Rise in the population of companion animals to drive global companion animal diagnostics market
According to TechSci Research report, “Global Companion Animal Diagnostics Market By Technology (Clinical Biochemistry, Clinical Chemistry Analysis, Glucose Monitoring, Blood Gas & Electrolyte Analysis, Immunodiagnostics, Hematology, Urinalysis, Others (Microbiology Tests and Histopathology Tests)), By Application (Clinical Pathology, Bacteriology, Virology, Parasitology, Others (Pregnancy Testing, Genetic Testing, and Toxicology Testing)), By Animal Type (Dogs, Cats, Horses, Other (Rabbits, Reptiles, Pet Fish, and Birds)), By End User (Veterinary Reference Laboratories, Veterinary Hospitals and Clinics, Point-of-care/In-house Testing, Research Institutes and Universities), By Region, Forecast & Opportunities, 2025”, market for companion animal diagnostics is expected to grow at a rapid pace through 2025 owing to increasing pet ownerships across the globe. Pets are often adopted to cope up with emotional stress, as an amusement to kids and also for security purposes. They are the owner’s responsibility and their health is a major concern to their owners. Thus, the owners pay grave attention to their pet’s health and ensure that their pets are receiving regular health checkups. This is one of the major factors which is contributing to the growing share of the market. Increasing expenses in the field of animal healthcare to protect the companion animals from food borne and zoonotic disorders contribute a large share to the market. Besides, automated diagnostics is in demand nowadays as automated tests provide more precise and efficient results in a shorter span of time at lower costs. Application of automated diagnostics in animal healthcare is propelling the market growth of the companion animal diagnostics, globally. However, the market growth in the budding economies might get hampered as the family incomes are quite less and thus, people are unable to spend much on their pet’s health.
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The global companion animal diagnostics market is segmented based on technology, application, animal type, end user, company and region. The technology segment is divided into clinical biochemistry, clinical chemistry analysis, glucose monitoring, blood gas & electrolyte analysis, immunodiagnostics, hematology, urinalysis and others including microbiology tests and histopathology tests. Clinical biochemistry held the largest share of the market in 2019, and the stats are likely to be the same throughout the forecast period. Extensive use of clinical tests for the diagnosis of diseases in companion animals coupled with surging demand of advanced animal healthcare are fueling the segment growth. The application segment is further divided into clinical pathology, bacteriology, virology, parasitology and others, which includes pregnancy testing, genetic testing, and toxicology testing. In 2019, clinical pathology accounted for the largest market share as clinical pathology tests are the first choice of people for the diagnosis of their pet’s disease. This is because these tests provide a better understanding of progression of disease which is indispensable for developing novel treatments. The animal type is segmented into various animals which are dogs, cats, horses and others including rabbits, reptiles, pet fish, and birds. Among these, dogs evidently held the highest market share in the year 2019 as they are the most petted animals. Also, Association of Pet Obesity Prevention (APOP) reported 56% of dogs to be obese in 2017. Increasing cases of obesity, cancer, etc., in dogs led to dogs holding the largest market share.
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Some of the leading players of global companion animal diagnostics market include IDEXX Laboratories, Inc., Zoetis Inc., Thermo Fisher Scientific Inc., Virbac, Heska Corporation, Neogen Corporation, bioMérieux SA, INDICAL Bioscience GmbH (QIAGEN N.V.), Randox Laboratories, Ltd., etc.
“North America accounted for the largest share in global companion animal diagnostics market in 2019 and the region is projected to hold its dominance through 2025. Countries such as US and Canada are contributing majorly to the market share as they have high rate of adoption of companion animals or pets. Also, advanced animal healthcare sector and increasing investments in the same by North American governments and other leading companies can be held responsible for the largest share of the region. However, Asia-Pacific market is expected to expand the most during the forecast period on the back of soaring research and developments activities in developing countries such as India and China.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Global Companion Animal Diagnostics Market By Technology (Clinical Biochemistry, Clinical Chemistry Analysis, Glucose Monitoring, Blood Gas & Electrolyte Analysis, Immunodiagnostics, Hematology, Urinalysis, Others (Microbiology Tests and Histopathology Tests)), By Application (Clinical Pathology, Bacteriology, Virology, Parasitology, Others (Pregnancy Testing, Genetic Testing, and Toxicology Testing)), By Animal Type (Dogs, Cats, Horses, Other (Rabbits, Reptiles, Pet Fish, and Birds)), By End User (Veterinary Reference Laboratories, Veterinary Hospitals and Clinics, Point-of-care/In-house Testing, Research Institutes and Universities), By Region, Forecast & Opportunities, 2025” has evaluated the future growth potential of global companion animal diagnostics market and provided statistics & information on market size, shares, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in global companion animal diagnostics market.
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