As per a report by P&S Intelligence, the total revenue generated by the companion animal diagnostics market was USD 2,424 million in 2022, and it will grow at a CAGR of 9.40% in the years to come, to reach USD 4,974 million by 2030.
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The dog category had the largest share in 2022. This is because of the snowballing population and acceptance rate of dogs and the increasing cases of zoonotic diseases, leading to the growing demand for veterinary visits and diagnostics for dogs. In 2023, the global population of dogs will be around 900 million out of which about 470 million are pet dogs.
With this enormous and growing number, the necessity for diagnostics facilities for dogs will similarly rise, and therefore, this will straight-away impact the industry positively.
Cat is the second-largest in the animal type and the largest in Europe because of the larger count of pet cats than dogs in the region. For example, as per the FEDIAF, there are 113 million pet cats in Europe as opposed to 92 million pet dogs.
Clinical pathology held the largest share in the companion animal diagnostics market. This is because of the snowballing cases of chronic ailments in companion animals.
Clinical pathology is one of the primary steps for detection of these diseases in pets. Consequently, because of the evolving and reemerging diseases in animals, the category leads the industry and it will continue doing the same in the years to come as well.
North America dominated the industry, with a revenue share or share of 41% in 2022, and it will have the fastest growth in the years to come.
This is as a result of the rising population of companion animals, particularly in the U.S.; the pet insurance; and the rising health outlay on pets For example, as per APPA, in the U.S., about 70% of homes owned a pet, as of 2021.
Furthermore, APAC will also grow significantly in the years to come and provide prospects for players, because of the increasing prevalence of numerous zoonotic diseases, the growing consciousness about animal health, and the increasing income levels.
Many initiatives are taken by governments of emerging countries for fighting ailment outbreaks in animals. Likewise, players growing in the region will observe lucrative gains and will reinforce their position in the market in the years to come.
Due to the increasing population of pet animals around the world, and the rising awareness in the people about the health of the pets, the demand for companion animal diagnostics will continue to increase in the near future.
