Companion Animal IVD Market
Number of pages: 100 | Report Format: PDF | Published date: April 27, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 2.1 billion |
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Revenue Forecast in 2031 |
US$ 4.94 billion |
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CAGR |
8.1% |
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Base Year for Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Product, Technology, Animal Type, and Region. |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global companion animal IVD market was valued at US$ 2.1 billion in 2022 and is expected to register a revenue CAGR of 8.1% to reach US$ 4.94 billion by 2031.
Companion Animal IVD Market Fundamentals
Companion animal IVD refers to In Vitro Diagnostic tests used to diagnose diseases in pets such as cats, dogs, and other companion animals. These tests can help veterinarians diagnose various conditions quickly and accurately, from infectious diseases to chronic conditions like diabetes and kidney disease. Companion animal IVDs can be used to detect the presence of specific biomarkers, antibodies, or other indicators of disease in a sample of blood, urine, or other bodily fluids. They may be designed for use in a veterinary clinic or laboratory or as a home test kit that pet owners can use to monitor their pet's health. The global companion animal IVD market has grown in recent years due to increasing pet ownership, rising awareness of pet health, and advancements in veterinary medicine.
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Companion Animal IVD Market Dynamics
The global companion animal IVD market has been experiencing significant growth in recent years, driven by several key factors. With the rise in disposable income and changing lifestyle patterns, people are adopting more pets, leading to a growing pet population. This has created a large veterinary diagnostics and treatments market, including companion animal IVDs. Advances in diagnostic technology have made it possible to detect diseases in companion animals earlier and more accurately. The launch of a PCR panel in April 2020 by IDEXX and Zoetis is the most recent innovation in the market. Veterinarians and pet owners can purchase these commercially available tests to check for the Covid-19 virus in animals. This test may be ordered if all potential illness causes have been ruled out. Pet owners are expected to increasingly evaluate their pets for the absence of these diseases, thus increasing the demand for PCR panels for virus testing. This will create opportunities for new molecular diagnostic panels in the industry. Companion animal IVDs are increasingly being used to detect infectious diseases, cancer, and other illnesses, which has contributed to the market's growth. As pets age, they are more likely to develop chronic diseases like diabetes, kidney disease, and cancer. Companion animal IVDs are essential for the early detection and monitoring of these diseases, which has led to increased demand for these diagnostic tests. With the growing awareness about animal health and welfare, pet owners are taking more initiative in monitoring their pet's health. This has led to increased demand for companion animal IVDs, enabling pet owners to detect diseases and health problems in their pets early. The demand for point-of-care testing is increasing as it allows for quick and accurate diagnosis, which is critical in emergencies. Companion animal IVDs are increasingly being used for point-of-care testing, which has driven the growth of the global companion animal IVD market.
Overall, the global companion animal IVD market is expected to continue to grow due to the increasing demand for pet healthcare, advances in diagnostic technology, and the rise in chronic diseases in companion animals.
However, the adoption of the global companion animal IVD market is significantly hampered by the excessive cost of modern diagnostic tests.
Companion Animal IVD Market Ecosystem
The global companion animal IVD market is analyzed from the following perspectives: product, technology, animal type, and region.
Companion Animal IVD Market by Product
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Based on the product, the global companion animal IVD market is segmented into consumables and instruments.
The consumables segment is projected to record a high revenue CAGR in the global companion animal IVD market during the forecast period. This segment is growing due to the rising prevalence of novel infectious diseases like the SARS-CoV-2 viral infection and the need for quick animal diagnostics.
Companion Animal IVD Market by Technology
The global companion animal IVD market is segmented based on technology into immunodiagnostics, clinical biochemistry, molecular diagnostics, hematology, and urinalysis.
The clinical biochemistry segment accounts for the largest global companion animal IVD market revenue share. The increased use of companion animals in therapeutic trials is attributed to the market segment’s growth. The development is projected to be accelerated by the advent of micro methods and rising demand for innovative veterinary treatment. Advanced clinical biochemistry is expected to be more in demand as the prevalence of chronic diseases in pets rises, including diabetes and liver disorders. Due to the growing worries of pet owners, glucose monitoring for point-of-care treatment is being used more frequently.
The Immunodiagnostics segment is projected to record a high revenue CAGR during the forecast period. This market is growing because of the regular launch of new diagnostic tests and rising healthcare spending. Numerous infections, including taenia solium, echinococcus multilocularis, and Wuchereria Bancrofti, are routinely diagnosed using these tests. Additionally, the segment is projected to grow because of favorable pet insurance plans and growing pet owner worries.
Companion Animal IVD Market by Animal Type
Based on the end user, the companion animal IVD market is segmented into cats, dogs, and horses.
The dog segment accounts for the largest global companion animal IVD market revenue share. The segment’s growth can be attributed to the rise in canine obesity, diabetes, cancer, and other severe disorders. Cancer, diabetes mellitus, joint issues, and other chronic diseases are all caused more by obesity. Spending on animal healthcare is rising, especially in industrialized nations, accelerating the market growth. The need for glucose monitors has increased because of more frequent glucose level diagnoses among pet owners.
The horse segment is projected to record a steady revenue CAGR during the forecast period. This is attributable to the falling demand for having horses as pets due to the higher maintenance and expense requirements. A wide variety of innovative diagnostic tests are available for ailments including the West Nile Virus (WNV), the flu, and anemia. In-house analyzers for chemistry, blood gas, immunology, and hematology tests are provided by businesses like IDEXX and Heska for various species.
Companion Animal IVD Market by Region
Geographically, the global companion animal IVD market has been segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for the largest global companion animal IVD market revenue share. The prevalence of more individuals adopting dogs and the abundance of institutions offering pet care services are the main drivers of market growth in the area. Additionally, expanding use of important tactics like alliances, acquisitions, and rising investment levels are anticipated to fuel market growth. According to the American Pet Products Association's (APPA) National Pet Owners Survey 2021–2022, around 70.0% of American households—or 90.5 million homes—own pets, including 45.3 million cats and 69.0 million dogs. The increased popularity of pets may influence the long-term development of veterinary diagnostics in this region. The expansion of the companion animal diagnostics market in the United States is fueled by several factors, including significant product launches, a high concentration of market participants or manufacturer's presence, and acquisitions and collaborations among key players. For instance, VolitionRx Limited launched the ‘Nu. Q Vet Cancer Screening Test'' in the United States in December 2020. It is a straightforward blood test with cheap costs that is specially made for large dogs. Therefore, it is predicted that the geographic presence of key market players and their expanding market development activities will provide lucrative growth in this region.
The Asia Pacific region is one of the fastest-growing markets for companion animal diagnostics, with a large and rapidly expanding population of pet owners. The growth in the companion animal IVD market in the Asia Pacific region is primarily driven by factors such as increasing pet ownership, rising disposable incomes, and growing awareness about animal health. Additionally, the growing prevalence of zoonotic diseases and the increasing adoption of companion animals for emotional support contribute to the market’s growth. Some key players operating in the companion animal IVD market in the Asia Pacific region include IDEXX Laboratories, Inc., Zoetis Inc., Heska Corporation, Thermo Fisher Scientific Inc., and Virbac. These companies are actively involved in product launches, partnerships, and collaborations to strengthen their market position and expand their regional product offerings.
The companion animal IVD market in Latin America is growing steadily. Several factors, including the increasing adoption of companion animals, the rising prevalence of zoonotic diseases, and the growing awareness of pet owners about the importance of early disease diagnosis and prevention, drive the growth of the companion animal IVD market in Latin America.
Companion Animal IVD Market Competitive Landscape
The prominent players operating in the global companion animal IVD market are: -
Companion Animal IVD Market Strategic Developments
The estimated market size of the global companion animal IVD market in 2031 is US$ 4.94 billion.
The revenue CAGR for the companion animal IVD market is 8.1% during the forecast period.
Heska Corporation, Agrolabo Spa, Neogen Corporation, Zoetis Inc., and IDEXX Laboratories Inc. are some of the major key players in the companion animal IVD market.
The Asia Pacific region is projected to grow at high revenue CAGR in the global companion animal IVD market.
The regulatory framework for in vitro diagnostic tests for companion animals is stringent and may require extensive testing and validation before approval, which can be time-consuming and expensive.
*Insights on financial performance are subject to the availability of information in the public domain