Companion Animal Diagnostics Market worth $3.0 billion by 2025 - Growth in the number of veterinary practitioners in developed countries

Companion Animal Diagnostics Market by Technology (Immunodiagnostic, Clinical Biochemistry, Hematology, Urine Analysis), Application (Clinical Pathology, Virology, Bacteriology, Parasitology), Animal (Dog, Cat, Horse), End-User - Global Forecast to 2025

(EMAILWIRE.COM, August 20, 2021 ) The companion, animal diagnostics market, is projected to reach USD 3.0 billion by 2025 from an estimated USD 1.8 billion in 2020, at a CAGR of 9.8%. Factors such as the rising companion animal population, increasing demand for pet insurance, and the growth in the number of veterinary practitioners in developed countries are driving the growth of this market. Also, the growing demand for rapid tests and portable instruments for point-of-care services and the use of advanced technologies like machine learning is expected to offer potential growth opportunities for market players in the coming years. However, increasing pet care costs are expected to restrain market growth to a certain extent.

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Asia Pacific market to witness the highest growth during the forecast period

The global companion, animal diagnostics market, is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. In 2019, North America was estimated to be the largest regional market for companion animal diagnostics. However, the Asia Pacific market is expected to grow at the highest CAGR during the forecast period primarily due to factors such as growth in pet adoption, increasing awareness about animal health, and increasing per capita animal health expenditure, especially in India and China.

Key Market Players

IDEXX Laboratories, Inc. (US), and Zoetis, Inc. (US) and Heska Corporation (US) are the major players operating in the companion animal diagnostics market. Some of the other players operating in this market are Thermo Fisher Scientific, Inc. (US), Virbac (France), Heska Corporation (US), Neogen Corporation (US), bioMérieux SA (France), IDvet (France), INDICAL Bioscience GmbH (Germany) [QIAGEN N.V. (Netherlands)], and Randox Laboratories Ltd. (UK).

IDEXX Laboratories was the leading player in the market and accounted for the largest share of 55-60% in 2019. The company has a diversified product portfolio, which includes a wide range of companion animal diagnostic products. IDEXX’s position in the market is attributed to its active R&D activities and wide distribution footprint across the world. It enables the company to serve customers in more than 100 countries. To garner a larger share in the market, the company continuously focuses on product developments and launches. For instance, in January 2019, the company launched Canine Progesterone Test for Catalyst Dx and Catalyst One analyzers for the canines. Similarly, in January 2018, IDEXX launched its IDEXX Catalyst SDMA Test to analyze kidney function in companion animals.

Immunodiagnostics segment to account for the largest share of the companion animal diagnostics market in 2019

Based on technology, the companion animal diagnostics market is segmented into immunodiagnostics, clinical biochemistry, hematology, urinalysis, molecular diagnostics, and other companion animal diagnostic technologies. These methods have been used clinically for decades in the veterinary industry, and are the only reliable option to test animals for several infectious diseases such as equine infectious anemia virus and feline immunodeficiency virus. Immunodiagnostic tests can identify the presence of antibodies to viruses that are inactive and no longer present in the body. These advantages are further used to widen the clinical applications of immunodiagnostic tests in the veterinary health market.