The companion animal diagnostics market is projected to reach USD 3.8 billion by 2027 from USD 2.4 billion in 2022 at a CAGR of 9.6% during the forecast period. The growth in this market is mainly driven by the increasing companion animal population, rising demand for pet insurance, growing animal health expenditure.
In this report, the companion animal diagnostics market has been segmented on the basis of technology, application, animal type, end user, and region.
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The prominent players in the companion animal diagnostics market are Idexx Laboratories, INC. (US), Zoetis, INC. (US), Heska Corporation (US), Thermo Fisher Scientific, INC. (US), Biomérieux SA (France), Virbac (France), Neogen Corporation (US), Fujifilm Holdings Corporation (Japan), Indical Bioscience GmbH (Germany), Idvet (France), Randox Laboratories, LTD. (UK), Shenzhen Mindray Animal Medical Technology Co., Ltd. (China), BioNote, Inc (South Korea), Skyla Corporation (Taiwan), Euroimmun Medizinische labordiagnostika AG (Germany), URIT Medical Electronic Group Co. Ltd. (China), Eurolyser Diagnostica GmbH (Austria), Nova Biomedical (US), Fassisi GmbH (Germany), Swissavans AG (Switzerland), Alvedia (France), Megacor veterinary diagnostics (Austria), Biopanda Reagents Ltd (UK), AniPOC Ltd (UK), Ring Biotechnology Co Ltd (China).
Idexx laboratories, Inc.
IDEXX Laboratories is the leading player in the companion animal diagnostics market and accounts for the largest share of 58-62% in 2021. IDEXX is one of the global leaders in the companion animal diagnostics market. The company has a diversified product portfolio, which includes a wide range of companion animal diagnostic products. IDEXX offers in-house clinical diagnostic solutions, such as chemistry, hematology, immunoassay, urinalysis, and coagulation analyzers for companion animals. IDEXX also offers reference laboratory diagnostic and consulting services.
Zoetis, Inc. holds the second position in the companion animal diagnostics market after the acquisition of Abaxis, Inc. (US), a pioneer in the veterinary point-of-care diagnostics industry, for USD 2.0 billion in 2018. Zoetis develops and manufactures medicines, vaccines, diagnostic products and services, biodevices, genetic tests, and precision animal health technology for livestock & companion animal. Zoetis offers PoC diagnostics products (including instruments and reagents, rapid immunoassay tests, reference laboratory kits, and blood glucose monitors) and diagnostic analysis systems for companion animals through its Animal Health Diagnostics segment to companion and livestock animals.
Its dominance in the market can be attributed to its wide range of product offerings and its strong geographical footprint through strategic acquisitions and partnerships. The company also focuses on R&D activities to develop animal health solutions that meet the customers’ demands.
Companion Animal Diagnostics Market by Technology (Immunodiagnostic, Clinical Biochemistry, Molecular Diagnostics, Hematology), Application (Clinical Pathology, Bacteriology, Virology), Animal, End User (Diagnostics Labs, Clinics) - Global Forecast to 2027
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