The Global Companion Animal Diagnostics Market is expected to grow at a CAGR of 9.8% from 2022 to reach $4.18 billion by 2029. The high growth of the companion animal diagnostics market is mainly attributed to the rising prevalence of diseases in companion animals, increasing animal health expenditure and pet insurance in developed countries, and technological advancements in veterinary diagnostics. Moreover, emerging countries provide growth opportunities for players operating in the companion animal diagnostics market.
The global companion animal diagnostics market study presents historical market data in terms of values (2020 and 2021), estimated current data (2022), and forecasts for 2029- by Product [Consumables (Heartworm, Leukemia, Influenza), System, Software], Technology [Immunodiagnostics, Molecular Diagnostics, Hematology, Urinalysis, Clinical Biochemistry, Other Technologies], Animal Type [Canine, Feline, Other Companion Animals), End User (Reference Lab, Veterinary Hospital, PoC Testing], and Geography. The study also evaluates industry competitors and analyzes the regional and country markets.
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Emerging Markets to Offer Significant Growth Opportunities for Players Operating in the Companion Animal Diagnostics Market
Emerging countries in the Asia-Pacific region offer high growth opportunities for companion animal diagnostic manufacturers, owing to the rising incidence of various zoonotic diseases, rising awareness about animal health, and increasing income levels.
Also, governments across developing countries are undertaking several campaigns and schemes for combating disease outbreaks in animals. For instance, in August 2019, Boehringer Ingelheim International GmbH (Germany), a world-leading animal health company, opened its Boehringer Ingelheim Health Management Centre (HMC) in China to integrate animal disease and health diagnostics and monitor tools to maintain and enhance animal health.
In addition, in August 2018, Shandong University approved a proposal to create an Eco health/One Health Institute in China, which comprises Chinese and international professionals who work in varied veterinary and environmental health disciplines. The aim of creating an Eco health/One Health Institute is to tackle major and complex animal health concerns in China.
Asia-Pacific: Fastest Growing Market
At regional level, North America is expected to dominate the companion animal diagnostics market in 2022, while Asia-Pacific is expected to grow at the highest CAGR during the forecast period. The factors driving the growth of the Asia-Pacific companion animal diagnostics market are the rising incidence of various zoonotic diseases, rising awareness about animal health, and increasing income levels.
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The report includes a competitive landscape based on an extensive assessment of the product portfolio offerings, geographic presences, and key strategic developments in leading industry market players over the past four years. The key players profiled in the global companion animal diagnostics market are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Heska Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), INDICAL BIOSCIENCE GmbH (Germany), AgrolaboSpA (Italy), Neogen Corporation (U.S.), and IDvet(France).
Scope of the Report:
Companion Animal Diagnostics Market, by Product
(Other diseases include Anemia, Influenza, Immunodeficiency, Leptospirosis, Giardia, Canine parvovirus, Lyme disease, Rabies, and COVID-19)
Companion Animal Diagnostics Market, by Technology
Other Immunodiagnostic Technologies
(Lateral Flow Tests, hemagglutination inhibition and agar gel immunodiffusion tests)
Other Molecular Diagnostics Technologies
(Other molecular diagnostic tests include microarrays, Next-generation sequencing, and DNA sequencing)
(Other technologies comprise microbiology and histopathology tests)
Companion Animal Diagnostics Market, by Animal Type
Other Companion Animals
(Other companion animals comprise rabbits, birds, reptiles, snakes, and other small animals)
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Companion Animal Diagnostics Market, by End User
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