Companion Animal Diagnostic Market Size (2024 - 2029)

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 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.