Companion Animal Diagnostics Market Growth (2023-2031) | Industry Share, Size, Trends, and Global Forecast Report

Newark, New Castle, USA, July 04, 2023 (GLOBE NEWSWIRE) -- In the most recent analysis conducted by Growth Plus Reports, the global companion animal diagnostics market was valued at US$ 2.51 Billion in 2022. Projections indicate a strong upward trajectory, with an expected revenue CAGR of 9.3%. By 2031, the market is anticipated to reach a significant milestone of US$ 5.59 Billion.

The global market for companion animal diagnostics was analysed and is expected to rise significantly during the forecast period. Companion animals are kept for company and enjoyment rather than as livestock, laboratory animals, working animals, or sports animals, i.e., not for commercial or economic gain. 

Key Takeaways: 

• The rising prevalence of companion animal diseases is driving the market revenue share.
• The increase in the usage of glucose monitoring technology to diagnose diabetes in animals is driving the market demand.
• Several collaborations among market players are boosting the market revenue growth.

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                            Companion Animal Diagnostics Market Scope

Report Attribute	Details
Market Size Value in 2022	US$ 2.51 Billion
Market Size Value in 2031	US$ 5.59 Billion
Growth Rate	CAGR of 9.3% from 2023 to 2031
Base Year for Estimation	2022
Forecast Period	2023 to 2031
Historical Year	2021
Segments Covered	Animals, Technology, Application, and Region
Regional Scope	North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Recent Development in the Global Companion Animal Diagnostics Market: 

• In January 2022, T The IDEXX 4Dx Plus Test, the VetConnectPLUS Mobile App, the SediVue Dx Urine Sediment Analyzer, and the New Catalyst SDMA Test were just a few of the product and service updates Idexx Laboratories, Inc. announced that would help veterinary practices be more productive while managing an increase in patient loads. The updates provide doctors with richer, more useful data and individualized guidance to help them reach therapeutic decisions more quickly and with greater assurance.

Competitive Landscape

A list of the market players operating in the global market for companion animal diagnostics includes: 

• Idexx Laboratories Inc.
• IDEXX Laboratories Inc.
• Heska Corporation
• Zoetis Inc.
• Agrolabo SpA

Market Drivers and Restraints: 

The primary driver of the market revenue expansion of companion animal diagnostics is an increase in the number of companion animals, rising veterinary healthcare costs, and rising demand for pet insurance. 

However, the high cost of veterinary testing and high costs of breeding and housing are expected to restrain revenue growth of the global companion animal diagnostics market. 

Market Segmentation: 

Segmentation By Animals

Based on animals, the global companion animal diagnostics market is segmented into cats, dogs, and others. The dog segment accounts for the largest market revenue share. Growing zoonotic disease occurrences worldwide, increasing dog adoption rates, and expanding dog populations all increase the demand for canine veterinarian diagnostics and consultations. 

Segmentation By Technology

Based on the technology, the global companion animal diagnostics market is segmented into clinical biochemistry, clinical chemistry analyzers, glucose monitoring, immunodiagnostics, hematology, molecular diagnostics, urinalysis, and others. The clinical biochemistry segment accounts for the largest revenue share due to the testing for liver dysfunction, diabetes, renal failure, and hypoadrenocorticism or hypokalemia, hypoglycemia, or hyperglycemia.

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Segmentation By Applications

Based on applications, the global companion animal diagnostics market is segmented into bacteriology, parasitology, clinical pathology, and others. The clinical pathology segment accounts for the largest market revenue share due to the latest diagnostic tools and novel diagnostic devices based on clinical diagnostics. 

Regional Growth Dynamics

Based on the region, the global companion animal diagnostics market is segmented into North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa. Due to the increasing number of people adopting pets and various facilities offering veterinary care services, North America accounts for the largest revenue share in the global market.

Report Coverage 

Growth Plus Reports studied the global market for companion animal diagnostics in-depth. Basic market features, important investment sectors, analyses of regional growth, revenue projections, rival market participants, and mergers and acquisitions were all examined.

Table of Content

1. INTRODUCTION

1. 1. Market Ecosystem
   2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
   3. Currency Used in the Report

2. RESEARCH METHODOLOGY 

2. 1. Research Approach
   2. Data Collection Methodology
   3. Data Sources
      1. Secondary Sources 
      2. Primary Sources 
   4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
   5. Market Forecasting Model
   6. Limitations and Assumptions

3. PREMIUM INSIGHTS

3. 1. Current Market Trends (COVID-19 Perspective)
   2. Key Players & Competitive Positioning (2022)
   3. Regulatory Landscape

4. MARKET DYNAMICS

4. 1. Drivers
   2. Restraints/Challenges
   3. Opportunities

5. GLOBAL COMPANION ANIMAL DIAGNOSTICS MARKET - ANALYSIS & FORECAST, BY ANIMALS

5. 1. Cats
   2. Dogs
   3. Others

6. GLOBAL COMPANION ANIMAL DIAGNOSTICS MARKET - ANALYSIS & FORECAST, BY TECHNOLOGY

6. 1. Clinical biochemistry
   2. Clinical chemistry analyzers
   3. Glucose monitoring
   4. Immunodiagnostics
   5. Hematology
   6. Molecular diagnostics
   7. Urinalysis
   8. Others

7. GLOBAL COMPANION ANIMAL DIAGNOSTICS MARKET - ANALYSIS & FORECAST, BY APPLICATION

7. 1. Bacteriology
   2. Parasitology
   3. Clinical pathology
   4. Other applications

COMPANION ANIMAL DIAGNOSTICS MARKET TOC

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