According to the most recent Growth Plus Reports analysis, the Global Companion Animal Genetic Testing Market was valued at US$ 9.6 billion in 2022 and is expected to register a revenue CAGR of 7.5% to reach US$ 18.4 billion by 2031 during the forecast period from 2023 to 2031. The research describes the most successful strategies, market trends, key drivers and opportunities, competitive landscape, market size, statistic figures, revenue forecasts, and key investment areas.
Key Takeaways:
- The rising demand for preventative veterinarian treatment is raising the market revenue growth.
- The rising awareness among pet owners regarding the prevalence of inherited diseases is accelerating revenue share.
- Growing advancements such as next-generation sequencing and microarray analysis drive the demand for genetic testing.
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Companion Animal Genetic Testing Market Scope
| Report Attribute | Details |
| Market size value in 2022 | US$ 359.3 million |
| Revenue forecast in 2031 | US$ 710.82 million |
| Growth Rate | CAGR of 8.9% from 2023 to 2031 |
| Base year for estimation | 2022 |
| Forecast Period | 2023-2031 |
| Historical Year | 2021 |
| Segments covered | Product Type, Sample Type, Test Type, and Region. |
| Regional scope | North America, Europe, Asia Pacific, and the Rest of the World (ROW) |
Market Drivers:
The rising initiative to educate on animal genetic testing is expected to accelerate the market revenue growth. Furthermore, initiatives such as kits for actionable health information to determine diagnostic, monitoring, and treatment plans that can easily be shared with a veterinarian drive revenue growth. However, the ethical concerns regarding genetic testing in companion animals, high cost, and lack of awareness are expected to hinder revenue growth of the companion animal genetic testing market.
Market Segmentation:
Growth plus reports have analyzed the global companion animal genetic testing market from perspectives such as animal type, sample type, test type, and region.
Animal Type Segmentation:
Based on the animal type, the global companion animal genetic testing market is segmented into dogs, cats, and other animals.
The dog segment accounts for the largest revenue share in the companion animal genetic testing market. This large revenue share is attributed to the increasing demand for dogs as companion animals. Furthermore, to help breeders and owners in managing the health of their dogs, genetic testing for companion animals is in rising demand.
Sample Type Segmentation:
Based on the sample type, the global companion animal genetic testing market is segmented into blood, saliva, semen, and others.
The saliva segment accounts for the largest revenue share in the global companion animal genetic testing market. Saliva collection is a non-invasive, quick method of obtaining a DNA sample from an animal, which causes minimal discomfort to pets, thus boosting the segment’s revenue growth. Furthermore, genetic saliva testing is typically less expensive and more precise than blood testing boosting the segment’s revenue growth.
Test Type Segmentation:
Based on the test type, the global companion animal genetic testing market is segmented into breed profile, genetic diseases, and health & wellness.
The genetic diseases segment accounts for a significant revenue share in the companion animal genetic testing market. This large revenue share is attributed to the benefits of significant information obtained from genetic testing for diseases, enabling them to make a more precise diagnosis and create more efficient treatment programs.
Regional Growth Dynamics:
Based on region, the global companion animal genetic testing market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
North America accounts for a significant market revenue share owing to the growing number of pet owners in North America, driving demand for companion animal genetic testing. Furthermore, the rise in the incorporation of advanced technology in genetic testing has made it easier and more cost-effective to identify genetic diseases in companion animals. This has helped to expand the availability of genetic testing services in this region.
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Competitive Landscape:
The prominent players operating in the global companion animal genetic testing market are:
- Wisdom Panel (Mars, Inc.)
- Embark Veterinary, Inc.
- Orivet Genetic Pet Care Ltd.
- Basepaws, Inc. (Zoetis)
- DNA MY DOG (Canadian Dog Group Ltd.)
- Dognomics (Clinomics)
- Gensol Diagnostics, LLC
- Neogen Corp.
- FidoCure (OHC)
- PetDx
Prominent players have adopted product releases, product approval, and agreement as important developmental methods to expand their product portfolio in the global market. These initiatives have raised the need for companion animal genetic testing and opened new economic and commercial opportunities.
Recent Developments:
- In January 2023, Mars Petcare collaborated with the Broad Institute of MIT and Harvard to make one of the largest open-access cat and dog genome databases enrolled in the MARS PETCARE BIOBANK initiative sequenced over the next 10 years.
- In June 2022, Zoetis Inc. the acquisition of Basepaws was completed adding Basepaws in Zoetis. This enhanced their portfolio in the animal health space precision and informed their product pipeline in pet care innovations.
Table of Content
- INTRODUCTION
- Market Ecosystem
- Timeline Under Consideration
- Historical Years – 2021
- Base Year – 2022
- Forecast Years – 2023 to 2031
- Currency Used in the Report
- RESEARCH METHODOLOGY
- Research Approach
- Data Collection Methodology
- Data Sources
- Secondary Sources
- Primary Sources
- Market Estimation Approach
- Bottom Up
- Top Down
- Market Forecasting Model
- Limitations and Assumptions
- PREMIUM INSIGHTS
- Current Market Trends (COVID-19 Perspective)
- Key Players & Competitive Positioning (2022)
- Regulatory Landscape
- MARKET DYNAMICS
- Drivers
- Restraints/Challenges
- Opportunities
- GLOBAL COMPANION ANIMAL GENETIC TESTING MARKET – ANALYSIS & FORECAST, BY ANIMAL TYPE
- Dogs
- Cats
- Other Animals
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