Companion Animal Diagnostic Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

Companion Animal Diagnostic Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The companion animal diagnostic market is expected to register a CAGR of 9.2% over the forecast period (2022-2027).

The COVID-19 pandemic has also caused drastic changes to a normal routine with social distancing and lockdowns in place across the globe. During the lockdown, many people suffered from the loneliness which led to an adverse impact on their mental health. Therefore, many of them had bought companion animals during the lockdown period. For example, a 2020 survey conducted by the Japan Pet Food Association found a 15.0% increase in dog and cat ownership compared to the pre-pandemic years. There were an estimated 8.5 million dogs and 9.5 million cats being kept as pets in Japan as of October 2020. Similarly, according to the People's Dispensary for Sick Animals (PDSA) PAW report published in June 2021, 2.0 million people in the United Kingdom owned pets between March 2020 to May 2021. Thus, increasing pet ownership surged the demand for companion animal diagnostic procedures owing to which the market witnessed considerable market growth over the forecast period.

Rising veterinary healthcare expenditure and a growing demand for pet insurance coupled with a growing companion animal population are the major factor propelling the growth of the market. For instance, according to the report published by the American Pet Products Association, Inc. the United States pet industry expenditure in 2019, 2020, and 2021 was USD 97.1 billion, USD 103.6 billion, and USD 123.6 billion, respectively. Similary, as per the report published by the North American Pet Health Insurance Association (NAPHIA) in 2021, the pet insurance sector of North America exceeded USD 2.83 billion by the end of 2021, and the industry witnessed a growth of more than doubled over the past four years (2018 – 2021). It also reported total premium volume for pet insurance in the United States was around USD 2.6 billion in 2021. The total number of pets insured in the United States at the end of the year 2021 was 3.9 million, which was around a 28.0% increase from 2020. Therefore, such instances indicate a significant market growth over the forecast period.

However, rising burden of the pet care across the globe is anticipated to hinder the market growth over the forecast period.

Key Market TrendsClinical Pathology is Expected to Witness Growth Over the Forecast Period

Clinical pathology is estimated to witness significant growth over the forecast period owing to the increasing number of pet pathology tests. These tests encompass cytopathology, hematology, and general pathology. An increasing number of pet owners and their concerns regarding pet health led to the adoption of new innovative diagnostic products for diagnosing purposes. Some of the products are Catalyst Dx and Catalyst One chemistry analyzers.

Moreover, as clinical pathology tests are the mainstay or first step toward detecting companion animal diseases, therefore the rising cases of diseases among companion animals are expected to boost the segment growth. The new instruments for the diagnosis of infectious diseases are also being introduced into the market. For instance, in August 2020, IDEXX Laboratories, Inc. launched the ProCyte One hematology analyzer. The new analyzer's advanced technology delivers breakthrough workflow simplicity and consistent, accurate results at the point of care. Furthermore, in Januray 2020, IDEXX Laboratories, Inc. has launched a new rapid digital cytology service that digitally connects veterinarians with the largest global network of over 100 veterinary clinical pathologists, allowing them to receive cytology interpretations within 2 hours.

Therefore, owing to such instances considerable segment growth is anticipated over the forecast period.

North America is Expected to Dominate the Companion Animal Diagnostic Market Over the Forecast Period

North America is expected to dominate the overall companion animal diagnostics market over the forecast period. The major factors contributing to the market growth in the region are the prevalence of an increasing number of people adopting pets, and several facilities providing pet care services. Additionally, rising adoption of key strategies such as partnerships and acquisitions, and growing investments are expected to lead to market growth. For instance, according to the National Pet Owners Survey 2021-2022, conducted by the American Pet Products Association (APPA), around 70.0% of United States households own a pet, which equates to 90.5 million homes, including 45.3 million cats and 69.0 million dogs. The rising adoption of pets may drive the growth of veterinary diagnostics in the longer term in this region.

Key product launches, high concentration of market players or manufacturer's presence, and acquisition & partnerships among major players in the United States are some of the factors driving the growth of the companion animal diagnostics market in the country. For instance, in December 2020, VolitionRx Limited introduced the ‘’ Nu.Q Vet Cancer Screening Test’’ in the United States. It is a simple and low-cost blood test designed primarily for large dogs. Hence, the geographic presence of major market players, coupled with the increasing market development activities by these players, is anticipated to offer lucrative growth in this region.

Therefore, owing to the aforesaid factors the growth of the studied market is anticipated in the North America Region.

Competitive Landscape

The companion animal diagnostic market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market studied. The competitive landscape includes an analysis of a few international as well as local companies which hold the market shares and are well known including Heska Corporation, Agrolabo SpA, Zoetis Inc., IDEXX Laboratories Inc., IDvet, Neogen Corporation, Thermo Fisher Scientific Inc., Randox Laboratories Ltd, and Virbac among others.

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