Report : Europe Companion Animal Diagnostics Market Forecast to 2030 - Regional Analysis - by Technique (Immunodiagnostics, Clinical Biochemistry, Molecular Diagnostics, Urinalysis, Hematology, and Others), Product (Instruments and Consumables), Application (Bacteriology, Clinical Pathology, Virology, Parasitology, and Others), Companion Animal Type (Dogs, Cats, Horses, and Others), and End User (Diagnostic Laboratories, Veterinary Hospitals and Clinics, Research Institutes, and Others)
At 9.2% CAGR, Europe Companion Animal Diagnostics Market is Speculated to be Worth US$ 1,710.14 Million by 2030, Says Business Market Insights
According to Business Market Insights' research, the Europe companion animal diagnostics market was valued at US$ 847.73 million in 2022 and is expected to reach US$ 1,710.14 million by 2030, registering a CAGR of 9.2% from 2022 to 2030. Upsurge in pet spending and increasing adoption of pets for companionship are among the critical factors attributed to the Europe companion animal diagnostics market expansion.
A large number of pet owners spend significantly on animal healthcare, particularly on veterinary care, diagnostics, and pharmaceuticals. Pet wellness and preventive diagnostic testing is still in its early stages. Animals can suffer from chronic illnesses such as arthritis, cancer, and allergies, similar to humans. Chronic diseases in pets have become more prevalent, which has a significant impact on people's spending on their pets' well-being and health. In 2022, the amount spent on veterinarian care and other pet-related services in the UK accounted for ~US$ 6.8 billion. It is now anticipated that gross written premiums for pet insurance in the UK will reach ~US$ 2.43 billion by 2026, partially due to rising medical and prescription expenditures. Thus, the growing prevalence of chronic diseases has become a more significant factor in the increase in pet spending. For instance, according to HealthforAnimals globally, an estimated US$ 4.6 billion was spent on companion animal diagnostics in 2022.
On the contrary, lack of skilled professionals hampers the growth Europe companion animal diagnostics market.
Based on technique, the Europe companion animal diagnostics market is segmented into immunodiagnostics, clinical biochemistry, molecular diagnostics, urinalysis, hematology, and others. The immunodiagnostics segment held 28.9% share of the Europe companion animal diagnostics market in 2022, amassing US$ 245.25 million. It is projected to garner US$ 516.52 million by 2030 to expand at 9.8% CAGR during 2022-2030. Immunodiagnostics segment is further categorized into lateral assays, ELISA tests, allergen-specific immunodiagnostics tests, and immunoassay analyzers. Clinical biochemistry segment is further categorized into clinical chemistry analysis, glucose monitoring, and blood gas electrolyte analysis. Also, biochemistry segment is categorized into PCR, microarray, and others.
In terms of product, the Europe companion animal diagnostics market is bifurcated into instruments and consumables. The instruments segment held 61.7% share of the Europe companion animal diagnostics market in 2022, amassing US$ 523.03 million. It is projected to garner US$ 1,071.31 million by 2030 to expand at 9.4% CAGR during 2022-2030.
By application, the Europe companion animal diagnostics market is segmented into bacteriology, clinical pathology, virology, parasitology, and others. The clinical pathology segment held 34.2% share of Europe companion animal diagnostics market in 2022, amassing US$ 290.11 million. It is projected to garner US$ 605.68 million by 2030 to expand at 9.6% CAGR during 2022-2030.
Based on companion animal type, the Europe companion animal diagnostics market is segmented into dogs, cats, horses, and others. The dogs segment held 41.7% share of the Europe companion animal diagnostics market in 2022, amassing US$ 353.56 million. It is projected to garner US$ 732.68 million by 2030 to expand at 9.5% CAGR during 2022-2030.
By end user, the Europe companion animal diagnostics market is segmented into diagnostic laboratories, veterinary hospitals and clinics, research institutes, and others. The veterinary hospitals and clinics segment held 39.0% share of the Europe companion animal diagnostics market in 2022, amassing US$ 331.04 million. It is projected to garner US$ 669.26 million by 2030 to expand at 9.2% CAGR during 2022-2030.
Based on country, the Europe companion animal diagnostics market is categorized into Germany, France, the UK, Italy, Spain, and the Rest of Europe. Germany held 25.4% share of Europe companion animal diagnostics market in 2022, amassing US$ 215.32 million. It is projected to garner US$ 442.61 million by 2030 to expand at 9.4% CAGR during 2022-2030.
Key players operating in the Europe companion animal diagnostics market are Demeditec Diagnostics GmbH, Heska Corp, Innovative Diagnostics SAS, i-SENS Inc, Immunology Consultants Laboratory Inc, Zoetis Inc, and Elabscience Biotechnology Inc, among others.
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