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Companion Animal Diagnostics Market - By Technology (Immunodiagnostics {ELISA, Immunoassay Analyzers}, Clinical Biochemistry {Glucose Monitoring}, Hematology), By Animal (Dogs, Cats), By Application (Parasitology, Pathology), By End-use - Forecast to 2032

  • Report ID: GMI2927
  • Published Date: Mar 2023
  • Report Format: PDF

Companion Animal Diagnostics Market Size

Companion Animal Diagnostics Market size surpassed USD 5.5 billion in revenue in 2022 and is expected to grow at over 9.5% CAGR between 2023 and 2032 driven by increasing cases of zoonotic diseases in domestic animals.
 

Companion Animal Diagnostics Market

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The product demand is primarily fueled by the growing trend of adopting pet animals. The mounting disposable income spent significantly on pet healthcare is projected to promote the companion animal diagnostics industry progress. According to the American Society for the Prevention of Cruelty to Animals, over 4 million shelter animals are adopted each year, while more than 6 million companion animals enter U.S. animal shelters.
 

Moreover, as per European Pet Food Industry Statistics, about 80 million households across the European Union owned at least one pet. The rising usage of pets in ad campaigns and films has further amplified pet adoption. Advancements in companion diagnostics are also driving market size.
 

Prohibitive costs associated with animal tests may restrain industry progression

Despite a positive outlook for product adoption, the companion animal diagnostics market faces a major hurdle in the form of cost disparities associated with veterinary tests. These diagnostic tests are expensive as they need instruments, staff, overheads, and laboratory equipment to function smoothly. As pet owners are comparatively more concerned about their pet’s health and nutrition, they tend to invest in pet healthcare services & products to provide quality care. Furthermore, the excessive prices involved in breeding, housing as well as lengthy protocols of animal experiments are other major drawbacks.
 

Companion Animal Diagnostics Market Analysis

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With regard to technology, the companion animal diagnostics market from the immunodiagnostics segment is poised to register a valuation of more than USD 6.5 billion by 2032. An upsurge in multiple zoonoses, including leptospirosis, bovine ephemeral fever, viral respiratory tract infections, Johne's diseases, dermatophyte fungi, and infectious bovine rhinotracheitis, among others, in companion animals globally is fostering the use of immunodiagnostics technologies, such as ELISA, lateral flow assays, and immunoassay analyzers, due to their simplicity, high throughput capability, time & cost-efficiency, field portability, and others.
 

Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

Global market size for companion animal diagnostics registered a valuation of more than USD 5.5 billion in 2022 and is primed to progress at over 9.5% CAGR between 2023 and 2032 propelled by increasing cases of zoonotic diseases in domestic animals.
Immunodiagnostics segment is poised to be worth more than USD 6.5 billion by 2032 as a result of an upsurge in multiple zoonoses including leptospirosis, bovine ephemeral fever, viral respiratory tract infections, Johne's diseases, dermatophyte fungi, and infectious bovine rhinotracheitis, among others, in companion animals.
Veterinary clinics end-use segment is estimated to garner a valuation of over USD 8 billion by the end of 2032 owing to the corporatization of veterinary clinics, which is leading to the emergence of business chains.
North America companion animal diagnostics market is expected to grow at over 9% CAGR from 2023 to 2032 propelled by high pet care expenditure, growing adoption of pets, and a rise in the incidence rate of zoonotic diseases in the region.

Companion Animal Diagnostics Market Scope

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 14
  • Tables & Figures: 667
  • Countries covered: 29
  • Pages: 180
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