Pet Health Screening Market Is Estimated To Witness High Growth Owing To Increasing Pet Ownership.

The Pet Health Screening Market is estimated to be valued at US$ 2.52 Bn in 2024 and is expected to exhibit a CAGR of 6.2% over the forecast period 2024- 2031, as highlighted in a new report published by Coherent Market Insights.

The pet health screening market is primarily driven by increasing pet ownership across the globe. According to recent studies, pet adoption has increased significantly during the COVID-19 pandemic. Additionally, rising disposable income and growing popularity of pet insurance is also fueling the demand for pet health screening services. Furthermore, advancements in diagnostic technologies have made screening tests more affordable and accessible, thereby supporting market growth over the forecast period.

Key Market Trends:

Rising focus on pet wellness and nutrition management is one of the key trends observed in the pet health screening market. Various diagnostic tests are conducted to understand nutrition requirements of pets and to detect diseases at an early stage. Moreover, increasing penetration of telehealth and online consultation is also gaining traction in this space. This allows pet owners to consult veterinarians and receive wellness packages and health check-up services conveniently without visiting clinics. Furthermore, growing prevalence of zoonotic diseases and continued research towards development of advanced screening solutions are some other factors expected to present lucrative opportunities for key players in the global pet health screening market over the forecast period. More coverage can be found in the sample copy.

Pet Health Screening Market Opportunities

Blood Testing

Blood testing segment accounted for the largest market share of over 35% in 2019 owing to the ability of blood tests to detect various infections, diseases, and other health issues in pets. Blood tests help in evaluating overall health, metabolism, organ function as well as detecting disorders such as anemia, diabetes, liver and kidney diseases etc. Advancing technologies are further enabling miniaturization and non-invasive blood sample collection through small volume of blood from pet’s ear which is driving the growth of this segment.

DNA Testing

Growing popularity and availability of dog and cat DNA tests is creating new opportunities in this segment. DNA tests help in determining breed composition, genetic ancestry, and risk for certain genetic diseases. As pet parents are increasingly interested in learning more about their pet’s genetic makeup and traits, DNA testing segment is projected to witness fastest growth at 7.2% CAGR during the forecast period. Additional parameters offered through DNA tests such as traits, coat color and characteristics are fueling the demand.

Key Pet Health Screening Market Takeaways

Under the by-product type segment, diagnostic kits segment held the largest market share of over 40% in 2019. Availability of various diagnostic kits for disease screening through blood, urine and fecal sample analysis is augmenting the growth of this segment. Factor such as accuracy, ease of use and immediate results with diagnostic kits is supporting their higher adoption rate.

Based on animal type, the dogs segment accounted for the maximum share of over 50% in 2019. Increasing pet adoption and growing expenditure on dogs for screening of diseases such as diabetes and orthopedic issues is driving the segment. However, cats segment is anticipated to witness fastest growth at 6.8% CAGR owing to rising focus on cat health and preventive screening of infectious diseases.

North America dominated the pet health screening market with over 35% share in 2019 due to well-established pet care industry, higher disposable income and proactive approach towards pet wellness in the region. Strong presence of leading companies, growing dog and cat population with changing attitudes towards pet parenthood are some other factors supporting the market growth.

Competitor Insights:

Zoetis Inc
PetIQ,
Mars Inc
IDEXX Laboratories, Inc
Thermo Fisher Scientific Inc

Recent Developments in Pet Health Screening Market

Throughout 2023, AI development maintained its torrid pace showing little sign of slowing. Researchers and companies will continue refining techniques across fields from computer vision to language to robotics. Constitutional approaches also spread to help align capabilities with ethical and practical constraints. Assuming stable support, most experts forecast capabilities will reach or exceed median human performance across nearly all standard AI evaluation tests within the next 1-3 years. The progress witnessed this summer indicates that timeline may even be conservative. Exciting applications are on the horizon across industries if developers can successfully address challenges around safety, data use, and societal impacts. Overall, 2023 proved a banner year for extending AI capabilities – a trajectory that will likely continue through 2024 and beyond. Full coverage of the report available here.