Companion Animal Diagnostics Market Size to Hit 9.1% CAGR, Globally, by 2030 – Exclusive Report by The Insight Partners
The global companion animal diagnostics market revenue to reach USD 6.30 Billion during 2022 to 2030.
Pune, India, Nov. 03, 2023 (GLOBE NEWSWIRE) — Companion animal diagnosis is widely regarded as the most effective method for identifying and characterizing various chronic diseases in animals. Several diagnostic methods are used to detect diseases, including molecular diagnostic, immunodiagnostic, clinical biochemistry, urinalysis, and others.
According to our new research study on “Companion Animal Diagnostics Market Size and Forecasts (2020 – 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Technique (Immunodiagnostics, Clinical Biochemistry, Molecular Diagnostics, Urinalysis, Hematology, and Others), Product (Instruments and Consumables), Application (Bacteriology, Clinical Pathology, Virology, Parasitology, and Others), Companion Animal Type (Dogs, Cats, Horses, and Others), End User (Diagnostic Laboratories, Veterinary Hospitals and Clinics, Research Institutes, and Others), and Geography (North America, Europe, Asia Pacific, South & Central America, and Middle East & Africa),” the companion animal diagnostics market size to grow from $6.30 billion by 2030 from $3.13 billion in 2022. The market is estimated to grow at a CAGR of 9.1% from 2022 to 2030.
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Global Companion Animal Diagnostics Market: Competitive Landscape and Key Developments
Zoetis Services LLC.; Elabscience, Inc.; ICL, Inc; Universal Biosensors; i-SENS, Inc.; Innovative Diagnostics; Tianjin LOCMEDT Technologies Co., Ltd.; ARI Medical Technology Co., Ltd.; Demeditec Diagnostics GmbH and Heska Corporation are a few key companies operating in the global companion animal diagnostics market. Leading players focus on expanding and diversifying their market presence and clientele, thereby tapping prevailing business opportunities.
Increasing Adoption of Pets for Companionship Boosts Overall Global Companion Animal Diagnostics Market Growth:
Pets have become an essential part of human lives. Pet adoption is a crucial component of animal welfare, giving homeless and abandoned animals a chance to live a quality life. The growth of the companion animal diagnostics market is most pronounced in nations with expanding middle-class populations. This boosts the emergence of a new pet culture based on a preference to keep pets solely for companionship, followed by their humanization. In 2022, the UK Pet Food Manufacturers’ Association (PFMA) reports that 62% of households in the country own a pet of some kind. In the UK, PFMA polled close to 9,000 households. With 13 million animals, dogs continued to be the most popular pets, closely followed by cats (12 million). According to the Humane Society of the United States, ~69 million and 45.4 million households petted at least one dog and cat, respectively, in 2021–2022. The desire of pet owners to provide their animals with better care leads to a rising need for veterinary diagnostics, and growing awareness regarding disease diagnosis among pet owners is driving the market expansion.
New Product Launches and Approvals Offer Opportunities for Global Companion Animal Diagnostics Market Growth:
Major companies in the animal diagnostics market are involved in research and development activities. In recent years, they have introduced several innovative and efficient products, and won regulatory approvals for the same, which has been creating ample opportunities in the market. Artificial intelligence can be used in collecting data to address a wide range of chronic diseases, thereby offering an opportunity to leverage these platforms for veterinary health markets. In the last few years, the industry has witnessed a few product launches associated with artificial intelligence. Many market players have ventured into this field to offer innovative and compelling offerings. For instance, IDEXX Laboratories has deployed an in-house urinalysis machine SediVue Dx using machine learning. In January 2019, the company updated its SediVue Dx with its Neural Network 4.0 software, expanding its diagnostic capabilities. This software update utilizes 175 million veterinary patient-generated images from ~2.5 million patient urine samples. In October 2023, Basepaws Inc., a pet care genetics company acquired by Zoetis, launched a DNA test for dogs. Its Basepaws Breed + Health Dog DNA test requires simple swabbing and assisting pet owners in switching from reactive to proactive care. In October 2022, OncoK9, a first-in-class canine multi-cancer early detection (MCED) test offered by PetDx, is now available for veterinary practices in Hong Kong, Singapore, Malaysia, South Korea, and Cambodia. PetDx, a company offering liquid biopsy test products for pets, has made the OncoK9 available through Asia Veterinary Diagnostics.
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In North America, the US is the largest market for companion animal diagnostics. The growth of the market in the country is determined by factors such as a technologically advanced team in research and development of the veterinary sector and the presence of numerous animal health centers. In the US, specific veterinary diagnostics are regulated and dependent on the US Department of Agriculture-Center for Veterinary Biologics (USDA-CVB) for approval. These involve veterinary diagnostic kits intended to diagnose pathogens in animals undergoing treatment. USDA-CVB are point-of-care diagnostics for testing feline leukemia virus (FeLV), canine parvovirus, canine heartworm, and other viruses. The National Veterinary Services Laboratories provide diagnostics services for animals, and it offers a wide range of diagnostic services and information centered around the diagnosis of domestic and foreign animal diseases. The laboratory is also involved in the support of disease control and eradication programs. It produces reagents for diagnostic testing and offers training and laboratory certification.
Similarly, there are presence other private laboratories affiliated to the American Association of Veterinary Laboratory Diagnosticians. For instance, the Wisconsin Veterinary Diagnostic Laboratory offers a broad range of diagnostic services to the production, companion, and exotic animal industries. The market for companion animal diagnostics in Canada is expected to grow due to the well-developed and well-structured healthcare system. The Canadian government supports the veterinary sector by implementing regulations for better services. For instance, under guidelines 4.10E of the Regulation of Veterinary Biologics in Canada, the Canadian Centre for Veterinary Biologics (CCVB) regulatory program for veterinary biologics (VB) has been implemented. The authority of the Health of Animals Act and Regulations imposed the program. The VB regulatory program aims to protect the health of Canadian animals, such as domestic livestock, poultry, companion animals, wildlife, and aquatic species. In addition, it aims to protect public health and food safety by controlling indigenous animal diseases and preventing the spread of foreign animal diseases.
Similarly, increasing initiatives by the Canadian government are further propelling the market growth in the country. For instance, Animal Health Canada is involved in strengthening Canada’s capacity for animal disease prevention and animal health management. In addition, Antech Diagnostics, a division of Mars Petcare, has acquired Biovet, a Canadian biotechnology company that specializes in animal health and agro-industry diagnostics. The acquisition is expected to expand Antech Diagnostic’s research capabilities and access for veterinarians throughout Canada. Furthermore, an increase in the prevalence of various zoonotic diseases, growing technological advancements, and increasing pet ownership are the factors propelling the market growth in Canada
The improving living standards in Mexico have resulted in an increased adoption of pet animals. Therefore, pet owners are willing to pay a significant amount for veterinary care, which subsequently results in the growing demand for diagnostics. In addition, growing consumer awareness of animal diseases and safety, along with the increasing incidence of zoonotic diseases, are propelling the market growth.
Similarly, the country is witnessing a rise in initiatives to control the rising incidences of animal diseases in Mexico. At the same time, the country has an increasing adoption rate for companion animals. According to the Population and Housing Census conducted by the National Institute of Statistics and Geography (Inegi) in 2021, there were 35 million households in Mexico, and 70.98% of them had at least one pet. According to the National Survey of Self-Reported Welfare (Enbiare) by Inegi in 2021, ~25 million Mexican households are home to an estimated 80 million pets. Of these 80 million pets, 43.8 million are dogs, 16.2 million are cats, and 20 million are birds and fish. Additionally, there are varieties of diagnostic laboratories in the country that are meeting the rising need for diagnostic techniques to care for animals from various diseases. Thus, owing to these factors, the market growth is likely to propel during 2022–2030
Moreover, the growth of the market in the region is due to rising government support for research and development activities in veterinary medicine, growing technological advancements that are resulting in various market consolidations, and rising adoption of pet animals across countries in North America. In addition, the presence of various market leaders in the companion animal diagnostics market is projected to influence the market growth positively during 2022–2030.
On the other hand, Asia Pacific accounted for the highest CAGR for the companion animal diagnostics market growth. The companion animal diagnostics market growth in Asia Pacific is attributed to the rising focus on animal welfare and the burgeoning number of diagnostic laboratories in countries such as Japan, South Korea, and Australia. The gradually developing pet care industry in India and the ongoing implementation of international standards in China are expected to contribute to the market progress in this region during 2023–2030. The Chinese government has been taking action to deal with the challenges posed by animal disease burden through disease reporting system establishment, laws and regulations, special projects implementation for primary infectious diseases, foreign disease surveillance, and health education. In March 2016, the Chinese government released national standards governing how laboratory animals are treated. The aim of setting these standards was to encourage ethically appropriate handling of animals and improve China’s prospects for international research collaborations. Thus, government support to enhance animal health is likely to favor the growth of the companion animal diagnostics market. The animal husbandry industry in India has undergone tremendous changes over the years, owing to the adoption of novel technologies for the prevention and cure of different diseases in farm and companion animals. Business approaches of animal health companies have shifted from therapeutics to prevention to enhance the productivity and overall health of animals. India is also experiencing a boom in the adoption of pet animals. According to AnimalHealth India, the pet care/companion animal industry is among the pillars of the Indian animal health industry. It also states that since this industry is well developed, it provides pet owners in cities and urban areas with access to animal healthcare services. Various initiatives by nongovernmental organizations (NGOs) are actively boosting the adoption of companion animals in India. For example, the Blue Cross of India has facilitated more than 105,000 adoptions in India since 1959. Thus, the increasing initiatives to facilitate adoption bolster the companion animal diagnostics market growth in India.
Go through further research published by The Insight Partners:
Veterinary Diagnostics Market – Global Analysis and Forecast to 2030
Animal Therapeutics and Diagnostics Market – Global Analysis and Forecast to 2030
Bovine Diagnostics Market – Global Analysis and Forecast to 2030
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