Companion Animal Diagnostics Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)

Companion Animal Diagnostic Market is segmented by Animals (Cats, Dogs, and Other Animals), Application (Bacteriology, Parasitology, Clinical Pathology, and Other Applications), Technology (Immunodiagnostic Tests, Molecular Diagnostics, Diagnostic Imaging, and Other Diagnostics), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market provides the value (in USD million) for the above-mentioned segments.

Companion Animal Diagnostic Market Size

Companion Animal Diagnostic Market Summary
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Study Period 2018 - 2028
Base Year For Estimation 2022
CAGR 10.00 %
Fastest Growing Market Asia-Pacific
Largest Market North America
Market Concentration High

Major Players

Companion Animal Diagnostic Market 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 expected to grow from USD 2.83 billion in 2023 to USD 4.56 billion by 2028, registering a CAGR of 10.0 % during the forecast period.

The COVID-19 pandemic reduced the demand for animal care. Due to infection control measures and statewide lockdowns, the pandemic impacted the number of visits to veterinary hospitals and clinics. For instance, an article published by the JAAWS in February 2022 reported that COVID-19 led to the shutting down of 70% of veterinary clinics in Canada and the US during the pandemic. Thus, initially, the studied market's growth was hampered by suspending veterinary diagnostic services to minimize the COVID-19 infection. However, according to the People's Dispensary for Sick Animals (PDSA) PAW report published in June 2021, 2.0 million people in the United Kingdom owned pets between March 2020 and May 2021. However, in the current scenario, it is anticipated that the decreasing COVID-19 cases leading to the resumption of veterinary diagnostic services and a significant increase in pet adoption reported after the lockdown will lead to the stable growth of the studied market over the forecast period.

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 on the pet industry in the United States. Pet industry expenditures in the United States will total USD 143.6 billion in 2023, compared to USD 136.8 billion in 2018. Thus, the rise in pet expenditure increases the demand for care products. Similarly, as per the report published by the North American Pet Health Insurance Association (NAPHIA) in 2021, the pet insurance sector of North America exceeded USD 2.83 billion by the end of 2021, and the industry witnessed a growth of more than doubled over the past four years (2018-2021). It also reported that the total premium volume for pet insurance in the United States was around USD 2.6 billion in 2021. The total number of pets insured in the United States at the end of 2021 was 3.9 million, around a 28.0% increase from 2020. Therefore, such instances indicate significant market growth over the forecast period.

Further, an increase in the pet population is expected to propel the market's growth, as companion animals are more prone to infectious and chronic diseases that need an early diagnosis. For instance, according to the Pet Food Manufacturers Association, as of 2021, 3.2 million households in the United Kingdom had acquired a pet since the outbreak began. There are currently 34 million pets in the United Kingdom, including 12 million cats, 12 million dogs, 3.2 million small mammals such as guinea pigs and hamsters, 3 million birds, and 1.5 million reptiles. Moreover, product launches by the market players are expected to boost the market over the forecast period. For instance, in August 2021, HORIBA UK Limited launched several new pathogen PCR tests for its POCKIT Central. It is an in-house veterinary PCR analyzer with the potential for fast, accurate PCR testing in every veterinary lab. 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 pet owners growing preference 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. Furthermore, the increasing number of pet owners and 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 for frequent testing at home all contribute to this segment's growth. Every year, the population of these animals increases gradually, along with the associated diseases. Additionally, according to the annual report of the FEDIAF for 2022, dogs and cats were the major pets adopted in Europe. Moreover, an estimated 90 million European households own at least one pet animal. Thus, the growing population of companion animals increases the level of care for the animals, which is expected to boost market growth over the forecast period.

The market segment is also boosted by the launches of products by different market players to strengthen their position in the market. For instance, in July 2021, Vidium Animal Health launched SpotLight ePARR, a highly accurate and rapid molecular diagnostic test for canine lymphoma. Spotlight ePARR was developed by Vidium in collaboration with the Translational Genomics Research Institute (TGen), an affiliate of the City of Hope, and Ethos Discovery.

Furthermore, 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.

Companion Animal Diagnostic Market: United States Pet Industry Expenditure (in USD Billion), By Years, 2021-2022

North America is Expected to Hold the Significant Share in Companion Animal Diagnostic 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 the 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 U.S. households own a pet, which equates to 86.9 million households, including 46.5 million cats and 65.1 million dogs. The rising adoption of pets may drive the growth of veterinary diagnostics in the longer term in this region.

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 companion animal diagnostics market in the country. For instance, in July 2021, Vidium Animal Health launched SpotLight repair. It is a highly accurate and rapid molecular diagnostic test for canine lymphoma. Vidio developed it with the Translational Genomics Research Institute (TGen), the City of Hope affiliate, and Ethos Discovery. Hence, the geographic presence of major market players, coupled with the increasing market development activities by these players, is anticipated to offer lucrative growth in this region.

Therefore, owing to the factors above, the studied market's growth is anticipated in the North American region.

Companion Animal Diagnostic Market - Growth Rate by Region

Companion Animal Diagnostic Industry Overview

The companion animal diagnostic market is moderately competitive and has several major players. In terms of market share, few of the major players are currently dominating the market studied. 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 among others.

Companion Animal Diagnostic Market Leaders

  1. Heska Corporation

  2. Neogen Corporation

  3. Zoetis Inc.

  4. IDEXX Laboratories Inc.

  5. Innovative Diagnostics

*Disclaimer: Major Players sorted in no particular order

Companion Animal Diagnostic Market Concentration

Companion Animal Diagnostic Market News

  • August 2022: PepiPets launched a new mobile diagnostic testing service allowing clients to receive diagnostic testing at home for their pets.
  • January 2022: Idexx Laboratories, Inc. announced a series of product and service enhancements, such as the IDEXX 4Dx Plus Test, VetConnectPLUS Mobile App, SediVue Dx Urine Sediment Analyzer, and New Catalyst SDMA Test, that enable veterinary practices to be more efficient while managing increasing patient volumes. The enhancements provide deeper, actionable insights and personalized support to facilitate faster, more confident clinical decisions.

Companion Animal Diagnostic Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Rising Demand for Pet Insurance

      2. 4.2.2 Growth in the Companion Animal Population

      3. 4.2.3 Increasing Number of Veterinary Practitioners in Developed Economies

    3. 4.3 Market Restraints

      1. 4.3.1 Rising Burden of the Pet Care Cost

    4. 4.4 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.4.1 Bargaining Power of Buyers/Consumers

      2. 4.4.2 Bargaining Power of Suppliers

      3. 4.4.3 Threat of New Entrants

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - USD)

    1. 5.1 By Animals

      1. 5.1.1 Cats

      2. 5.1.2 Dogs

      3. 5.1.3 Other Animals

    2. 5.2 By Application

      1. 5.2.1 Bacteriology

      2. 5.2.2 Parasitology

      3. 5.2.3 Clinical Pathology

      4. 5.2.4 Other Applications

    3. 5.3 By Technology

      1. 5.3.1 Immunodiagnostic Tests

      2. 5.3.2 Molecular Diagnostics

      3. 5.3.3 Diagnostic Imaging

      4. 5.3.4 Other Diagnostics

    4. 5.4 Geography

      1. 5.4.1 North America

        1. 5.4.1.1 United States

        2. 5.4.1.2 Canada

        3. 5.4.1.3 Mexico

      2. 5.4.2 Europe

        1. 5.4.2.1 Germany

        2. 5.4.2.2 United Kingdom

        3. 5.4.2.3 France

        4. 5.4.2.4 Italy

        5. 5.4.2.5 Spain

        6. 5.4.2.6 Rest of Europe

      3. 5.4.3 Asia-Pacific

        1. 5.4.3.1 China

        2. 5.4.3.2 Japan

        3. 5.4.3.3 India

        4. 5.4.3.4 Australia

        5. 5.4.3.5 South Korea

        6. 5.4.3.6 Rest of Asia-Pacific

      4. 5.4.4 Middle East and Africa

        1. 5.4.4.1 GCC

        2. 5.4.4.2 South Africa

        3. 5.4.4.3 Rest of Middle East and Africa

      5. 5.4.5 South America

        1. 5.4.5.1 Brazil

        2. 5.4.5.2 Argentina

        3. 5.4.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Agrolabo SpA

      2. 6.1.2 BioMerieux SA

      3. 6.1.3 Chembio Diagnostic Systems Inc.

      4. 6.1.4 Creative Diagnostics

      5. 6.1.5 Heska Corporation

      6. 6.1.6 IDEXX Laboratories Inc.

      7. 6.1.7 Innovative Diagnostics (IDvet)

      8. 6.1.8 Indical Bioscience GmbH

      9. 6.1.9 Randox Laboratories Ltd

      10. 6.1.10 Neogen Corporation

      11. 6.1.11 Thermo Fisher Scientific Inc.

      12. 6.1.12 Virbac

      13. 6.1.13 Zoetis Inc.

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies, and Recent Developments

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 (Cats, Dogs, and Other Animals), Application (Bacteriology, Parasitology, Clinical Pathology, and Other Applications), and Geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report also covers the estimated market sizes and trends for 17 different countries across major regions globally. The report offers the value (in USD) for 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
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle East and Africa
GCC
South Africa
Rest of Middle East and Africa
South America
Brazil
Argentina
Rest of South America

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Companion Animal Diagnostic Market Research FAQs

The Companion Animal Diagnostic Market is studied from 2018 - 2028.

The Companion Animal Diagnostic Market is growing at a CAGR of 10% over the next 5 years.

The Companion Animal Diagnostic Market is valued at 2 Billion USD in 2018.

The Companion Animal Diagnostic Market is valued at 4 Billion USD in 2028.

Asia-Pacific is growing at the highest CAGR over 2018 - 2028.

North America holds highest share in 2021.

Heska Corporation, Neogen Corporation, Zoetis Inc., IDEXX Laboratories Inc., Innovative Diagnostics are the major companies operating in Companion Animal Diagnostic Market.

Companion Animal Diagnostics Industry Report

Statistics for the 2023 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 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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