VANCOUVER, BC, Feb. 20, 2023 /PRNewswire/ -- The companion animal diagnostics market size reached USD 2.23 Billion in 2021 and is expected to register a CAGR of 9.7% during the forecast period, according to latest analysis by Emergen Research. Growing demand for pet insurance, rising preference for rapid tests and portable equipment for point-of-care diagnostic testing for animals, as well as increasing prevalence of multilateral and zoonotic infections are some key factors driving companion animal diagnostics market revenue growth. Diagnostics is one of the most cutting-edge areas in companion animal healthcare. Laboratory tests, including blood work, urinalysis, fecal samples, cardiac health, and cytology, can help diagnose in figuring out a pet's ailment or injury. Diagnostics equipment in veterinary operations is frequently combined with a software platform for smooth analysis, output, and documentation, which is contributing to the growth of this market.
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The major reference labs perform diagnostic procedures, including cytology, biopsy, and antibody testing for companion animals and pets, in addition to more complex and specialized diagnostic tests. According to the Centers for Disease Prevention and Control (CDC), zoonotic diseases are very common, both in the United States and around the world. Scientists estimate that more than 6 out of every 10 known infectious diseases in people can be spread from animals, and 3 out of every 4 new or emerging infectious diseases in people come from animals. As a result, companion animal diagnostics are more in demand in the medical sector, which is boosting the growth of this market.
Drivers:
Demand for companion animal diagnostics devices has significantly increased over the years due to market demand rapid tests and point-of-care diagnostic testing for animals. Veterinarian facilities have long had point-of-care diagnostics equipment available. The adoption of PCR-based methods marks a technological advancement from the initial stage of straightforward pathogen diagnosis. Point-of-care devices have become more sensitive thanks to advancements in lateral flow technologies, particularly conjugation methods. The growing popularity of rapid immunochromatographic kits is a result of their ease of use, low cost, and reproducible findings. For instance, it is already possible to obtain the lateral flow immunoassay test for Lyme disease, canine parvovirus, Giardia, and Ehrlichia. After 10 to 15 minutes, the test's results are visible. On such cost-effective testing devices, multiplexing capabilities further reduce the cost and time of diagnosis. Furthermore, favorable regulatory guidelines and framework for POC rapid testing devices for diagnostic testing for animals are boosting the revenue growth of this market. POC veterinarian tests are only necessary for the EU territory to satisfy general requirements for goods sold there.
More specifically, devices that use electricity (such as benchtop analyzers) must adhere to Directives 2014/30/EU and 2014/35/EU on electromagnetic compatibility and low-voltage instruments, respectively, while POC veterinary tests must comply with Directives 85/374/EEC on product liability and Directive 2001/95/EC on product safety. The Federal Food, Drug, and Cosmetic Act, paragraph 321 h, defines veterinary POC equipment and tests in the United States. According to the Virus-Serum-Toxin Act, Title 9, Code of Federal Regulation. Center of Veterinary Biologicals of the United States Department of Agriculture has control over POC devices and tests for animal illnesses.
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Restraints:
There are some issues and difficulties facing the companion animal diagnostics industry. Some of the significant challenges hindering the growth of this industry are the high costs of pet costs and the shortage of veterinary practitioners in developing countries. Costs for veterinary treatment are also going up. According to government data, prices for veterinary services increased by 10% in the last year, the largest increase in the last 20 years. A study released in August 2022 states that hourly worker pays, which accounts for a sizable portion of clinic operating expenses, increased by 7% in 2021. Additionally, rising in price are the costs of drugs, lab test fees, and medical supplies. Finally, some independent veterinarians criticize corporate purchases of hospitals and clinics for raising the price of veterinary treatment, which is hindering the growth of companion animal diagnostics market.
Growth Projections:
The companion animal diagnostics market is expected to register a CAGR of 9.7% over the forecast period and revenue is projected to increase from USD 2.23 Billion in 2021 to USD 5.12 Billion in 2030. Increasing spending in emerging markets is expected to support revenue growth of the market.
Current Trends and Innovations:
The companion animal diagnostics industry is undergoing gradual change as a result of rapid technological advancements as well as growing demand for pet insurance and increased spending on pets and companion animals. There are many different POCT platforms and formats, including dipsticks and paper-based lateral flow assays (LFAs) like the widely used urine pregnancy test, portable nucleic acid detection systems like loop-mediated isothermal assays (LAMP), recombinase polymerase assays, portable and/or isothermal PCR devices, handheld nanopore sequencing devices, wearable electronic sensors, "smart" textiles, and more. Some POCTs are single-use cartridges, while others offer a portable platform on which a variety of analyses can be performed. Some POCTs identify a single analyte or infectious agent, while others enable multiplexing to combine testing for two or even more targets.
Many POCTs use Bluetooth, Wi-Fi, and smartphone connections to transfer data between distant field sites and main systems, which is driving this market's revenue growth. Furthermore, main factors influencing pet spending are rising pet ownership and rising per-pet costs. Combination insurance is the most popular choice among pet owners, accounting for 2.41 billion dollars of the total revenue. Just USD 7.42 million went into accident insurance out of the total, but another USD 171.9 million went toward riders like cancer and wellness endorsements. Only 2.48% of all pets in the US have insurance, according to data on pet spending and ownership.
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Strategic Initiatives:
Major companies included in the market report are Idexx Laboratories, Inc., Neogen Corporation, Zoetis, Inc., Heska Corporation, IDvet, Virbac, Shenzhen Mindray Animal Medical Technology Co. Ltd, Biomerieux SA, Bionote, Inc., and Randox Laboratories Ltd.
- On 1 April 2020, Heska Corporation, a producer of advanced veterinary diagnostic and specialty products, announced the execution of its USD 110 million cash acquisition of scil animal care firm GmbH from Covetrus, Inc. The Acquisition marks a significant turning point in the Company's long-term strategic plan and was initially disclosed on January 14, 2020. With its headquarters in Germany and operations in France, Italy, Spain, and Canada, scil has established itself as a market leader in Europe for veterinary point-of-care laboratory and imaging diagnostics.
Scope of Research
Report Details | Outcome |
Market Size in 2021 | USD 2.23 Billion |
CAGR (2022-2030) | 9.7 % |
Revenue Forecast to 2030 | USD 5.12 Billion |
Base Year for Estimation | 2021 |
Historical Data | 2019-2020 |
Forecast Period | 2022-2030 |
Quantitative Units | Revenue in USD Million and CAGR in % from 2022 to 2030 |
Report Coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Segments Covered | Technology type, animal type, application, end-use, and region |
Regional Scope | North America, Europe, Asia Pacific, Latin America, and Middle East & Africa |
Country Scope | U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa |
Key Companies Profiled | Idexx Laboratories, Inc., Neogen Corporation, Zoetis, Inc., Heska Corporation, IDvet, Virbac, Shenzhen Mindray Animal Medical Technology Co., Ltd, Biomerieux SA, Bionote, Inc., and Randox Laboratories Ltd. |
Customization Scope | 10 hours of free customization and expert consultation |
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Emergen Research has segmented companion animal diagnostics market on the basis of technology type, animal type, application, end-use, and region:
- Technology Type Outlook (Revenue, USD Billion; 2019-2030)
- Clinical Biochemistry
a. Clinical Chemistry Analyzers
b. Glucose Monitoring - Immunodiagnostics
- Urinalysis
- Hematology
- Molecular Diagnostics
- Others
- Animal Type Outlook (Revenue, USD Billion; 2019-2030)
- Dogs
- Cats
- Others
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Clinical Pathology
- Bacteriology
- Parasitology
- Virology
- Others
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Veterinary Hospitals
- Veterinary Pet Clinics
- Diagnostic Laboratories
- Others
- Regional Outlook (Revenue, USD Billion, 2019 - 2030)
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- South Korea
- India
- Australia
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Rest of LATAM
- Middle East & Africa
- UAE
- Saudi Arabia
- Africa
- Rest of Middle East
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