Companion Animal Diagnostic Market Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 3.11 Billion |
| Market Size (2029) | USD 5.02 Billion |
| CAGR (2024 - 2029) | 10.00 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Companion Animal Diagnostic Market Analysis
The Companion Animal Diagnostic Market size is estimated at USD 3.11 billion in 2024, and is expected to reach USD 5.02 billion by 2029, growing at a CAGR of 10% during the forecast period (2024-2029).
Rising veterinary healthcare expenditure, growing demand for pet insurance, and a growing companion animal population are the major factors propelling the market's growth. According to the American Pet Products Association (APPA) for 2023-2024, there is an increase in expenditure in the pet industry in the United States. Pet industry expenditures in the United States totaled USD 143.6 billion in 2023, compared to USD 136.8 billion in 2018. The rise in pet expenditure increases the demand for care products. According to the data published by the North American Pet Health Insurance Association Inc., in 2023, the total premium volume for pet insurance in the country was USD 3.2 billion. The total number of pets insured in the country at year-end 2022 was 4.8 million, a 22% increase since 2021. Therefore, such instances indicate significant market growth over the forecast period.
An increase in the pet population is expected to propel market growth, as companion animals are more prone to infectious and chronic diseases that need an early diagnosis. Several sources highlight the vast adoption of dogs and the associated expenditure on healthcare services for dogs, which will boost the market’s growth. The pet industry in the country is vast, and the demand for companion animal diagnostic products is expected to increase over the forecast period. For instance, as per the data published by the American Pet Products Association's 2023-2024 National Pet Owners Survey, over 46.5 and 65.1 million households in the United States owned cats and dogs, respectively, as of 2023. Moreover, product launches by the market players are expected to boost market growth over the forecast period. In January 2022, Idexx Laboratories Inc. unveiled a suite of product and service upgrades. These included the IDEXX 4Dx Plus Test, the VetConnectPLUS Mobile App, the SediVue Dx Urine Sediment Analyzer, and the New Catalyst SDMA Test. Such innovations empower veterinary practices to streamline operations, which is crucial as patient volumes surge. By offering enhanced insights and tailored assistance, these upgrades aim to expedite clinical decisions with greater confidence. Such launches are also propelling the growth of the market.
However, the rising burden of pet care globally is anticipated to hinder market growth over the forecast period.
Companion Animal Diagnostic Market Trends
Molecular Diagnostics is Expected to Witness Growth Over the Forecast Period
The molecular diagnostics segment is expected to witness significant growth over the forecast period due to the growing preference of pet owners for quick test results and their cost-effectiveness. The segmental expansion is anticipated to be driven by the rising number of tests designed to identify prevalent animal diseases such as feline leukemia, canine parvovirus, heartworm, and infectious peritonitis.
The increasing number of pet owners, the growing concern for their animal health, the rise in the prevalence of companion animal diseases, and the accessibility of affordable immunoassay tests that allow frequent testing at home are factors contributing to this segment's growth. Every year, the population of these animals increases gradually, along with the associated diseases. According to the annual report of the FEDIAF for 2022, dogs and cats were among the major types of pets adopted in Europe.
An estimated 90 million European households own at least one pet animal. The huge population of companion animals increases the level of care for the animals, which is expected to boost segmental growth over the forecast period.
Segmental growth is also boosted by the increase in acceptance of various screening tests and their positive outcomes. For instance, in February 2024, the Liquid Biopsy Company for Pets released a clinical validation, highlighting the efficacy of its latest OncoK9 Screen test. The study revealed a notable detection rate for seven specific cancer types in dogs. These cancers, which are challenging to identify through physical exams alone, constitute a significant portion of canine cancer cases.
In January 2022, Ringbio launched a professional website named petrapidtest.com to market Flexy Pet Rapid Test. These kits are based on lateral flow immunoassay, ELISA, and real-time PCR to detect companion animal diseases, which can be helpful for pet owners and vet clinics. Among these products, real-time PCR is specially designed for small vet clinics and can confirm infection with viruses, mycoplasma, and parasites. Such marketing initiatives taken by the players also augment the segment's growth.
Therefore, considerable segment growth is anticipated over the forecast period due to such instances.
North America is Expected to Hold a Significant Share of the Market Over the Forecast Period
North America is expected to witness significant growth in the companion animal diagnostics market over the forecast period. The major factors contributing to market growth in the region are the prevalence of an increasing number of people adopting pets and the presence of several facilities providing pet care services. The rising adoption of key strategies such as partnerships, acquisitions, and growing investments are expected to lead to market growth. For instance, according to the National Pet Owners Survey 2023-2024, 66% of US households owned a pet, equating to about 86.9 million households with 46.5 million cats and 65.1 million dogs. The rising adoption of pets may drive the growth of veterinary diagnostics in this region in the long term.
Key product launches, a high concentration of market players or manufacturers' presence, and acquisitions and partnerships among major players in the United States are some of the factors driving the growth of the market in the country. For instance, in August 2022, PepiPets launched a new mobile diagnostic testing service that allows clients to receive diagnostic testing for their pets at home. Hence, the geographic presence of major market players, coupled with the increasing development activities by market players, is anticipated to offer lucrative growth opportunities in the coming years.
Therefore, owing to the factors above, the North American market is expected to record significant growth.
Companion Animal Diagnostic Industry Overview
The companion animal diagnostics market is moderately competitive and has several major players. In terms of market share, few of the major players are currently dominating the market. The competitive landscape includes an analysis of a few international as well as local companies that hold the market shares and are well known, including Heska Corporation, Agrolabo SpA, Zoetis Inc., IDEXX Laboratories Inc., Innovative Diagnostics Neogen Corporation, Thermo Fisher Scientific Inc., Randox Laboratories Ltd, and Virbac.
Companion Animal Diagnostic Market Leaders
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Heska Corporation
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Neogen Corporation
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Zoetis Inc.
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IDEXX Laboratories Inc.
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Innovative Diagnostics
*Disclaimer: Major Players sorted in no particular order
Companion Animal Diagnostic Market News
- April 2024: Antech, a leading veterinary diagnostics company, unveiled its latest innovation, the Nu.Q Canine Cancer Test, in Europe. This in-hospital test is designed to swiftly and precisely screen for cancer in high-risk breeds and older dogs. Notably, the Nu.Q test covers a spectrum of common canine cancers, empowering veterinarians and pet owners to promptly assess and decide on cancer care.
- February 2024: Tata Trusts planned to launch a Small Animal Hospital in Mahalaxmi, Mumbai. This cutting-edge facility will offer round-the-clock emergency and critical care, including triage and treatment. The hospital will house vital support functions, including a full suite of diagnostics, including radiology and imaging (MRI, X-ray, CT Scan, and USG), and a diverse laboratory setup covering hematology, microbiology, cytology, clinical pathology, biochemistry, histopathology, and anesthesia.
Companion Animal Diagnostic Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Study Assumptions and Market Definition
- 1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
- 4.1 Market Overview
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4.2 Market Drivers
- 4.2.1 Rising Demand for Pet Insurance
- 4.2.2 Growth in the Companion Animal Population
- 4.2.3 Increasing Number of Veterinary Practitioners in Developed Economies
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4.3 Market Restraints
- 4.3.1 Rising Burden of the Pet Care Cost
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4.4 Porter's Five Forces Analysis
- 4.4.1 Bargaining Power of Buyers/Consumers
- 4.4.2 Bargaining Power of Suppliers
- 4.4.3 Threat of New Entrants
- 4.4.4 Threat of Substitute Products
- 4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
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5.1 By Animals
- 5.1.1 Cats
- 5.1.2 Dogs
- 5.1.3 Other Animals
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5.2 By Application
- 5.2.1 Bacteriology
- 5.2.2 Parasitology
- 5.2.3 Clinical Pathology
- 5.2.4 Other Applications
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5.3 By Technology
- 5.3.1 Immunodiagnostic Tests
- 5.3.2 Molecular Diagnostics
- 5.3.3 Diagnostic Imaging
- 5.3.4 Other Diagnostics
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5.4 Geography
- 5.4.1 North America
- 5.4.1.1 United States
- 5.4.1.2 Canada
- 5.4.1.3 Mexico
- 5.4.2 Europe
- 5.4.2.1 Germany
- 5.4.2.2 United Kingdom
- 5.4.2.3 France
- 5.4.2.4 Italy
- 5.4.2.5 Spain
- 5.4.2.6 Rest of Europe
- 5.4.3 Asia-Pacific
- 5.4.3.1 China
- 5.4.3.2 Japan
- 5.4.3.3 India
- 5.4.3.4 Australia
- 5.4.3.5 South Korea
- 5.4.3.6 Rest of Asia-Pacific
- 5.4.4 Middle East and Africa
- 5.4.4.1 GCC
- 5.4.4.2 South Africa
- 5.4.4.3 Rest of Middle East and Africa
- 5.4.5 South America
- 5.4.5.1 Brazil
- 5.4.5.2 Argentina
- 5.4.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
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6.1 Company Profiles
- 6.1.1 Agrolabo SpA
- 6.1.2 BioMerieux SA
- 6.1.3 Chembio Diagnostic Systems Inc.
- 6.1.4 Creative Diagnostics
- 6.1.5 Heska Corporation
- 6.1.6 IDEXX Laboratories Inc.
- 6.1.7 Innovative Diagnostics (IDvet)
- 6.1.8 Indical Bioscience GmbH
- 6.1.9 Randox Laboratories Ltd
- 6.1.10 Neogen Corporation
- 6.1.11 Thermo Fisher Scientific Inc.
- 6.1.12 Virbac
- 6.1.13 Zoetis Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityCompanion Animal Diagnostic Industry Segmentation
As per the scope, companion animal diagnostic deals with identifying, detecting, and severity of several diseases associated with companion animals.
The companion animal diagnostic market is segmented by animals, application and geography. By animals, the market is segmented into cats, dogs, and other animals. By application, the market is segmented into bacteriology, parasitology, clinical pathology, and other applications. By geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (USD) for all the above segments.
| By Animals | Cats | |
| Dogs | ||
| Other Animals | ||
| By Application | Bacteriology | |
| Parasitology | ||
| Clinical Pathology | ||
| Other Applications | ||
| By Technology | Immunodiagnostic Tests | |
| Molecular Diagnostics | ||
| Diagnostic Imaging | ||
| Other Diagnostics | ||
| Geography | North America | United States |
| Canada | ||
| Mexico | ||
| Geography | Europe | Germany |
| United Kingdom | ||
| France | ||
| Italy | ||
| Spain | ||
| Rest of Europe | ||
| Geography | Asia-Pacific | China |
| Japan | ||
| India | ||
| Australia | ||
| South Korea | ||
| Rest of Asia-Pacific | ||
| Geography | Middle East and Africa | GCC |
| South Africa | ||
| Rest of Middle East and Africa | ||
| Geography | South America | Brazil |
| Argentina | ||
| Rest of South America |
Companion Animal Diagnostic Market Research FAQs
How big is the Companion Animal Diagnostic Market?
The Companion Animal Diagnostic Market size is expected to reach USD 3.11 billion in 2024 and grow at a CAGR of 10% to reach USD 5.02 billion by 2029.
What is the current Companion Animal Diagnostic Market size?
In 2024, the Companion Animal Diagnostic Market size is expected to reach USD 3.11 billion.
Who are the key players in Companion Animal Diagnostic Market?
Heska Corporation, Neogen Corporation, Zoetis Inc., IDEXX Laboratories Inc. and Innovative Diagnostics are the major companies operating in the Companion Animal Diagnostic Market.
Which is the fastest growing region in Companion Animal Diagnostic Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Companion Animal Diagnostic Market?
In 2024, the North America accounts for the largest market share in Companion Animal Diagnostic Market.
What years does this Companion Animal Diagnostic Market cover, and what was the market size in 2023?
In 2023, the Companion Animal Diagnostic Market size was estimated at USD 2.80 billion. The report covers the Companion Animal Diagnostic Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Companion Animal Diagnostic Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Companion Animal Diagnostics Industry Report
Statistics for the 2024 Companion Animal Diagnostics market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Companion Animal Diagnostics analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
