Companion Animal Diagnostics Market Worth $3.0 Billion By 2025 - Increasing Demand For Pet Insurance

By Author: Markets and Markets
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The companion, animal diagnostics market, is projected to reach USD 3.0 billion by 2025 from an estimated USD 1.8 billion in 2020, at a CAGR of 9.8%. Factors such as the rising companion animal population, increasing demand for pet insurance, and the growth in the number of veterinary practitioners in developed countries are driving the growth of this market. Also, the growing demand for rapid tests and portable instruments for point-of-care services and the use of advanced technologies like machine learning is expected to offer potential growth opportunities for market players in the coming years. However, increasing pet care costs are expected to restrain market growth to a certain extent.

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Asia Pacific market to witness the highest growth during the forecast period
The global companion, animal diagnostics market, is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. In 2019, North America was estimated to be the largest regional market ...
... for companion animal diagnostics. However, the Asia Pacific market is expected to grow at the highest CAGR during the forecast period primarily due to factors such as growth in pet adoption, increasing awareness about animal health, and increasing per capita animal health expenditure, especially in India and China.

Key Market Players
IDEXX Laboratories, Inc. (US), and Zoetis, Inc. (US) and Heska Corporation (US) are the major players operating in the companion animal diagnostics market. Some of the other players operating in this market are Thermo Fisher Scientific, Inc. (US), Virbac (France), Heska Corporation (US), Neogen Corporation (US), bioMérieux SA (France), IDvet (France), INDICAL Bioscience GmbH (Germany) [QIAGEN N.V. (Netherlands)], and Randox Laboratories Ltd. (UK).

IDEXX Laboratories was the leading player in the market and accounted for the largest share of 55-60% in 2019. The company has a diversified product portfolio, which includes a wide range of companion animal diagnostic products. IDEXX’s position in the market is attributed to its active R&D activities and wide distribution footprint across the world. It enables the company to serve customers in more than 100 countries. To garner a larger share in the market, the company continuously focuses on product developments and launches. For instance, in January 2019, the company launched Canine Progesterone Test for Catalyst Dx and Catalyst One analyzers for the canines. Similarly, in January 2018, IDEXX launched its IDEXX Catalyst SDMA Test to analyze kidney function in companion animals.

Recent Developments
In January 2020, IDEXX launched the Vcheck Feline NT-proBNP test kit
In January 2020, Heska Corporation acquired SCIL Animal Care Company (Germany) to complement the company's veterinary diagnostics portfolio and expand the geographic portfolio across North America and greater Europe and reach over to 25 countries across these regions.
In July 2019, FujiFilm Corporation established FUJIFILM VET Systems Co., Ltd in Japan to supply its veterinary products segment to veterinary clinical practices in the country. This expansion would enhance the company's veterinary medicine business in Japan.