The population of companion animals is increasing globally, which is boosting the demand for companion animal diagnostics for efficient diagnosis of pets. The increase in companion animal population can also be attributed to the rising adoption of pets due to health benefits associated with them. These benefits include decreased cardiac arrhythmias, reduced anxiety, blood pressure stabilization, increased psychological stability, and overall improvement of wellbeing. Rising number of pet owners is expected to promote the adoption of companion animals, which is expected to drive the overall market growth during the forecast period. According to American Pet Products Association, approximately 85 million households in the U.S. owned a pet as of 2019. These include 42.7 million and 63.4 million households for cats and dogs, respectively.
Rising number of veterinarians is anticipated to boost the market growth. According to American Veterinary Medical Association, in 2018, there were 113,394 veterinarians in the U.S. as compared to 110,531 veterinarians in 2017. Out of these, 48,898 were involved in private clinical practice exclusively for companion animals. Moreover, according to Canadian Veterinary Medical Association (CVMA), the approximate number of veterinarians in Canada was 12,921 as of 2020 and the number of practices in the country was about 3,301. Furthermore, rising number of veterinary visits is boosting the market growth. Pet owners are concerned about their pets; thus they consult veterinarians for diagnosis of health issues of their pets. This is also boosting the demand for efficient diagnosis, hence driving the market growth.
There is a significant gap in standards of living & earnings between individuals from developed and developing economies. Developed regions have a higher adoption rate of companion animals as more individuals can afford pet healthcare expenditures. While this was contrary to the scenario in emerging economies, the pet healthcare landscape is changing due to improvements in living standards, health awareness, and the overall economies growth in these regions.
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Market drivers and restraints
Key market opportunities prioritized
Latest strategic developments
Market size, estimates, and forecast from 2018 to 2030
Market estimates and forecast for product segments up to 2030
Regional market size and forecast for product segments up to 2030
Market estimates and forecast for application segments up to 2030
Regional market size and forecast for application segments up to 2030
Company financial performance
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