Companion Animal Diagnostics Market

The report "Companion Animal Diagnostics Market by Product (Consumables, Instruments), Technology (Clinical Biochemistry, Hematology), Application (Clinical Pathology, Virology), Animal (Dogs, Cats, Horses), End User (Diagnostic Laboratories) - Global Forecast to 2029", is projected to reach USD 4.55 billion by 2029 from USD 2.99 billion in 2024 at a CAGR of 8.8% during the forecast period.

Browse 528 market data Tables and 61 Figures spread through 422 Pages and in-depth TOC on "Companion Animal Diagnostics Market by Product (Consumables, Instruments), Technology (Clinical Biochemistry, Hematology), Application (Clinical Pathology, Virology), Animal (Dogs, Cats, Horses), End User (Diagnostic Laboratories) - Global Forecast to 2029"
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As the human-animal interface has seen increasing incidences of zoonotic diseases, the demand for accurate and timely diagnostics for companion animals is becoming evident. Complicated public health challenges are arising from these diseases because of the risks they posses. They demand early detection among pets to curb possible outbreaks and human exposure to pathogens. Awareness builds, and surveillance for signs of infection in companion animals increases, thereby using the utmost state-of-the-art diagnostics. Prompt diagnostics would enable diagnosing among veterinarians of potential zoonotic diseases earlier and keep them under control from spread. It is anticipated that such rising public health concerns coupled with the progressive recognition of the role companion animals play in disease transmission will propel the diagnostics markets for companion animals forward. Market growth would, therefore, be driven by the continued need for effective solutions to ensure the protection of both animal and human health. Thus, the continued innovation in diagnostic technologies and services would boost the market development.

This report categorizes the companion animal diagnostics market based on type, technology, usability, application, end user and region.

“Consumables segment is accounted for the largest share of  companion animal diagnostics market”

With the increase in willingness to spend on findings and health of pets, there has been a surging demand for high-grade consumables in veterinary test applications. Pet owners consider their furry friends very much part of the family that they expect the same quality in life for them as well and therefore demand timely and accurate diagnosis for sicknesses and ailments. Increased interest in health and pet wellbeing has led to rapid adoption of advanced tools and consumables such as test kits, reagents, and imaging supplies required by them. Pet owners are fully embracing health maintenance and sometimes diagnostic testing, including regularly planned screens and disease-specific tests, and consequently added to the demand for one more such consumable. These safe, high-quality diagnostic products thus ensure the accuracy of test results and the management of diseases that are required by all to keep their pets healthy. An increasing need for superior diagnostic consumables continues to derive from the growing expenditure on pet health, thereby driving up the market for veterinary diagnostics.

“Dogs holds the largest market share of companion animal diagnostics market”

Pet insurance schemes recognize the expenses incurred for diagnosis of test measures on the usual multiple test diagnosis on dogs. This has led pet owners to show more interest in diagnosis for their pets, thus driving the growth of the companion animal diagnostics market. Insurance coverage relieves some financial burdens, causing pet owners to opt for more timely and complete diagnostic tests for pets. Thus, it has emerged as a big market with varied diagnostic services, ranging from regular check-ups to specialized tests for chronic conditions and diseases. The presence of insurance coverage for diagnostics helps improve pet care through early detection of diseases while also encouraging owners to address health issues at an earlier stage. Because of the introduction of diagnostic coverage in most pet insurance schemes, it is envisaged that the market for companion animal diagnostics will continue to grow, thereby improving health outcomes for pets and providing easy access to advanced veterinary care.

“Asia Pacific region is expected to exhibit the highest growth rate during the forecast period”

Classifying income groups in countries like China and India forms a significant middle class in the Asia Pacific region. This will lead to increased disposable income and, eventually, an increase in spending on pet healthcare and especially diagnostics. There is an increasing number of people adopting pets in these countries and also viewing those pets as important members of their families, thus driving a need for quality veterinary care. The increasing investments by pet owners will, in general, include major stages of healthcare, diagnostics, and treatments. Pet owners are now financially better off and therefore able to pay for preventive care routines, treatments, and advanced diagnostics that were seen as luxuries. These trends foster growth in the Asia Pacific pet healthcare market, especially due to the contribution from diagnostic tools and services. As people become more aware of pet health, so will their need for accurate and prompt diagnosis solutions multiply and further increase the market growth in these regions.

Key Market Players:

Key players in this market are adopting several organic and inorganic growth strategies (such as product launches, agreements, collaborations, acquisitions, and expansions). Prominent players in this market include IDEXX (US), Zoetis Services LLC (US), Mars, Incorporated (US), FUJIFILM Corporation (Japan), bioMérieux (France), Thermo Fisher Scientific Inc (US), Virbac (France), Neogen Corporation (US), INDICAL BIOSCIENCE GmbH (Germany), IDvet (France), Randox Laboratories Ltd. (UK), Shenzhen Mindray Animal Medical Technology Co., LTD. (China), Bionote USA Inc. (US), Boule (Sweden), EUROIMMUN Medizinische Labordiagnostika AG (Germany), Biopanda Reagents Ltd (UK), Nova Biomedical (US), Megacor Veterinary Diagnostics (Austria), Eurolyser Diagnostica GmbH (Austria), URIT MEDICAL ELECTRONIC CO., LTD. (China), Fassisi GmbH (Germany), Swissavans AG (Switzerland), Skyla Corporation (Taiwan), Ring Biotechnology Co Ltd (China), and Alvedia (France).

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