number of veterinary practitioners in developed countries. The growing demand for rapid tests and portable instruments for point-of-care services is expected to offer potential growth opportunities for market players in the coming years.
What the Market Looks Like?
The companion animal diagnostics market is projected to reach USD 2.7 billion by 2024 from USD 1.7 billion in 2019, at a CAGR of 9.8%. Asia Pacific market to witness the highest growth during the forecast period.
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Based on technology, the companion animal diagnostics market is segmented into clinical biochemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and other companion animal diagnostic technologies. The clinical biochemistry segment is expected to grow at the highest CAGR during the forecast period. The higher preference for various advanced clinical diagnostic products by veterinarians, pet owners, and laboratory technicians, and the wide applications of this technology are some of the major factors responsible for the large share of this segment.
On the basis of application, the companion animal diagnostics market is segmented into clinical pathology, bacteriology, virology, parasitology, and other applications. The clinical pathology segment is estimated to account for the largest share of the companion animal diagnostics market during the forecast period. The increasing demand for diagnostic products and consumables utilized during pathology testing and the growing volume of pathology tests performed for pets are the major factors that are expected to drive the growth of this segment in the coming years.
What Drives the Market?
The growth of the global market for Companion Animal Diagnostics is primarily influenced by the following factors:
Growth in the Companion Animal Population
Rising Demand for Pet Insurance
Growth in the Number of Veterinary Practitioners in Developed Economies
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Geographical growth scenario of Companion Animal Diagnostics Market
The global companion animal diagnostics market is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. In 2019, North America is estimated to be the largest regional market for companion animal diagnostics. However, the Asia Pacific market is estimated to grow at the highest CAGR during the forecast period primarily due to the growing adoption of companion animals, increasing awareness about animal healthcare and zoonotic diseases, and the growing number of veterinary hospitals and clinics in several APAC countries.
Leading market players and strategies adopted
IDEXX Laboratories, Inc. (US) and Zoetis, Inc. (US) are the major players operating in the companion animal diagnostics market. Some of the other players operating in this market are Thermo Fisher Scientific, Inc. (US), Virbac (France), Heska Corporation (US), Neogen Corporation (US), bioMérieux SA (France), IDvet (France), INDICAL Bioscience GmbH (Germany) [QIAGEN N.V. (Netherlands)], and Randox Laboratories Ltd. (UK).