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Animal Diagnostics Market Size

Report ID: GMI2495
Published Date: Mar 2023
Report Format: PDF

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Animal Diagnostics Market Size

Animal Diagnostics Market size was valued at over USD 7.2 billion in 2022. Driven by the rising pet adoption trend worldwide, the market is anticipated to grow at over 9% CAGR from 2023 to 2032.

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Pet adoption has proliferated in recent years due to their rising social acceptance and the need for companionship many felt during COVID-19 to stave off depression and loneliness. As per the 2021-22 National Pet Owner Survey conducted by American Pet Products Association (APPA), about 70% of US households had a pet, which is equivalent to approximately 90.5 million homes.

This sharp rise in the number of pets has created a strong demand for pet health services, stimulated the animal diagnostic sector growth. As per American Veterinary Medical Association, Americans spent more on pets in 2020 than they did it 2019, with veterinary care and product sales reaching USD 31 billion.

Animal Diagnostics Market Report Attributes
Report Attribute	Details
Base Year:	2022
Animal Diagnostics Market Size in 2022:	USD 7.2 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	9%
2032 Value Projection:	USD 18 Billion
Historical Data for:	2018 to 2022
No. of Pages:	350
Tables, Charts & Figures:	819
Segments covered:	Technology, Animal, Product, Application, End-use, and Region
Growth Drivers:	Growing trend of adopting pet animals Rising prevalence of food borne and zoonotic diseases Favorable government initiatives Rapidly increasing demand for animal products Advancements in veterinary diagnostics
Pitfalls & Challenges:	Prohibitive cost associated with animal tests Low out of pocket expenditure on veterinary care

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Authors: Mariam Faizullabhoy, Gauri Wani

Frequently Asked Questions (FAQ) :

The global market for animal diagnostics recorded a valuation of over USD 7.2 billion in 2022 and is poised to grow at over 9% CAGR from 2023 to 2032, fueled by the rising pet adoption trend across the globe.

Immunodiagnostics segment is expected to reach over USD 8 billion by 2032, attributed to surging incidence of zoonotic ailments among livestock.

North America animal diagnostics market is set to grow at over 8.5% CAGR from 2023 to 2032, on account of growing pet care spending and favorable regulators scenario for industry players.

The major market players include names such as Zoetis, Randox, Median Diagnostics, Idexx laboratories, Thermo Fischer Scientific Inc., Quiagen, and Heska Corporation, among others.