Companion Animal Diagnostics Market Set to Soar Past USD 4.97 Billion by 2030

The global Companion Animal Diagnostics market size is expected to reach USD 4.97 billion by 2030 and exhibit a CAGR of 9.4% in the forecast period (2023−2030), according to Skyquest's latest research report. The increasing pet ownership and the human-animal bond, growing awareness about animal healthcare and the need for regular diagnostics, rise in zoonotic diseases and the need for early detection in companion animals, and advancements in diagnostic technologies and tools for pets are fueling the Market's growth.

Westford, USA, Aug. 28, 2023 (GLOBE NEWSWIRE) -- According to SkyQuest's latest global research of the Companion Animal Diagnostics market, increasing demand for point-of-care diagnostic solutions, growing adoption of molecular diagnostics for accurate and rapid results, expansion of telemedicine and remote monitoring for veterinary diagnostics, the rising popularity of genetic testing for breed identification and disease predisposition, emphasis on preventive healthcare and wellness testing for pets, integration of artificial intelligence and machine learning in diagnostic tools, development of non-invasive and minimally invasive diagnostic techniques are the trends that aid in the market's growth.

Browse in-depth TOC on "Companion Animal Diagnostics Market"

  • Pages - 165
  • Tables - 130
  • Figures - 77

Companion animal diagnostics is the use of tests and procedures to diagnose diseases in companion animals, such as dogs, cats, and horses. These tests can help to identify the cause of a pet's illness, so that the veterinarian can recommend the best course of treatment.

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Prominent Players in Companion Animal Diagnostics Market

  • IDEXX Laboratories
  • Zoetis
  • Heska Corporation
  • Abaxis
  • Bio-Rad Laboratories
  • Thermo Fisher Scientific
  • Virbac
  • Idexx Laboratories
  • Pfizer Animal Health
  • VCA Animal Hospitals
  • Mars Petcare
  • Royal Canin
  • Nestle Purina PetCare
  • Hill's Pet Nutrition
  • Bayer Animal Health
  • Boehringer Ingelheim Animal Health
  • Ceva Animal Health
  • Dechra Pharmaceuticals
  • Elanco Animal Health
  • Merial
  • Virbac Animal Health
  • IDEXX Laboratories

Molecular Diagnostics Demand to Grow Substantially in the Forecast Period

Molecular diagnostics dominated the global market owing to its advantages over traditional diagnostics. It also enables the detection of genetic material or specific biomarkers. Moreover, molecular diagnostic tests often provide faster results compared to conventional methods. This is particularly crucial in critical situations where timely diagnosis can be critical for effective treatment.

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Infectious Disease is the Leading Application Segment

In terms of application, infectious disease is the leading segment due to its rising prevalence. In addition, many contagious diseases in companion animals have zoonotic potential, meaning they can be transmitted from animals to humans. This raises concerns regarding public health and emphasizes the importance of early diagnosis and management of these diseases in pets.

Asia-Pacific and North America are the leading Markets Due to the High Pet Ownership 

Region-wise, North America is one of the largest growing markets with a massive emphasis on pet ownership. In addition, the region boasts advanced veterinary healthcare infrastructure, including well-established veterinary hospitals, clinics, and research institutes. This infrastructure supports the demand for companion animal diagnostics and facilitates the adoption of advanced diagnostic technologies.

A recent report thoroughly analyzes the major players operating within the Companion Animal Diagnostics market. This comprehensive evaluation has considered several crucial factors, such as collaborations, mergers, innovative business policies, and strategies, providing invaluable insights into the key trends and breakthroughs in the market. Additionally, the report has carefully scrutinized the market share of the top segments and presented a detailed geographic analysis. Finally, the report has highlighted the major players in the industry and their ongoing endeavors to develop innovative solutions that cater to the ever-increasing demand for Companion Animal Diagnostics.

Key Developments in the Companion Animal Diagnostics Market

  • Zoetis Inc. acquired Jurox, a privately held animal health firm that develops, produces, and markets a broad variety of veterinary pharmaceuticals for the treatment of livestock and companion animals. Jurox's headquarters are in Australia, with regional offices in New Zealand, the United States, Canada, and the United Kingdom.

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Key Questions Answered in Companion Animal Diagnostics Market Report

  • What specific growth drivers are projected to impact the market during the forecast period?
  • Can you list the top companies in the market and explain how they have achieved their positions of influence?
  • In what ways do regional trends and patterns differ within the global market, and how might these differences shape the market's future growth?

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