The global Companion Animal Diagnostics Market, which includes diagnostic tests and equipment for dogs, cats, and horses, was worth $3.18 billion in 2022, and it is expected to grow at a CAGR of 9.5% to reach $7.2 billion by 2032. One of the primary factors driving this growth is the increasing demand for pet health insurance, which has led to a greater need for early diagnosis and timely treatment of diseases.
The prevalence of zoonotic diseases that can be transmitted from animals to humans, such as Lyme disease and rabies, has also contributed to the rise in demand for Companion Animal Diagnostics. Another factor driving growth in the market is the increasing number of veterinary practitioners, as well as the development of more advanced diagnostic technologies.
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The trend of humanization of pets has led to the development of Companion Animal Diagnostics that are similar to diagnostic tests and equipment used in human medicine. Advanced technologies, such as imaging, molecular diagnostics, and point-of-care diagnostics, have been developed as a result, which is expected to drive further growth in the market.
Key players in the Companion Animal Diagnostics Market:
- Zoetis Inc.
- Idexx Laboratories, Inc.
- Heska Corporation
- Virbac
- Thermo Fisher Scientific Inc.
- VCA Inc.
- Abaxis, Inc.
- Bio-Rad Laboratories, Inc.
- Neogen Corporation
- Boehringer Ingelheim International GmbH
The market is segmented by technology into immunodiagnostic, molecular diagnostic, clinical biochemistry, hematology, and others. Immunodiagnostic was the largest segment in terms of revenue in 2022 due to its ability to detect various infectious diseases and its wide availability. Molecular diagnostics is expected to be the fastest-growing segment due to advancements in technology, which have enabled it to provide more accurate and precise results. Clinical biochemistry is also expected to grow significantly, driven by rising demand for early disease detection and monitoring of companion animals' health status.
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In terms of animal type, dogs accounted for the largest revenue share in 2022 due to their high adoption rate as pets and their susceptibility to various diseases such as Lyme disease, heartworm disease, and parvovirus infection. The cats segment is expected to grow the fastest during the forecast period due to increasing adoption rates and their vulnerability to various diseases. The horses segment is also expected to grow rapidly due to the increasing adoption of horses as pets and their susceptibility to various diseases.
North America accounted for the largest revenue share in 2022 due to the increasing trend of pet humanization and rising prevalence of various animal diseases. The market in Asia Pacific is expected to grow the fastest due to increasing pet ownership, rising disposable incomes, and growing awareness about animal health. The market in Europe is also expected to account for a significantly large revenue share during the forecast period due to increasing awareness about animal health and the ongoing trend of pet humanization.
However, high costs associated with diagnostic tests and equipment, as well as the lack of skilled professionals in the veterinary industry, are factors that could restrain revenue growth. The availability of low-cost products from unorganized players could also hamper revenue growth to some extent.
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