Pet diagnostics to near $4B in 5 years
by Katie Pfaff
The market for diagnostics in companion animals is forecast to reach a value of $3.8 billion by the end of 2027, according to a report by analysis firm, MarketsandMarkets. The projected value would mark a CAGR increase of 9.6% following on a 2022 estimated value of $3.8 billion. The forecast period for the report stretches from 2022 to 2027.
As the number of adopted pets has grown worldwide so has the market for companion animal diagnostics. Adding to the market’s growth, the number of pet owners partaking of animal health insurance has increased, the degree of disposable income in many regions has increased, and the number of veterinary practitioners has grown.
At the same time, companion animal diagnostics have seen significant growth in rapid diagnostic testing, Point-of-care testing and the necessary instruments which are portable to complete the tests.
By segment, molecular diagnostics is forecast to grow at the highest CAGR compared to other segments like immunodiagnostics, biochemistry, and hematology.
When evaluating the market by application of diagnostics, the clinical pathology segment is forecast to grow at the fastest rate across the forecast period. The segment would surpass bacteriology, virology, parasitology, and other segments.
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