Companion Animal Diagnostic Services Market to Grow with a CAGR of 7.25% through 2028
Rising pet ownership and growing insurance coverage
for pets are factors driving the Global Companion Animal Diagnostic Services
Market in the forecast period 2024-2028.
According to TechSci Research report, “Companion
Animal Diagnostic Services Market – Global Industry Size, Share,
Trends, Competition Forecast & Opportunities, 2028”, the Global
Companion Animal Diagnostic Services Market stood at USD 6.72 billion in 2022
and is anticipated to grow with a CAGR of 7.25% in the forecast period,
2024-2028. The global companion animal diagnostic services market has witnessed
remarkable growth in recent years. This expansion can be attributed to several
market drivers that have fueled the demand for diagnostic services for our
beloved pets. Companion animals, including dogs, cats, and other small pets,
have become an integral part of many households, and their well-being is a top
priority for pet owners. As a result, the market for diagnostic services
catering to these animals has experienced robust growth.
Pet owners are becoming more conscious of the health
and well-being of their furry companions. This heightened awareness is largely
due to the availability of information through the internet and various media
channels. As owners learn more about the importance of regular health check-ups
and early disease detection, the demand for diagnostic services has surged. The
field of veterinary medicine has made significant advancements in recent years.
These advancements have translated into more sophisticated diagnostic tools and
techniques, including cutting-edge technologies such as molecular diagnostics,
digital radiography, and advanced imaging systems. These innovative diagnostic
services provide quicker and more accurate results, thus driving the demand for
companion animal diagnostic services. Rising disposable income in many regions
of the world has contributed to the growth of the companion animal diagnostic
services market. Pet owners are now more willing to invest in their pets'
health, including diagnostics, as they have the financial means to do so. This
trend is especially pronounced in developed countries, where pet owners are
increasingly willing to spend on high-quality healthcare for their animals.
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The emergence of zoonotic diseases, which can be
transmitted from animals to humans, has led to greater emphasis on preventive
healthcare for companion animals. Pet owners are increasingly concerned about
the health of their pets in the context of public health, creating a demand for
diagnostic services that can detect and prevent zoonotic diseases.
The Global Companion Animal Diagnostic Services Market
is segmented into testing, type, animal type and company.
Based on animal type, the dogs segment has emerged as
the predominant market leader. One of the key factors behind the dominance of
dogs in the companion animal diagnostic services market is their sheer
population. Dogs come in various breeds, each with unique genetic
predispositions to certain health issues. This diversity creates a need for a
wide range of diagnostic tests, from DNA tests for breed-specific conditions to
general wellness check-ups.
Based on region, North America segment is expected to
grow during the forecast period. The United States and Canada, in particular,
have well-established veterinary healthcare systems. These systems provide easy
access to comprehensive veterinary services, including diagnostics, thereby
promoting early disease detection and prevention. The presence of numerous
accredited veterinary schools and research institutions in North America
ensures a continuous supply of well-trained professionals, further contributing
to the robust companion animal diagnostic services market. North America's
stringent regulations governing animal health and welfare have also played a
pivotal role in driving the growth of the companion animal diagnostic services
market. These regulations emphasize the importance of regular check-ups and the
timely diagnosis of diseases, encouraging pet owners to seek professional
veterinary care.
The Asia Pacific region is experiencing rapid market
growth. Over the years, there has been a growing awareness among the pet owners
about the importance of preventive healthcare for their animals. Routine
diagnostics, vaccinations, and health screenings have become the norm, with a
strong emphasis on early disease detection. This cultural shift toward
proactive pet care has driven the demand for diagnostic services.
Major companies operating in Global Companion
Animal Diagnostic Services Market are:
- Zoetis Services LLC
- IDEXX Laboratories, Inc.
- Mars Inc.
- The Animal Medical Center
- Embark Veterinary, Inc.
- SYNLAB
- NationWide Laboratories
- IVC Evidensia
- CVS Group Plc
- Greencross Vets
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“The global companion animal diagnostic services
market is experiencing remarkable growth, and several key drivers are
propelling this expansion. Rising pet ownership, increased awareness of pet
health, advancements in veterinary medicine, disposable income, insurance
coverage, zoonotic disease concerns, and the prevalence of holistic and
preventive care trends are all contributing to the robust demand for diagnostic
services in the realm of companion animal health. As these drivers continue to
evolve and expand, the market for companion animal diagnostic services is
expected to grow even further in the coming years, benefiting both pets and
their owners.,” said Mr. Karan Chechi, Research Director with TechSci Research,
a research-based management consulting firm.
“Companion Animal Diagnostic Services Market By
Testing (Clinical Chemistry, Microbiology, Parasitology, Histopathology,
Cytopathology, Hematology, Immunology & Serology, Imaging, Molecular
Diagnostics, Others), By Type (Point-of-Care (POC), Laboratory-based),By Animal
Type (Dogs, Cats, Horses, Others), By Region, By Competition Forecast &
Opportunities, 2018-2028F”, has evaluated the future growth potential of
Global Companion Animal Diagnostic Services Market and provides statistics
& information on market size, structure and future market growth. The
report intends to provide cutting-edge market intelligence and help decision
makers take sound investment decisions. Besides, the report also identifies and
analyzes the emerging trends along with essential drivers, challenges, and
opportunities in Global Companion Animal Diagnostic Services Market.
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