Companion Animal Diagnostics Market Growth & Forecast 2031

Report Description

Companion Animal Diagnostics Market Outlook 2031:

The global companion animal diagnostics market size was valued at USD 3.21 Billion in 2022 and is projected to reach USD 6.63 Billion by 2031, expanding at a CAGR of 8.4% during the forecast period 2023 - 2031. The growth of the market is attributed to the increasing adoption of companion animals and the rising demand for effective diagnostics of chronic diseases in pets.

Companion animal diagnostics is the method and process followed to diagnose chronic diseases in pet animals. Molecular-level disease diagnostics in animals is possible using advanced technology and improved methodology these days.

Along with the rising healthy animal and pet food demand, the demand for effective animal diagnosis is expected to grow rapidly owing to the rising pet adoption in emerging economies.

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Companion animal adoption is all-time high globally, owing to the comfort and emotional support they provide with their presence in human lives. Globally, there are several types of animal species that are adopted for companionship but in most households, cats, and dogs are adopted as pets. Pets are considered family members and the importance given to their well-being and health is rising across the world.

For identifying and characterizing chronic diseases in pets, the companion animals’ diagnostic methods are considered as the best process to follow. Clinical biochemistry, immunodiagnostics, molecular diagnostics, and uranalysis are some of the diagnostics methods followed in identifying various chronic diseases in companion animals.

COVID-19 Impact

The COVID-19 pandemic’s impact on the global companion animal diagnostics market was positive, owing to the rising pet adoption across the world and the growing demand for improved diagnostics procedures. The social distancing regulations during the pandemic lockdown gave rise to loneliness and mental stress in individuals, as a companion, many adopted companion animals such as cats and dogs.

Additionally, families with pets were concerned with their pet’s health during the rise of the pandemic, which increased demand for diagnostic devices and procedures to accurately diagnose and treat diseases in pets. COVID-19 infection was also found in animals, owing to which many pet owners were alarmed. The first confirmed COVID-19 infection case in a pet dog was reported in New York by the United States agriculture department (USDA) and national veterinary services laboratories (NVSL) in June 2020.

Similarly, the first SARS-Cov-2 infection in two pet cats was found in April 2020. Various veterinary organizations came up with assays and kits to detect COVID-19 infection in companion animals. Several key players in the global market launched research and development efforts to better diagnose and treat COVID-19 infection in pets.

One of the key players in the market, IDEXX, introduced the IDEXX SARS-CoV-2 RealPCR test for companion animals. As per the study by the national center for biotechnology information (NCBI) about 40% of animals showed positive results for COVID-19 infection. The increasing COVID-19 infection concerns in pets surged demands for effective diagnostic procedures for the animals, due to which the market witnessed significant growth during the pandemic.

The rising pet ownership and demand for protecting pets from chronic diseases since the COVID-19 time is expected to drive considerable market growth in the coming years.

Companion Animal Diagnostics Market Dynamics

The research report presents a complete overview by providing detailed information about the current market trends, existing drivers, growth opportunities and potentials, and emerging challenges.

The global companion animal diagnostics market report has up-to-date insights about market dynamics and market scenarios that can shape the overall market performance and output during the forecast period, 2023 to 2031.

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Major Trends:

Rising pet ownership across the globe

Across the globe, there is a growing trend of owning pets for companionship purposes. The adoption of pets is rising especially in families from emerging economies. According to the research published by Statista, the pet dog population in Europe grew from 89.8 million in 2020 to 92.95 million in 2021. The research platform reported that the overall number of families owning pets in Europe was around 90 million in 2021.

Similarly, the pet population in China was reported to be 190 million in 2020 and is forecasted to exceed 200 million in 2021. In developed countries, such as the US and European nations, the trend of aged people adopting pets for companionship grew significantly. The growing use of pets in social media content, ad campaigns, and movies has increased the conviction of people to own a pet.

In emerging economies such as India and China, the growing disposable income and improved lifestyle among families helped the pet industry to grow significantly. Pets are considered family members, which has increased demand for paying regular attention to their well-being and health check-ups.

The rising pet population and the growing importance of their well-being across the world are significantly boosting the global companion animal diagnostics market.

Key Drivers:

The growing expenditure on companion animals’ health and insurance

Animal health awareness is rising in families across the world, owing to which the spending on pet healthcare has significantly increased. In recent years, the demand for healthy pet foods, over-the-counter medicines & supplies, veterinary products, pet insurance, and other pet care products & services is rising across the world.

The rising animal health expenditure on pet care has given rise to the number of pet owners opting for pet insurance in developed regions like North America and Europe. According to the recent data released by the North American pet health insurance association (NAPHIA), there are 4.41 million pets who were insured in the region at the end of 2021.

The pet insurance industry grew by 27.7% over the past year. The increasing pet ownership and expenditure on their health matters is expected to drive the global companion animal diagnostics market during the forecast period.

Growing demand for automation in the diagnostics test

The growing demand for performing diagnostics tests with automated or semi-automated devices is projected to further boost the global companion animal diagnostics market. Automation in pet diagnostics tests enables handling a large number of samples with higher accuracy than manual diagnostics methods.

The automation diagnostics tests are cost-effective and can cover diagnoses for several diseases. Furthermore, the use of automation devices for glucose monitoring, in vitro diagnostics devices, and imaging systems is anticipated to further propel the global market growth in the coming years.

Existing Restraints:

Rising care costs for companion animals

The growing cost of diagnostics of chronic diseases in companion animals is anticipated to restrain the global market growth during the forecast period. Moreover, pet care costs are increasing owing to the swelling expenses on their veterinary care, food, and maintenance. The average life expectancy for dogs is 10 to 13 years and for cats its 12 to 14 years. The health issues keep increasing as they grow older.

The veterinary care cost required to keep them healthy can go up from hundreds to thousands of dollars every year. Additionally, hundreds of dollars need to be paid for pet insurance every month. Although the pet insurance industry is growing, the insurance providers do not include several companion animals under the insurance schemes, owing to which the owners have to bear all the costs of diagnostics and treatments.

Pet care is a niche service area and generates low opportunities for income for professionals in the field, owing to which veterinary professionals charge higher consultations and treatment fees.

Emerging Opportunities:

Growing demand for portable instruments and rapid tests

As the companion animal population has significantly increased across the world, there is a rising demand for on-field veterinarian services in remote locations. The key players in the global companion animal diagnostics market are investing time and money in the research and development of advanced portable instruments to ease the work of field veterinarians.

The data transfer and portability features allow the portable instruments to be effective even in remote areas. On-field veterinarians using portable instruments can extend their service area as well as their productivity. Moreover, rapid diagnostics tests are also becoming one of the most preferred methods of diagnosis by end-users, owing to their specificity, low cost, and ease of use.

The growing popularity of rapid tests has made the key players in the global market bring advanced solutions to the market which can provide test results within 24 hours or even at the time of initial examination. Technological advancements and innovative devices for diagnostics are expected to create significant growth opportunities in the global companion animal diagnostics market during the forecast period.

Scope of the Companion Animal Diagnostics Market Report

The global companion animal diagnostics market research report includes an assessment of the market trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Companion Animal Diagnostics Market Segment Insights

The dogs segment projected to hold the major market share

On the basis of animal type, the global companion animal diagnostics market is categorized into dogs, cats, horses, and others. The dog segment held a majority share of the global market and is expected to continue growing at a considerable pace during the forecast period. The segment growth is attributed to the rising dog ownership across the globe for companionship purposes.

The factors which are helping the dog segment to grow further in the global market are the rising cases of obesity, cancer, diabetes, and zoonotic diseases in pet dogs. Additionally, an increasing purchase of insurance for canine pets in developed countries is also expected to aid the market growth in the coming years.

The cats segment is also expected to expand at a considerable rate in the projection period, owing to the rising cat adoption in families across the world. Diseases such as allergies, diarrhea, eye problems, tapeworms, and fleas are common in cats.

The growing cat population is expected to drive the demand for rapid diagnostics solutions, helping the segment grow significantly during the forecast period.

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Diagnostics Labs segment to expand at a considerable rate

Based on the end-user, the global market is divided into veterinary hospitals & clinics, diagnostics labs, point of care, and research institutes & universities. The diagnostics labs segment held the major share of the global market in 2021 and is projected to expand at a considerable rate in the coming years.

The segment growth is owing to the rising number of samples received by the diagnostics labs for analysis from veterinary care providers, researchers, and private & government organizations.

The diagnostics labs provide testing solutions for various diseases, infections, and toxic agent samples. Pet owners, vets, researchers, and others are some of the key customers for the diagnostics labs.

The point of care segment is also anticipated to expand at a considerable CAGR during the forecast period, owing to the rising number of pet owners opting for PoC testing for diagnostics purposes. Veterinary PoC diagnostics devices provide significant information on pet diseases without relying on the results from clinical labs. PoC providers offer diverse testing options and quality results in a limited time, which is expected to help the segment grow substantially in the coming years.

Clinical Biochemistry segment to expand at a significant CAGR

In terms of technology, the global companion animal diagnostics market is segmented into immunodiagnostics, clinical biochemistry, hematology, urinalysis, molecular diagnostics, and others.

The immunodiagnostics segment is further divided into immunoassay analyzers, lateral flow assays, and ELISA. Additionally, the molecular diagnostics segment is further bifurcated into microarrays and PCR.

The clinical biochemistry segment is anticipated to expand a significant CAGR during the projection period, due to the increasing number of companion animal owners opting for clinical biochemistry tests for initial diagnostics of several illnesses. Clinical biochemistry technology can help in evaluating diseases and disorders in pets such as diabetes, blood gas electrolytes analysis, kidney disorders, and liver disorders among others.

The molecular diagnostics technology segment is projected to showcase the second-fastest growth in the global companion animal diagnostics market. The molecular diagnostics field is rapidly evolving in the veterinary space.

Molecular diagnosis technology offers an array of procedures with different complexities to provide a quick and specific diagnosis of animal diseases. DNA, mass spectrometry, and genetic assays are the common molecular diagnostics tests available in the global market.

Clinical Pathology segment to grow at a substantial pace

Based on the application, the global companion animal diagnostics market is divided into clinical pathology, virology, bacteriology, parasitology, and others. Clinical pathology segment held the largest share of the market in terms of application and is projected to grow at a substantial pace during the forecast period.

Clinical pathology helps in diagnosing diseases in animals through blood, fluids, and tissue examination. Growing chronic diseases such as skin diseases, rabies virus infections, and others are the major factors in boosting segment growth in the global market.

Bacteriology segment is expected to grow second fastest in the global market due to rising bacterial infections in companion animals such as cats and dogs. The key focus of bacteriology is to assist vets and animal owners in diagnosing and identifying the causes of bacteria and fungi infections in animals.

The diagnosis test is performed on blood, stool, urine, skin, and spinal fluid samples. The rising demand to keep companion animals bacteria infection free is driving the global market growth.

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North America to dominate the global market

In terms of region, the global companion animal diagnostics market is categorized into Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is projected to dominate the global market, owing to the rising companion animal ownership in the region. According to a study published by Statista, about 70% of households own one or more pets in 2020.

According to the survey, 63 million households in the US had dogs as pet animals, making dogs the most preferred companion animal in the region. Cats and fish ownership ranked second and third place, and about 1.6 million households owned horses in the United States.

Moreover, due to the rising pet population in the region, several key players in the market are focused on providing innovative diagnostics solutions to animal owners and vets to keep companion animals healthy.

Asia Pacific region is projected to see the second largest growth in the global market owing to the increased popularity to adopt pet animals in households. The improved lifestyle and growing disposable income in families allow them to adopt one or more pet animals as a companion. The growth in the pet animal population is helping the boost demand for better companion animal diagnostics solutions from vets as well as animal owners. Increased demand for innovative animal diagnostics solutions is expected to drive market growth in the region during the forecast period.

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