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Companion Animal Diagnostics Market Size

Report ID: GMI2927
Published Date: Mar 2023
Report Format: PDF

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Companion Animal Diagnostics Market Size

Companion Animal Diagnostics Market size surpassed USD 5.5 billion in revenue in 2022 and is expected to grow at over 9.5% CAGR between 2023 and 2032 driven by increasing cases of zoonotic diseases in domestic animals.

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The product demand is primarily fueled by the growing trend of adopting pet animals. The mounting disposable income spent significantly on pet healthcare is projected to promote the companion animal diagnostics industry progress. According to the American Society for the Prevention of Cruelty to Animals, over 4 million shelter animals are adopted each year, while more than 6 million companion animals enter U.S. animal shelters.

Moreover, as per European Pet Food Industry Statistics, about 80 million households across the European Union owned at least one pet. The rising usage of pets in ad campaigns and films has further amplified pet adoption. Advancements in companion diagnostics are also driving market size.

Companion Animal Diagnostics Market Report Attributes
Report Attribute	Details
Base Year:	2022
Companion Animal Diagnostics Market Size in 2022:	USD 5.6 Billion
Forecast Period:	2023 to 2032
Forecast Period 2023 to 2032 CAGR:	9.7%
2032 Value Projection:	USD 14.7 Billion
Historical Data for:	2018 to 2022
No. of Pages:	180
Tables, Charts & Figures:	667
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 Advancements in companion diagnostics
Pitfalls & Challenges:	Prohibitive costs 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) :

Global market size for companion animal diagnostics registered a valuation of more than USD 5.5 billion in 2022 and is primed to progress at over 9.5% CAGR between 2023 and 2032 propelled by increasing cases of zoonotic diseases in domestic animals.

Immunodiagnostics segment is poised to be worth more than USD 6.5 billion by 2032 as a result of an upsurge in multiple zoonoses including leptospirosis, bovine ephemeral fever, viral respiratory tract infections, Johne's diseases, dermatophyte fungi, and infectious bovine rhinotracheitis, among others, in companion animals.

Veterinary clinics end-use segment is estimated to garner a valuation of over USD 8 billion by the end of 2032 owing to the corporatization of veterinary clinics, which is leading to the emergence of business chains.

North America companion animal diagnostics market is expected to grow at over 9% CAGR from 2023 to 2032 propelled by high pet care expenditure, growing adoption of pets, and a rise in the incidence rate of zoonotic diseases in the region.