by The global companion animal diagnostic services market size was estimated at around USD 6.94 billion in 2022 and it is projected to hit around USD 14.14 billion by 2032, growing at a CAGR of 7.38% from 2023 to 2032. The companion animal diagnostic services market in the United States was accounted for USD 2.5 billion in 2022.
Key Pointers
- North America led the market with a share of over 36% in 2022.
- Asia Pacific region is anticipated to grow at the fastest rate of 9.03% during the forecast period.
- By Animal Type, the dogs segment contributed the largest market share of 56% in 2022.
- By Animal Type, the other companion animals segment is expected to expand at the highest CAGR of 9.05% during forecast period.
- By Testing Category, the clinical chemistry segment held the highest revenue share of 21% in 2022.
- By Testing Category, the cytopathology segment is anticipated to grow at the highest CAGR of 90.7% from 2023 to 2032.
- By Type, the Laboratory-based segment is expected to grow at the fastest CAGR of 7.06% between 2023 to 2032.
The companion animal diagnostic services market is a crucial segment within the broader veterinary industry, dedicated to providing comprehensive diagnostic solutions for the health and well-being of our cherished animal companions. This market has witnessed substantial growth in recent years, fueled by a heightened awareness of the importance of preventive healthcare measures for pets.
Market Growth
The robust growth of the companion animal diagnostic services market can be attributed to several key factors. Firstly, the escalating rates of pet ownership worldwide have driven an increased demand for advanced veterinary diagnostics, as pet owners seek comprehensive healthcare solutions for their beloved animals. Furthermore, continuous advancements in veterinary diagnostic technologies, particularly in areas such as diagnostic imaging, laboratory services, and point-of-care testing, have significantly enhanced the precision and efficiency of disease detection. The growing emphasis on preventive healthcare among pet owners, coupled with the expanding trend of veterinary specialization, has further fueled the demand for a diverse range of diagnostic services. The globalization of pet care standards has standardized the need for diagnostic services across regions, contributing to the overall market growth. In summary, a combination of increased pet ownership, technological innovations, a proactive approach to animal healthcare, specialization within the veterinary field, and globalized healthcare standards collectively propels the expansion of the Companion Animal Diagnostic Services Market.
Get a Sample: https://www.visionresearchreports.com/report/sample/40954
Report Scope of the Companion Animal Diagnostic Services Market
| Report Coverage | Details |
| Market Revenue by 2032 | USD 14.14 billion |
| Growth Rate from 2023 to 2032 | CAGR of 7.38% |
| Revenue Share of North America in 2022 | 36% |
| CAGR of Asia Pacific from 2023 to 2032 | 9.03% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
Market Dynamics
Drivers
Surge in Pet Ownership:
The steady rise in pet ownership globally has been a primary catalyst for the increased demand for companion animal diagnostic services. As pets become integral parts of families, there is a parallel surge in the inclination to invest in their healthcare, driving the need for comprehensive diagnostic solutions.
Veterinary Specialization Trends:
The increasing trend towards specialization within veterinary medicine has led to a diversification of diagnostic services. Specialized testing for genetic predispositions, infectious diseases, and other niche areas has become integral to providing more targeted and personalized healthcare solutions.
Restraints
Regulatory Hurdles:
Stringent regulatory requirements and compliance standards in the veterinary diagnostics sector can create barriers to entry for new market players. Navigating complex regulatory landscapes may slow down the introduction of innovative diagnostic solutions, impacting market dynamics.
Ethical Concerns:
Ethical considerations related to certain diagnostic procedures, especially invasive or uncomfortable tests, may influence pet owners’ decisions. Balancing the necessity of diagnostic services with ethical considerations is a delicate aspect that can influence the acceptance and utilization of these services.
Opportunities
Personalized Medicine and Genetic Testing:
The increasing focus on personalized medicine for animals, including genetic testing, provides a substantial growth opportunity. Genetic testing can offer insights into hereditary conditions, enabling tailored healthcare plans and contributing to the advancement of precision veterinary medicine.
Rising Pet Insurance Adoption:
The growing adoption of pet insurance presents an opportunity for increased utilization of companion animal diagnostic services. As pet owners seek comprehensive coverage for their animals, the demand for diagnostics may see a corresponding rise, driven by a financial framework that supports advanced healthcare.
Animal Type Insights
The dogs segment dominated the market with the largest market share of 56% in 2022. This is owing to initiatives by key market players, a high pet dog population, and the availability of a range of diagnostic services specific to canine patients. In April 2022, Embark Veterinary, Inc. for example launched a new canine genetic screening test for veterinary professionals. The launch represents a notable shift for the dog DNA segment, which otherwise, has been largely focused on determining breed mix.
Other companion animals segment is anticipated to grow the fastest CAGR of 9.05% from 2023 to 2032. The popularity of small mammals, birds, and exotic pets such as reptiles has grown in recent years, leading to increased pet health concerns. Pet owners are becoming more aware of the importance of regular check-ups and early disease detection, driving the demand for diagnostic services for other companion animals. The Ohana Animal Hospital in the U.S. for instance is one of the many service providers in the country that offer laboratory testing, digital imaging, and other critical diagnostic services to exotic pets.
Testing Category Insights
The clinical chemistry segment held the largest revenue share of 21% in 2022 by testing category. The segment includes testing of chemical composition of body fluids such as serum or plasma, urine, joint fluid, etc., and includes applications such as organ function testing for kidney, liver, pancreas, and more. The high segment share can be attributed to a wide range of clinical chemistry testing services offered by key companies, increasing uptake of these services, as well as growing advancements in the sector.
The cytopathology segment is projected to grow at the highest CAGR of 90.7% during the forecast period. Zoetis Reference Laboratories is one of the many key players that offer cytopathology testing for pets. This includes Cytopathology Simple/Single Site and Cytopathology Complex tests for cats and dogs. In October 2021, Zoetis added digital cytology testing to its multipurpose diagnostics technology platform- Vetscan Imagyst. This provided veterinary professionals remote access to expert clinical pathologists and enabled rapid and minimally invasive diagnosis of cancer, inflammation, infection, and more.
Type Insights
By type, the Point-of-Care (POC) segment held the highest share of the market in 2022. The segment includes testing services provided at point-of-care (i.e., where the pet receives care), such as at home or veterinary hospital/ clinic. Results are provided within minutes, or a few hours (more quickly than send-out lab results), thus enabling veterinarians to provide efficient diagnoses and decide next steps (such as more testing or treatment) preferably in the same visit. In August 2022, PepiPets launched mobile diagnostic testing services for dog and cat owners for at-home diagnostic testing. Such initiatives account for the high segment share.
The Laboratory-based segment is estimated to witness the fastest growth of 7.06% in the near future. The segment includes laboratories (owned and run by companies or public bodies) where customers (mostly vet hospitals & clinics) avail services by submitting samples by courier or overnight delivery and receiving results same-day or within a few days. In September 2022, Antech Diagnostics, for instance, expanded its molecular diagnostic offerings by adding OncoK9 from PetDx and Vidium Animal Health’s SearchLight DNA to its portfolio to enhance canine cancer diagnostics. This is expected to fuel the segment’s growth.
Regional Insights
By region, North America dominated the market with a share of over 36% in 2022. This is owing to the presence of a large number of pet diagnostic service providers, a high medicalization rate, and growing pet expenditure. Medicalization rate, for instance, is defined as the percentage of pets that have visited a veterinarian at least once in the past 12 months. As per the Canadian Animal Health Institute (CAHI) estimates, from 2020 to 2022 the medicalization rate per year for dogs was estimated at 86%. However, a 3% increase was observed in the medicalization rate of cats. This is expected to fuel the demand for reliable diagnostic services.
Asia Pacific region is expected to grow at the fastest rate of 9.03% during the forecast period. This is due to the increasing awareness of diseases in animals, the pet population, and the presence of local market players. Progress in veterinary medical knowledge and technology has expanded the range of available diagnostic tests and improved their accuracy. Pet owners are becoming more educated and aware of the importance of diagnostic services for their pets. This leads to a higher demand for comprehensive and advanced diagnostic testing.
Key Companies
- Zoetis Services LLC
- IDEXX Laboratories, Inc.
- Mars Inc.
- The Animal Medical Center
- Embark Veterinary, Inc.
- SYNLAB
- NationWide Laboratories
- IVC Evidensia
- CVS Group Plc
- Greencross Vets
Companion Animal Diagnostic Services Market Segmentations:
By Animal Type
- Dogs
- Cats
- Horses
- Other Companion Animals
By Testing Category
- Clinical Chemistry
- Microbiology
- Parasitology
- Histopathology
- Cytopathology
- Hematology
- Immunology & Serology
- Imaging
- Molecular Diagnostics
- Other Categories
By Type
- Point-of-Care (POC)
- By Testing Category
- Clinical Chemistry
- Microbiology
- Parasitology
- Histopathology
- Cytopathology
- Hematology
- Immunology & Serology
- Imaging
- Molecular Diagnostics
- Other Categories
- By Testing Category
- Laboratory-based
- By Testing Category
- Clinical Chemistry
- Microbiology
- Parasitology
- Histopathology
- Cytopathology
- Hematology
- Immunology & Serology
- Imaging
- Molecular Diagnostics
- Other Categories
- By Testing Category
By Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
Buy this Premium Research Report@ https://www.visionresearchreports.com/report/checkout/40954
You can place an order or ask any questions, please feel free to contact sales@visionresearchreports.com| +1 650-460-3308
