Companion Animal Diagnostics Market To Generate $4,974 Million Revenue by 2030

The global companion animal diagnostics market size is expected to advance at a CAGR of 9.40% during 2022–2030, to reach USD 4,974 million by 2030. This can be ascribed to the increasing population of pet animals globally.

With the surging population and pet adoption, the threat of zoonotic diseases is also rising. Such animal-transmitted diseases can be life-threatening and can cause an economic crisis in any region. According to the National Center for Biotechnology Information, globally, rabies accounts for 59,000 human deaths and USD 2.2 billion in economic loss every year. Also, with some re-emerging diseases such as noroviruses, rotaviruses, and influenza, the demand for companion animal diagnostics is rising at a significant rate.

Geographically, North America is the largest and fastest-growing companion animal diagnostics market, due to the increased disposable income of people and the high adoption rate of animals in the region. In North America, the U.S. is a larger market for animal diagnostics. This is attributed to the presence of major players with diversified offerings related to animal diagnostics, and around 70% of households in the country owned a pet as of 2021.

Emerging Usage of Point-of-Care Instruments

Based on end user, point-of-care/home care setting is expected to be the fastest-growing category in the coming years. This can be ascribed to the surging demand for rapid tests and portable instruments for point-of-care (POC) services. These systems can be used in the time of emergencies and by field veterinarians. Also, these instruments are gaining popularity, due to their ease of use, portability, lower cost, and the specificity they are providing for many diseases. Moreover, many major players such as Heska Corporation and Zoetis Inc. have launched several POC tests for various diseases such as cancer screening tests, self-monitored blood glucose tests to monitor diabetes, and many more.

Whereas, diagnostics laboratories accounted for the largest share in 2022, due to the increasing animal expenditure and the rising number of samples for tests in laboratories. In addition, with the surging need for tests and pet owners getting more aware of their pets’ health, the demand for diagnostics for the prevention and treatment of diseases is growing at a significant rate.

Bacteriology Category To Witness Significant Growth

In the forecasted period, the bacteriology category is expected to grow at a significant rate, due to the prevalence of bacterial infections in companion animals such as dogs and cats like Capnocytophaga, Cat scratch disease, Toxocariasis, and Toxoplasmosis. Due to this, the demand for diagnostics for these bacteria-related diseases is increasing at a high rate.

Initiatives for Companion Animal Health

There are many initiatives that are being taken by governments of different nations for the healthcare of companion animals. For instance, the ‘One Health’ initiative by the Food and Agriculture Organization of the United Nations, the World Health Organization, and the World Organization for Animal Health, helps prevent the outbreak of zoonotic diseases in animals and people, reduce antibi microbial-resistant infections, and improve human and animal health.

The major companion animal diagnostics market players are Zoetis Inc., Idexx Laboratories Inc., Heska Corporation, Thermo Fisher Scientific Inc., Biomerieux SA, VIRBAC, Neogen Corporation, FUJIFILM Holdings Corporation, Indical Bioscience Gmbh, Innovative Diagnostics (IDVET), and Randox Laboratories Ltd.