Title: U.S. Companion Animal Diagnostics Market Growth and Trends Analysis, 2024-2029
The U.S. Companion Animal Diagnostics Market is projected to grow at a Compound Annual Growth Rate (CAGR) of 6.81% from 2023 to 2029, reaching $4.28 billion in 2029. This growth is driven by several factors, including the increasing preference for rapid test results and cost-effectiveness in molecular diagnostics, the rise in pet ownership, and the growing concern for animal welfare.
The market is segmented by product, animal type, technology type, and end-user. In 2023, consumables dominated the market, accounting for over 66% of the market share. The diagnostic imaging market segment is expected to grow at the highest CAGR of 7.74% during the forecast period due to the extensive use of imaging procedures like radiography and ultrasound.
The veterinary reference laboratories segment holds the largest market share, primarily due to the rising pet adoption, increasing demand for pet insurance, and the growing number of veterinary practitioners.
Key players in the U.S. Companion Animal Diagnostics Market include Fujifilm, Antech Diagnostics, IDEXX, Mindray Animal Medical, Samsung Electronics, Zoetis, and others. These companies are investing heavily in research and development to expand their product portfolios and maintain their competitive edge.
The report provides exclusive data on 35 vendors operating in the U.S. Companion Animal Diagnostics Market. The market is characterized by global, regional, and local players offering various diagnostic analyzers, imaging equipment, and consumables. The market is relatively concentrated, with leading players accounting for significant shares.
Consumers are demonstrating a heightened interest in enhancing their pets’ health and wellness, leading to increased expenditure on veterinary care and the purchase of high-quality veterinarian-grade pet products and supplies. The American Pet Products Association’s 2021-2022 National Pet Owners Survey indicates that the pet population in the US has reached an unprecedented high, with over 70% of households (equivalent to 91 million homes) currently owning a pet.
The surge in pet ownership globally, particularly in the U.S., plays a pivotal role in driving the growth of the companion animal diagnostics market. The increasing number of households embracing pets as integral family members significantly contributes to this trend. Urbanization, evolving lifestyles, and a growing recognition of the emotional advantages of pet companionship are all factors contributing to this phenomenon.
The highly competitive animal health industry has seen consolidation through mergers and acquisitions and the selling of a few animal health business segments of vendors. New forms of competition can be seen, such as the verticalization of activities among certain large distributors, local development of innovative players in niche markets, and new strategic partnerships between smaller market players.
For more information about this report, visit ResearchAndMarkets.com, a leading source for international market research reports and market data.
