Companion Animal Diagnostic Services Market Size is Predicted to Witness 7.35% CAGR till 2030

 

The global Companion Animal Diagnostic Services Market is expected to reach USD 12.25 billion by 2030, registering a CAGR of 7.35% over the forecast period, according to a new report by Grand View Research, Inc. The market is driven by increasing advancements in pet diagnostics, expansion of service offerings by key market players, pet insurance penetration, rising pet expenditure, and growing pet health concerns. The North American Pet Health Insurance Association (NAPHIA) for instance, reported that about 3.88 million dogs in the U.S. are insured, while about 0.96 million cats have insurance policies. This represented about 22% growth in total insured pets over 2022. As more pet owners opt for insurance coverage, the demand for veterinary services, including diagnostic services is anticipated to increase in the coming years.

The COVID-19 pandemic had both positive and negative impacts on the market. This included limited access to veterinary care, operational challenges, awareness about pet health, concerns over zoonoses, and supply chain bottlenecks. In 2022, however, the market experienced a dampened growth rate owing to the macroeconomic challenges brought on by high input costs and other factors. For example, Neogen Corporation reported a decrease in domestic pet genomics services revenue owing to a difficult comparison from strong 2021 sales growth. While IDEXX reported a notable impact on its gross profit in 2022 owing to higher service costs (including facility, labor, and product costs) and high freight and distribution costs. However, as diagnostic and healthcare standards that people expect for themselves continue to extend to their pets, it is estimated to drive the demand for sophisticated diagnostic services over the forecast period.

Increasing adoption of pet insurance is a key market driver. Diagnostic services can sometimes be expensive, particularly for advanced procedures like MRI scans or genetic testing. Pet insurance mitigates the financial burden on pet owners, making it more feasible for them to opt for these services when recommended by veterinarians. Also, pet insurance policies often cover a portion of or the entire cost of diagnostic services, including laboratory tests, imaging, and other medical procedures. Pet owners who have insurance are more likely to take their pets to the veterinarian regularly, increasing the likelihood of early disease detection through diagnostics. This proactive approach not only improves the pet's health outcomes but also reduces the overall cost of treatment by addressing issues in their early stages.

List of Key Players in the Companion Animal Diagnostic Services Market

• Zoetis Services LLC
• IDEXX Laboratories, Inc.
• Mars Inc.
• The Animal Medical Center
• Embark Veterinary, Inc.
• SYNLAB
• NationWide Laboratories
• IVC Evidensia
• CVS Group Plc
• Greencross Vets

Related Press Release@ Companion Animal Diagnostic Services Market Report

Companion Animal Diagnostic Services Market Report Highlights

• The diagnostic and healthcare standards that people expect for themselves are extending to their pets, driving demand for sophisticated diagnostic services
• By Testing Category, the Clinical Chemistry segment dominated the market with a share of over 20% in 2022. The Cytopathology segment on the other hand, is estimated to witness the highest growth rate of more than 9% in the coming years
• In terms of Type, the Point-of-Care (POC) segment dominated the market in 2022. The Laboratory-based segment is projected to grow at the fastest rate of over 7% during the forecast period
• Dogs accounted for the highest share of about 55% of the market by animal type in 2022. Other companion animals segment is estimated to witness the highest CAGR of over 9% in the near future
• As pets live longer, the prevalence of age-related conditions and chronic diseases increases, leading to a higher demand for diagnostic services. Furthermore, the rise in pet insurance adoption encourages pet owners to seek comprehensive diagnostic testing for their pets, as insurance coverage can offset costs
• In 2022, North America held the highest share of over 35% of the market by region. The Asia Pacific region is expected to grow at the fastest rate of over 9% during the forecast period
• The COVID-19 pandemic and other zoonotic disease outbreaks have underscored the importance of monitoring and diagnosing diseases that can be transmitted between animals and humans thus fueling the market growth

Companion Animal Diagnostic Services Market Report Scope

Report tribute	Details
The market size value in 2023	USD 7.45 billion
The revenue forecast in 2030	USD 12.25 billion
Growth rate	CAGR of 7.35% from 2023 to 2030
Base year for estimation	2022
Historical data	2018 - 2021
Forecast period	2023 - 2030

 

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Companion Animal Diagnostic Services Market Segmentation

Grand View Research has segmented the global companion animal diagnostic services market based on testing category, type, animal type, and region:

Companion Animal Diagnostic Services Testing Category Outlook (Revenue, USD Million, 2018 - 2030)

• Clinical Chemistry
• Microbiology
• Parasitology
• Histopathology
• Cytopathology
• Hematology
• Immunology & Serology
• Imaging
• Molecular Diagnostics
• Other Categories

Companion Animal Diagnostic Services Type Outlook (Revenue, USD Million, 2018 - 2030)

• Point-of-Care (POC)
• By Testing Category

• Clinical Chemistry
• Microbiology
• Parasitology
• Histopathology
• Cytopathology
• Hematology
• Immunology & Serology
• Imaging
• Molecular Diagnostics
• Other Categories
• Laboratory-based
• By Testing Category
• Clinical Chemistry
• Microbiology
• Parasitology
• Histopathology
• Cytopathology
• Hematology
• Immunology & Serology
• Imaging
• Molecular Diagnostics
• Other Categories

Companion Animal Diagnostic Services Animal Type Outlook (Revenue, USD Million, 2018 - 2030)

• Dogs
• Cats
• Horses
• Other Companion Animals

Companion Animal Diagnostic Services Regional Outlook (Revenue, USD Million, 2018 - 2030)

• North America
• U.S.
• Canada
• Europe
• Germany
• UK
• France
• Italy
• Spain
• Netherlands
• Sweden
• Denmark
• Asia Pacific
• Japan
• China
• India
• South Korea
• Australia
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• South Africa
• Saudi Arabia

About Us:
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, the company offers market intelligence studies ensuring relevant and fact-based research across a range of industries including technology, chemicals, materials, healthcare and energy.

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