Companion Animal Diagnostics Market Size, Share, Industry Trends and Forecast to 2030

Companion Animal Diagnostics Market Size & CAGR in 2021

The global companion animal diagnostics market is anticipated to have a growth rate of 4.5% CAGR from 2021 to 2028. The market size is expected to reach USD 4.5 billion by 2028.

COVID-19 Impact on the Companion Animal Diagnostics Market

The outbreak of COVID-19 has had a mixed impact on the companion animal diagnostics market. While there was a temporary disruption in the supply chain and production, the increased focus on pet healthcare during the pandemic has led to a surge in demand for diagnostic services.

Companion Animal Diagnostics Dynamics

The companion animal diagnostics market is driven by factors such as the rising adoption of pets, increasing awareness about pet healthcare, and technological advancements in diagnostic tools. On the other hand, the market faces challenges like high costs of diagnostic tests and limited availability of skilled professionals.

Segments and Related Analysis

By Test Type:

- Immunodiagnostic Tests - Molecular Diagnostic Tests - Clinical Biochemistry Tests

By Animal Type:

- Dogs - Cats - Others

By Region Analysis

North America

North America holds the largest market share in the companion animal diagnostics market due to the high pet ownership rate and advanced healthcare facilities for pets in countries like the US and Canada.

Europe

Europe is experiencing steady growth in the companion animal diagnostics market, driven by the increasing focus on preventive healthcare measures for pets and the presence of key market players in the region.

Asia Pacific

Asia Pacific is witnessing rapid growth in the companion animal diagnostics market due to the rising disposable income, changing lifestyles, and growing awareness about pet healthcare in countries like China and India.

Key Market Players and Competitive Landscape

Some of the key players in the companion animal diagnostics market include IDEXX Laboratories, Abaxis, Thermo Fisher Scientific, Zoetis, and Heska Corporation. These companies are focusing on product innovation and strategic collaborations to maintain their market position.

Recent Happenings in the Companion Animal Diagnostics Market

- IDEXX Laboratories introduced a new rapid diagnostic test for detecting heartworm disease in dogs. - Zoetis announced a partnership with a leading veterinary clinic chain to offer advanced diagnostic services for companion animals. - Thermo Fisher Scientific launched a new line of point-of-care diagnostic devices for pets to enable quick and accurate test results.