Pet Dx market to exceed 8% CAGR
by Katie Pfaff
The market for companion animal diagnosis is projected to reach a value of $6.88 billion by 2013, according to a report by analysts, Allied Market Research. The uptick is after a 2021 estimated value of $2.99 billion. The growth is marked by a CAGR of 8.6% between the forecast period of 2022 to 2031, according to the report.
The increase across the market is expected based on the growth in technology allowing for more sophisticated and sensitive point-of-care diagnostic testing, and as rates of zoonotic disease have increased. At the same time, higher incomes and greater amounts that are disposable have spurred market growth. However, the lack of veterinary professionals able to complete diagnostic tests may limit its overall growth worldwide.
When viewing segments by technology, the segment for clinical biochemistry accounted for 1/3 of the revenue across the companion animal diagnostics market in 2021, and is anticipated to continue do so into 2031. The growth in the segment is expected to reach a CAGR of 9.4% between 2022 to 2031.
Clinical pathology is expected to hold another 1/3 of the market in 2021 and continue to grow by a CAGR of 9.2% by 2031. This makes the segment the fastest growing CAGR.
By type of companion animal, dogs accounted for almost half of the segment in 2021, and the same is projected in 2031. Moving forward, the CAGR was forecast to reach 8.9% between 2022 and 2031.
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