Vancouver, Sept. 11, 2023 (GLOBE NEWSWIRE) — The global companion animal diagnostics market size was USD 2.23 Billion in 2021 and is expected to register a revenue CAGR of 9.7% during the forecast period, according to latest analysis by Emergen Research. Rising demand for pet insurance, growing preference for rapid tests and portable equipment for point-of-care diagnostic testing for animals, as well as rising prevalence of multilateral and zoonotic infections are some of the key factors driving revenue growth of the market.
Most popular companion animal breeds are dogs and cats and both are regarded as extended members of the family. After food, veterinary healthcare is the most priced category for pet owners. Diagnostics is one of the most cutting-edge and exciting areas of companion animal treatment. Laboratory tests, such as blood work, urinalysis, fecal samples, cardiac health, and cytology, can help in figuring out a pet’s disease or damage. Diagnostics equipment in veterinary operations is frequently combined with a software solution for seamless analysis, output, and documentation. Main reference labs provide diagnostic procedures, such as cytology, biopsy, and antibody testing for companion animals, as well as more complex and specialized diagnostic tests.
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In addition, rising demand for pet insurance and surge in expenditure on pets and companion animals are other factors driving market growth. Companion animal expenses and spending have been rising steadily for a while and this trend is anticipated to continue in the future. Majority of pet owners, according to research on pet insurance, want to use their premiums to cover medical costs, which makes sense given that digestive issues, infections, and cancer are common pet health issues. Consequently, this is a crucial element that is anticipated to significantly rise requirement for companion animal diagnostics, thereby driving revenue growth.
However, high cost of pets and lack of veterinarians in developing countries are some of the major obstacles limiting this industry’s growth. Price of veterinarian care is also rising, which climbed by 10% in the previous year, the highest rate in previous 20 years, according to official data. According to a report published in August 2022, hourly workers pay, which makes up a significant amount of clinic running costs, climbed by 7% in 2021. In addition, price of medications, lab test fees, and medical supplies is also increasing.
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Scope of Research
|Market Size in 2021||USD 2.23 Billion|
|Revenue Forecast to 2030||USD 5.12 Billion|
|Base Year for Estimation||2021|
|Quantitative Units||Revenue in USD Million and CAGR in % from 2022 to 2030|
|Report Coverage||Revenue forecast, company ranking, competitive landscape, growth factors, and trends|
|Segments Covered||Technology type, animal type, application, end-use, and region|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Country Scope||U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa|
|Key Companies Profiled||Idexx Laboratories, Inc., Neogen Corporation, Zoetis, Inc., Heska Corporation, IDvet, Virbac, Shenzhen Mindray Animal Medical Technology Co., Ltd, Biomerieux SA, Bionote, Inc., and Randox Laboratories Ltd.|
|Customization Scope||10 hours of free customization and expert consultation|
Major Companies and Competitive Landscape
The global companion animal diagnostics market is fairly fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective companion animal diagnostics solutions. Some major players included in the global companion animal diagnostics market report are:
- Idexx Laboratories, Inc.
- Neogen Corporation
- Zoetis, Inc.
- Heska Corporation
- Shenzhen Mindray Animal Medical Technology Co., Ltd.
- Biomerieux SA
- Bionote, Inc.
- Randox Laboratories Ltd.
- On 1 April 2020, Heska Corporation, a producer of advanced veterinary diagnostic and specialty products, announced the execution of its USD110 million cash acquisition of scil animal care firm GmbH from Covetrus, Inc. This acquisition marks a significant turning point in the company’s long-term strategic plan and was initially disclosed on January 14, 2020. With its headquarters in Germany and operations in France, Italy, Spain, and Canada, scil has established itself as a market leader in Europe for veterinary point-of-care laboratory and imaging diagnostics since 1998.
- On 2 August 2022, PepiPets, a pet care company, which focuses on finding solutions for at-home care of companion animals announced the launch of a new mobile diagnostic testing service. Customers will be able to have their pets’ diagnostic tests done at home due to debut of this new service, which was revealed in a corporate release1. PepiPets expects that at-home testing service will make animals more at ease with treatment and reduce travel time to a physical office appointment.
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Some Key Highlights From the Report
- The veterinary hospitals segment accounted for largest revenue share in 2021. A veterinary hospital provides services such as animal diagnostics, treatment, and medication. A veterinary hospital concentrates on animal raising, husbandry, breeding, nutrition research, and product development in addition to treating wounds, illnesses, and issues. In addition, regular checkups, pet dental treatment, and grooming should all be a part of healthcare regimen for companion animals in such hospitals. Every pet owner wants to improve their four-legged companions’ health, happiness, and quality of life. These facilities enable this by providing animals with best preventative care, which significantly drives revenue growth of this segment.
- The urinalysis segment is expected to grow at a steady CAGR during the forecast period. Urinalysis, a laboratory test that offers a report on physical and chemical characteristics of a dog’s poop, is a useful diagnostic tool. For instance, it can determine concentration of urine or determine whether there is blood in the urine. Urinalysis can aid in diagnosis of various conditions, such as diabetes and urinary tract infections, even though it is primarily used to examine kidneys and urinary system. Fecal give veterinarians the opportunity to examine a pet for intestinal worms that could be detrimental to animal. Many companies are now developing in-home urine testing for making urinalysis convenient for companion animals, which is driving growth of this segment.
- The Europe market accounted for a significant revenue share in 2021 This is attributed to presence of key market companies producing animal diagnostic kits, rising Research & Development (R&D) activities related to animal diagnostics, favorable government regulations as well as rising R&D activities and projects, which is driving revenue growth of the market in this region.
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Emergen Research has segmented the global companion animal diagnostics market based on technology type, animal type, application, end-use, and region:
- Technology Type Outlook (Revenue, USD Billion; 2019-2030)
- Clinical Biochemistry
- Clinical Chemistry Analyzers
- Glucose Monitoring
- Molecular Diagnostics
- Clinical Biochemistry
- Animal Type Outlook (Revenue, USD Billion; 2019-2030)
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Clinical Pathology
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Veterinary Hospitals
- Veterinary Pet Clinics
- Diagnostic Laboratories
- Regional Outlook (Revenue, USD Billion; 2019-2030)
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
- North America
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