Companion Animal Diagnostics Market size was over USD 2.67 billion in 2023 and is likely to reach USD 9 billion by the end of 2036, witnessing around 9.8% CAGR during the forecast period i.e., between 2024-2036. In the year 2024, the industry size of companion animal diagnostics is assessed at USD 2.88 billion.
The major factors which are attributed to drive the growth of the market are the rising population of companion animals. The surge in the market can also be projected to the factors such as the rising demand for pet insurance and increasing in the number of veterinary practitioners in developed countries globally. Moreover, the growing demand for rapid tests and portable instruments for point-of-care services is anticipated to propel the growth of the market.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024–2036 |
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CAGR |
9.8% |
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Base Year Market Size (2023) |
USD 2.67 billion |
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Forecast Year Market Size (2036) |
USD 9 billion |
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Regional Scope |
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The market is segmented on the basis of technology which is further bifurcated into immunodiagnostics, clinical biochemistry, haematology, urinalysis, molecular diagnosis, and, others, out of which the molecular diagnosis segment is anticipated to hold the largest share in the target market as compared to other technologies. As the need for reliable, specific, and faster methods to detect chronic diseases and genetic disorders in the primary stage is growing, it has led to the growth of the market segment.
On the basis of application, clinical pathology segment in the global companion animal disease diagnostics market is projected to grow with a significant CAGR over the forecast period. The market is growing because clinical pathology tests are considered as the first tool for the evaluation of disease patterns as it provides an understanding of disease mechanism and progression as it is important for the development of new treatments.
Our in-depth analysis of the global market includes the following segments:
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By Technology |
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By Application |
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By Animal Type |
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End-User |
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Geographically, the companion animal diagnostics market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in North America industry is predicted to account for largest revenue share by 2036, on account of rising pet adoption and increasing awareness about animal health. which is one of the major factors contributing to the market growth across the region. Additionally, on account of surge in the demand of effective therapies and growing investment for the development of innovative devices has created market growth opportunities over the upcoming forecast period.
Author Credits: Radhika Pawar
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