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Companion Animal Diagnostic - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts 2019 - 2029

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  • 117 Pages
  • February 2024
  • Region: Global
  • Mordor Intelligence
  • ID: 5025852
The companion animal diagnostic market size is expected to grow from USD 3.11 billion in 2024 to USD 5.02 billion by 2029, 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 doled 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.

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 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.

Additional Benefits:

  • The market estimate (ME) sheet in Excel format
  • 3 months of analyst support

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Table of Contents

1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Demand for Pet Insurance
4.2.2 Growth in the Companion Animal Population
4.2.3 Increasing Number of Veterinary Practitioners in Developed Economies
4.3 Market Restraints
4.3.1 Rising Burden of the Pet Care Cost
4.4 Industry Attractiveness - Porter's Five Forces Analysis
4.4.1 Bargaining Power of Buyers/Consumers
4.4.2 Bargaining Power of Suppliers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Animals
5.1.1 Cats
5.1.2 Dogs
5.1.3 Other Animals
5.2 By Application
5.2.1 Bacteriology
5.2.2 Parasitology
5.2.3 Clinical Pathology
5.2.4 Other Applications
5.3 By Technology
5.3.1 Immunodiagnostic Tests
5.3.2 Molecular Diagnostics
5.3.3 Diagnostic Imaging
5.3.4 Other Diagnostics
5.4 Geography
5.4.1 North America United States Canada Mexico
5.4.2 Europe Germany United Kingdom France Italy Spain Rest of Europe
5.4.3 Asia-Pacific China Japan India Australia South Korea Rest of Asia-Pacific
5.4.4 Middle East and Africa GCC South Africa Rest of Middle East and Africa
5.4.5 South America Brazil Argentina Rest of South America
6.1 Company Profiles
6.1.1 Agrolabo SpA
6.1.2 BioMerieux SA
6.1.3 Chembio Diagnostic Systems Inc.
6.1.4 Creative Diagnostics
6.1.5 Heska Corporation
6.1.6 IDEXX Laboratories Inc.
6.1.7 Innovative Diagnostics (IDvet)
6.1.8 Indical Bioscience GmbH
6.1.9 Randox Laboratories Ltd
6.1.10 Neogen Corporation
6.1.11 Thermo Fisher Scientific Inc.
6.1.12 Virbac
6.1.13 Zoetis Inc.

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • Agrolabo SpA
  • BioChek BV
  • bioMerieux SA
  • Chembio Diagnostic Systems Inc.
  • Creative Diagnostics
  • Heska Corporation
  • IDEXX Laboratories Inc.
  • IDvet
  • Indical Bioscience GmbH
  • Neogen Corporation
  • Randox Laboratories Ltd
  • Thermo Fisher Scientific Inc.
  • Virbac
  • Zoetis Inc.