Companion Animal Diagnostics Market is expected to reah US$ 6,303.87 million by 2030

Publisher: The Insight Partners

Immunodiagnostics Segment to Account for Largest Share in Companion Animal Diagnostics Market During 2022–2030

According to our latest study on Companion Animal Diagnostics Market Forecast to 2030 – by Technique,Product, Application, Companion Animal Type, and End User," the market is expected to grow from US$ 3,139.74 million in 2022 to US$ 6,303.87 million by 2030; it is expected to register a CAGR of 9.1% from 2022 to 2030. The report highlights the key factors driving the market growth and prominent players with their developments in the market. 

Upsurge in Pet Spending Drives Market Growth

A large number of pet owners spend significantly on animal healthcare, particularly on veterinary care, diagnostics, and pharmaceuticals. Pet wellness and preventive diagnostic testing is still in its early stages. Animals can suffer from chronic illnesses such as arthritis, cancer, and allergies, similar to humans. Chronic diseases in pets have become more prevalent, which has a significant impact on people’s spending on their pets’ well-being and health. According to estimates from the American Veterinary Medical Association, 1 in 4 dogs is likely to experience neoplasia at some point in their life. Moreover, nearly half of the dogs would develop cancer after the age of 10. According to the American Pet Products Association, Americans spent US$ 136.8 billion on their pets in 2022, which was 10.68% higher than the amount spent in 2021 (US$ 123.6 billion). Thus, the growing prevalence of chronic diseases has become a more significant factor in the increase in pet spending. For instance, according to HealthforAnimals globally, an estimated US$ 4.6 billion was spent on companion animal diagnostics in 2022.

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Zoetis Services LLC.; Elabscience, Inc.; ICL, Inc; Universal Biosensors; i-SENS, Inc.; Innovative Diagnostics; Tianjin LOCMEDT Technologies Co., Ltd.; ARI Medical Technology Co., Ltd.; Demeditec Diagnostics GmbH; and Heska Corporation are among the leading companies operating in the global companion animal diagnostics market.    

Various organic and inorganic strategies are adopted by companies operating in the global companion animal diagnostics market. Organic strategies mainly include product launches and product approvals. Further, acquisitions, collaborations, and partnerships are among the inorganic growth strategies witnessed in the market. These growth strategies allow the market players to expand their businesses and enhance their geographic presence, thereby contributing to the overall market growth. Further, acquisition and partnership strategies help the market players strengthen their customer base and expand their product portfolios. A few of the significant developments by key players operating in the global companion animal diagnostics market are listed below.

• In October 2023, Basepaws launched the most extensive DNA test for dogs, focused on health and early detection of disease risk. Basepaws Breed + Health Dog DNA Test assists pet owners in shifting from reactive to proactive care by providing simple swabbing and mobile-friendly results for a more convenient experience.
• In September 2023, Zoetis Inc completed the acquisition of Jurox, a privately held animal health firm that develops, manufactures, and markets a diverse range of veterinary pharmaceuticals for the treatment of livestock and companion animals. With the purchase of Jurox, Zoetis gains a number of critical medicines poised for global expansion; a valuable animal health portfolio, including Alfaxan, a leading anesthetic product for companion animals; and high-quality local R&D and manufacturing capabilities in Australia.

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