The total value of the global companion animal diagnostics market was USD 2,424 million in 2022, and it will rise at a growth rate of above 9.40% shortly, reaching USD 4,974 million by 2030, according to P&S Intelligence.
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This growth can be ascribed to the growing count of animals being accepted as pets worldwide and the increasing demand of pet holders to consider pets as part of the family leading to the universal trend of pet parenting.
In Europe and North America, pets are being accepted as a friend for elder people. Furthermore, with the increasing knowledge regarding pets’ well-being and the improving standards of therapies and treatments for pets, the demand for companion diagnostics is escalating at a significant pace.
On the basis of segmentation, the industry is divided into cats, dogs, and others, among these, in 2022, the dog category had the largest share. This is mainly because of the growing populace and adoption rate of dogs and the increasing frequency of zoonotic illnesses throughout the world, which lead to the rising demand for veterinary appointments and diagnostics for dogs.
In 2022, North America generated the largest revenue share of 41% and is also projected to experience the fastest growth in the coming years. This is because of the rising populace of pet animals, particularly in the U.S.; the increasing pet insurance; and the growing health spending on companions in the continent. For example, as per the American Pet Products Association (APPA), in the U.S., approximately 70% of families owned a pet, as of 2021.
Hence, the growing count of animals being accepted as pets worldwide and the increasing demand of pet holders to consider pets as part of the family are the major factors contributing in the growth of the companion animal diagnostics market.
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