Global Companion Animal Diagnostic Market is Expected to Witness Steady Demand: Incremental Growth is Expected to be worth USD 3.3 billion during the Forecast Period

Published | 23 June 2021

A recent study conducted by the strategic consulting and market research firm BlueWeave Consulting revealed that the global companion animal diagnostic market was worth USD 1.9 billion in the year 2020. The market is estimated to grow at a CAGR of 8.1%, earning revenue of around USD 3.3 billion by the end of 2027. The growth of the market is attributed to the increasing prevalence of various chronic diseases like skin allergies, arthritis, diabetes mellitus, etc., as well as infectious diseases like rabies, tetanus, hantavirus, etc. The demand for effective diagnosis in pet animals is also flourishing because of the high pet adoption rates around the world. However, the lack of sufficient veterinary professionals and facilities in developing countries is still restricting the market growth of animal diagnostics.

Growing Concern and Healthcare Expenditure for Pet Health Driving Market Growth

With the increasing prevalence of various diseases among companion animals, pet owners are spending more and more towards maintaining the health of their pets. They have their pets' health checked on a regular basis to ensure that they are not affected by anything. In addition, if the pets are identified with a medical condition, the pet owners spend a substantial sum on their treatment. As a result, there has been a sharp rise in pet insurance claims over the past few years. Because of these factors, the demand for animal diagnostics is anticipated to surge in the forecast period.

Surging Veterinary Hospitals and Diagnostic Centers Estimated to Boost the Global Companion Animal Diagnostics Market

Developed countries like America, Germany, Canada, Sweden, etc. have a high number of veterinary healthcare facilities, which is one of the major factors behind the growth of the companion animal diagnostics market in these regions. The abundance of veterinary hospitals and diagnostic centers makes it easy for pet owners to obtain the best healthcare services for their pets in order to keep them healthy. Furthermore, the government, as well as private institutions, are significantly investing in research and development which is further expected to drive the market demand for animal diagnostics technologies, thereby influencing the market growth.

Diagnostics & Pathology Labs Driving the Global Companion Animal Diagnostics Market

Based on end-users, the global companion animal diagnostics market is categorized into hospitals, ambulatory surgical centers, & nursing homes, diagnostic & pathology laboratories, blood banks, and others. The diagnostics & pathology laboratories segment holds the largest market share as the demand for the diagnosis of various diseases and infections in companion animals is very prominent. Pathogens and other hazardous agents in the pet's body can be detected using tests conducted by veterinary practitioners. Not only that, the diagnostics and pathology laboratories also conduct research, which accelerates the demand for diagnostics technology in this market.

North America Global Companion Animal Diagnostic Market Witnessing Explosive Growth

Geographically, the global companion animal diagnostic market is segmented into North America, Europe, Asia-Pacific, Latin America, Middle-East & Africa. North America has the greatest market share in terms of revenue among all regions, owing to the existence of a large number of veterinary hospitals and clinics, as well as the high concentration of market players in this region.

However, the Asia-Pacific region is projected to witness the highest CAGR during the forecast period. The market for animal diagnostic devices is growing in this region as a result of factors such as high companion animal adoption rates and the increasing establishment of manufacturing plants in developing countries such as India and China.

Impact of COVID-19 on the Global Companion Animal Diagnostic Market

During the COVID-19 outbreak, the global companion animal diagnostics market experienced a steep decline. The reason for this dip is that visits to veterinary centers have been curtailed owing to lockdown restrictions enforced by the governments of different countries to check the spread of the deadly virus. However, due to the high companion pet adoption rates during the pandemic, the market is expected to rise significantly in the post-COVID-19 period. According to research, more than 10 million people adopted pets in America alone to deal with loneliness and find solace. The number of pets adopted around the world increased dramatically during the lockdown. Because of this, the demand for the animal diagnostics market is projected to proliferate in the post-COVID-19 period.

Competitive Landscape

The leading market players in the global companion animal diagnostic market are Scil Animal Care Company GmbH, Bionote Inc., Skyla Mindray Medical International Limited, Randox Laboratories, Ltd., IDvet, Fujifilm Holdings Corporation, INDICAL Bioscience GmbH Corporation, Biomérieux SA, Neogen, Virbac, Thermo Fisher Scientific Inc., Heska Corporation IDEXX Laboratories, Inc., Zoetis Inc., Abnova Corporation, Guardant Health, Inc., Illumina Inc., QIAGEN N.V., and other prominent players.

The market is concentrated with both giants as well as regional industry participants who cover a substantial share in the market. The adoption of competitive strategies like partnerships, acquisitions, mergers, product launches is very prominent here. Furthermore, the companies invest a large amount of money in product research and development as well as technological developments to stay ahead of the competition.

Don’t miss the business opportunity of the global companion animal diagnostic market. Consult our analysts to gain crucial insights and facilitate your business growth.

The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the global companion animal diagnostic market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends of the global companion animal diagnostic market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyses the growth drivers, challenges, and competitive dynamics of the market.

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