At 8.9% CAGR, North America Companion Animal Diagnostics Market is Projected to be Worth US$ 2,361.90 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the North America companion animal diagnostics market was valued at US$ 1,193.10 million in 2022 and is expected to reach US$ 2,361.90 million by 2030, registering a CAGR of 8.9% from 2022 to 2030. Increasing adoption of pets for companionship and upsurge in pet spending are among the critical factors attributed to the North America companion animal diagnostics market expansion.

Pets have become an important part of humans' lives. Pet adoption is a crucial component of animal welfare, giving homeless and abandoned animals a chance to live a quality life. The growth of the companion animal diagnostics market is most pronounced in nations with expanding middle-class populations, which boosts the emergence of a new pet culture based on a preference to keep pets solely for companionship, followed by their humanization. According to the 2021-2022 National Pet Owners Survey conducted by the American Pet Products Association (APPA), approximately 90.5 million or 70% of the households in the US own one or more pets, the majority being dogs and cats. According to the American Pet Products Association, pet ownership increased from 68% in 2016 to 70% in 2021. More than 67% of American households own almost 400 million pets, including dogs, cats, horses, birds, fish, and more. According to the American Society for the Prevention of Cruelty to Animals, ~6.5 million companion animals enter the countrywide animal shelters annually. Additionally, according to the Humane Society of the United States, ~69 million and 45.4 million households petted at least one dog and cat, respectively, in 2021-2022.

The desire of pet owners to provide their animals with better care leads to a rising need for veterinary diagnostics, and growing awareness regarding disease diagnosis among pet owners is driving the market's expansion.

On the contrary, lack of skilled professionals hampers the growth North America companion animal diagnostics market.

Based on technique, the North America companion animal diagnostics market is segmented into immunodiagnostics, clinical biochemistry, molecular diagnostics, urinalysis, hematology, and others. The immunodiagnostics segment held 29.0% share of the North America companion animal diagnostics market in 2022, amassing US$ 345.59 million. It is projected to garner US$ 713.19 million by 2030 to expand at 9.5% 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.

By product, the North America companion animal diagnostics market is bifurcated into instruments and consumables. The instruments segment held 62.0% share of the North America companion animal diagnostics market in 2022, amassing US$ 739.71 million. It is projected to garner US$ 1,481.88 million by 2030 to expand at 9.1% CAGR during 2022-2030.

Based on application, the North America companion animal diagnostics market is segmented into bacteriology, clinical pathology, virology, parasitology, and others. The clinical pathology segment held 34.2% share of North America companion animal diagnostics market in 2022, amassing US$ 408.08 million. It is projected to garner US$ 830.27 million by 2030 to expand at 9.3% CAGR during 2022-2030.

In terms of companion animal type, the North America companion animal diagnostics market is segmented into dogs, cats, horses, and others. The dogs segment held 42.5% share of the North America companion animal diagnostics market in 2022, amassing US$ 507.21 million. It is projected to garner US$ 1,031.06 million by 2030 to expand at 9.3% CAGR during 2022-2030.

By end user, the North America companion animal diagnostics market is segmented into diagnostic laboratories, veterinary hospitals and clinics, research institutes, and others. The veterinary hospitals and clinics segment held 42.5% share of the North America companion animal diagnostics market in 2022, amassing US$ 506.68 million. It is projected to garner US$ 1,012.46 million by 2030 to expand at 9.0%CAGR during 2022-2030.

Based on country, the North America companion animal diagnostics market is categorized into US, Canada, and Mexico. The US held 83.2% share of North America companion animal diagnostics market in 2022, amassing US$ 992.78 million. It is projected to garner US$ 1,978.45 million by 2030 to expand at 9.0% CAGR during 2022-2030.

Key players operating in the North America companion animal diagnostics market are Heska Corp, i-SENS Inc, Immunology Consultants Laboratory Inc, Zoetis Inc, and Elabscience Biotechnology Inc, among others.

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