PET HEALTH SCREENING MARKET SIZE AND SHARE ANALYSIS - GROWTH TRENDS AND FORECASTS (2024 - 2031)
The global pet health screening market is estimated to be valued at USD 2.52 Bn in 2024 and is expected to reach USD 3.81 Bn by 2031, exhibiting a compound annual growth rate (CAGR) of 6.1% from 2024 to 2031. The global pet health screening market has been witnessing significant growth in the recent past owing to rising pet adoption and increasing awareness about pet wellness among pet owners. Various pet health screening tests help detect diseases at an early stage and enable timely treatment, thereby improving the quality of life for pets. Rising disposable incomes and growing humanization of pets have prompted owners to invest more in preventive healthcare for their pets. Furthermore, technological advancements have enabled the development of innovative diagnostic tools that can screen for multiple diseases with just one test, making screening more convenient for pet owners. The market is expected to continue growing at a steady pace over the forecast period driven by increasing pet health expenditure and growing demand for advanced diagnostic solutions.
Market Dynamics:
The key drivers propelling the global pet health screening market include rising pet adoption in developed nations, growing expenditure on pet healthcare, and advancements in veterinary diagnostics. In October 2024, according to American Veterinary Medical Association, around 85 million American households own a pet. This growing pet population base is creating steady demand for various screening and diagnostic tests. Another important growth driver is the increasing awareness among owners regarding early disease detection benefits. Availability of innovative multi-disease screening tests is also spurring market growth. However, high costs associated with certain advanced diagnostic procedures could hamper market expansion to some extent. On the upside, ongoing research & development towards more affordable pet screening solutions is expected to present significant opportunities for market participants over the coming years.
Key Features of the Study:
- This report provides in-depth analysis of the global pet health screening market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2024–2031), considering 2023 as the base year
- It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
- This study also provides key insights about market drivers, restraints, opportunities, new product launches or approvals, market trends, regional outlook, and competitive strategies adopted by key players
- It profiles key players in the global pet health screening market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
- Key companies covered as a part of this study include Zoetis Inc., IDEXX Laboratories Inc., Mars Petcare, Boehringer Ingelheim, Elanco Animal Health, Merck Animal Health, Ceva Santé Animale, Virbac, Neogen Corporation, PetIQ, Vetoquinol S.A., Heska Corporation, Abaxis, Inc., Antech Diagnostics, and Trupanion, Inc.
- Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global pet health screening market
Market Segmentation
Market Segmentation
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