Market Trends of Companion Animal Diagnostic Industry
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.
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.
