The companion animal diagnostics market is witnessing growth and is projected to reach USD 4,974 million by 2030. This is mainly due to the growing count of animals being accepted as pets worldwide and the rising appeal of pet owners to consider pets as family members dominating the worldwide trend of pet parenting. 

In continents like Europe and North America, pets are being assumed as companions for elder people. Furthermore, with the increasing awareness of pets’ well-being and the advancing quality of treatments and treatments for animals, the need for pet diagnostics is increasing at a substantial rate. 

 Although numerous animals such as dogs and cats have been human friends for over 10,000 years, they still can be a cause of communicable illnesses because of the many zoonotic pathogens. There are a lot of zoonoses, which are developing and recurring, like cowpox, rabies, rotaviruses, noroviruses, and influenza, which can nauseate pets and then be conveyed to humans. Cutaneous contamination with methicillin-resistant Staphylococcus aureus or aerosolization of microbes can result in tuberculosis or kennel cough, which is also a developing pathogen. 

Pet insurance is also one of the reasons why the diagnostics industry for companion animals is growing. With the rising animal health spending, pet owners are leaning toward a complete insurance plan for their pets, which shelters numerous illnesses or wounds and also operations, hospitalization, or demise, because of illnesses. Therefore, customers choose these kinds of "comprehensive" insurance plans for their pets. 

On the basis of the animal segment, the industry is divided into cat, dog, and others. Between these, the dog category had the largest share in recent years. This is mainly because of the growing populace and adoption rate of dogs and the increasing cases of zoonotic illnesses in the world, which direct to the rising need for veterinary visits and diagnostics for dogs. 

In 2023, the global populace of dogs is projected to be approximately 900 million out of which approximately 470 million are pet dogs. With this enormous and still growing count, the requirement for diagnostics amenities for dogs will also increase, and therefore, this will directly impact the market in a positive manner. 

Animal diagnostics dominate the North American market, making up 41% of revenue in recent years, with expectations for rapid growth ahead. The surge is fueled by a rising number of companion animals, particularly in the U.S., increased pet insurance prevalence, and a growing trend of higher health spending on pets. As of 2021, approximately 70% of U.S. households have embraced pet ownership, as per the American Pet Products Association (APPA). 

SOURCE: P&S Intelligence