Market Trends of Companion Animal Diagnostic Industry
Molecular Diagnostics is Expected to Witness Growth Over the Forecast Period
The molecular diagnostics segment is expected to witness significant growth over the forecast period due to the growing preference of pet owners for quick test results and their cost-effectiveness. The segmental expansion is anticipated to be driven by the rising number of tests designed to identify prevalent animal diseases such as feline leukemia, canine parvovirus, heartworm, and infectious peritonitis.
The increasing number of pet owners, the growing concern for their animal health, the rise in the prevalence of companion animal diseases, and the accessibility of affordable immunoassay tests that allow frequent testing at home are factors contributing to this segment's growth. Every year, the population of these animals increases gradually, along with the associated diseases. According to the annual report of the FEDIAF for 2022, dogs and cats were among the major types of pets adopted in Europe.
An estimated 90 million European households own at least one pet animal. The huge population of companion animals increases the level of care for the animals, which is expected to boost segmental growth over the forecast period.
Segmental growth is also boosted by the increase in acceptance of various screening tests and their positive outcomes. For instance, in February 2024, the Liquid Biopsy Company for Pets released a clinical validation, highlighting the efficacy of its latest OncoK9 Screen test. The study revealed a notable detection rate for seven specific cancer types in dogs. These cancers, which are challenging to identify through physical exams alone, constitute a significant portion of canine cancer cases.
In January 2022, Ringbio launched a professional website named petrapidtest.com to market Flexy Pet Rapid Test. These kits are based on lateral flow immunoassay, ELISA, and real-time PCR to detect companion animal diseases, which can be helpful for pet owners and vet clinics. Among these products, real-time PCR is specially designed for small vet clinics and can confirm infection with viruses, mycoplasma, and parasites. Such marketing initiatives taken by the players also augment the segment's growth.
Therefore, considerable segment growth is anticipated over the forecast period due to such instances.
North America is Expected to Hold a Significant Share of the Market Over the Forecast Period
North America is expected to witness significant growth in the companion animal diagnostics market over the forecast period. The major factors contributing to market growth in the region are the prevalence of an increasing number of people adopting pets and the presence of several facilities providing pet care services. The rising adoption of key strategies such as partnerships, acquisitions, and growing investments are expected to lead to market growth. For instance, according to the National Pet Owners Survey 2023-2024, 66% of US households owned a pet, equating to about 86.9 million households with 46.5 million cats and 65.1 million dogs. The rising adoption of pets may drive the growth of veterinary diagnostics in this region in the long term.
Key product launches, a high concentration of market players or manufacturers' presence, and acquisitions and partnerships among major players in the United States are some of the factors driving the growth of the market in the country. For instance, in August 2022, PepiPets launched a new mobile diagnostic testing service that allows clients to receive diagnostic testing for their pets at home. Hence, the geographic presence of major market players, coupled with the increasing development activities by market players, is anticipated to offer lucrative growth opportunities in the coming years.
Therefore, owing to the factors above, the North American market is expected to record significant growth.
