Companion Animal Diagnostics Market Size $9.88 Billion By 2030

Companion Animal Diagnostics Market Growth & Trends

The global companion animal diagnostics market size is expected to reach USD 9.88 billion by 2030, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of 9.4% from 2024 to 2030. The anticipated rise in companion animal population would increase the demand for veterinary healthcare facilities. According to a 2018 report by the American Pet Products Association (APPA), the overall spending in the U.S. pet industry has increased by 4.1% from 2016 to 2017. Moreover, veterinary care spending has increased by 7% from USD 15.95 billion in 2016 to USD 17.07 billion in 2017.

The demand for advanced diagnostic facilities for rapid and accurate testing of sample is propelling the growth of companion animal diagnostics over the forecasted period. The approvals and the new product launches by the key industry players to deal with the rising demand are driving the market. The companies are constantly trying to develop innovative devices to tap the enormous growth potential of the market. For instance, Idexx Laboratories gained a significant presence in the market by launching the new chemistry analyzer. Zoetis increased their penetration by acquiring one of the top veterinary diagnostics company Abaxis in July 2018.

Moreover, the rising concern of people for their pets leads to an increase in insurance claims. Most of the pet insurance covers major chronic conditions except any pre-existing one. The millennials are considered an attractive target population for the companies playing in this space. Millennials around the world consider pets and presence of animals good for their emotional and physical health. The demand for easy to administer and rapid diagnosis is anticipated to further boost the revenue.

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Companion Animal Diagnostics Market Report Highlights

• The dogs segment dominated the market in 2023 with a share of 46.8% in 2023 owing to the rising prevalence of zoonotic diseases, obesity, cancer, and skin disorders.

• Clinical biochemistry dominated the market in 2023 owing to the gradual prevalence of zoonotic diseases and conditions including diabetes, liver disorders, and kidney dysfunction.

• The clinical pathology segment accounted for the dominant market share with 34.6% in 2023 owing to the rising demand for comprehensive pet insurance.

• The veterinary diagnostic hospitals and clinics segment dominated the market in 2023 with a 28.4% share in 2023.

• The North America companion animal diagnostics market held 49.1% of the global revenue share in 2023.

Companion Animal Diagnostics Market Segmentation

Grand View Research has segmented the global companion animal diagnostics market on the basis of animal, technology, application, end use, and region:

Companion Animal Diagnostics Animal Outlook (Revenue, USD Million, 2018 - 2030)

• Dogs

• Cats

• Horses

• Other Companion Animals

Companion Animal Diagnostics Technology Outlook (Revenue, USD Million, 2018 - 2030)

• Clinical Biochemistry

• Immunodiagnostics

• Hematology

• Molecular diagnostics

• Urinalysis

• Others

Companion Animal Diagnostics Application Outlook (Revenue, USD Million, 2018 - 2030)

• Clinical Pathology

• Bacteriology

• Virology

• Parasitology

• Others

Companion Animal Diagnostics End Use Outlook (Revenue, USD Million, 2018 - 2030)

• Diagnostic Laboratories 

• Veterinary Hospitals and Clinics

• Point-Of-Care/In-House Testing

• Research Institutes and Universities

Companion Animal Diagnostics Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • UK

  • Germany

  • France

  • Italy

  • Spain

  • Denmark

  • Sweden

  • Norway

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

  • South Korea

  • Thailand

• Latin America

  • Brazil

  • Argentina

• Middle East and Africa (MEA)

  • South Africa

  • Saudi Arabia

  • UAE

  • Kuwait

List of Key Players of Companion Animal Diagnostics Market

• Zoetis

• BIOMÉRIEUX

• Heska Corporation

• IDEXX Laboratories, Inc.

• Idvet

• Neogen Corporation

• Qiagen

• Randox Laboratories Ltd.

• Thermo Fisher Scientific Inc.

• Virbac