PUBLISHER: Allied Market Research | PRODUCT CODE: 1140001
PUBLISHER: Allied Market Research | PRODUCT CODE: 1140001
The global companion animal diagnostics market was valued at $2,989.8 million in 2021, and is projected to reach $6,884.67 million by 2031, registering a CAGR of 8.6% from 2022 to 2031.
Companion animal diagnostics is a diagnostic method that is used to identify a chronic disease in companion animals at the molecular level. Companion animal diagnosis is considered to be the best method to identify & characterize various chronic diseases in animals. For the detection of diseases, several diagnostics method are used such as molecular diagnostic, immunodiagnostic, Clinical biochemistry, uranalysis and among others.
The key factors that drive the growth of the market are an increase in animal healthcare expenditure, rise in pet adoption, and an increase in the prevalence of chronic diseases such as zoonotic disease cancer, gastrointestinal disease, and others. For instance, according to a report published by the Center for Disease Control and Prevention, zoonotic diseases are very common, both in the United States and around the world and it was estimated that about 6 out of every 10 animal is affected by a zoonotic disease. Furthermore, the rise in awareness associated with animal healthcare, and the rise in the adoption of rapid tests and portable instruments for point-of-care diagnostics are the key factors that provide lucrative opportunities for key industry players. However, the lack of skilled veterinary professionals and animal health awareness hinders the growth of the market in upcoming years.
The companion animal diagnostics market is segmented on the basis of technology, application, animal type, end-use, and region. By technology, the market is segmented into clinical biochemistry, immunodiagnostics, hematology, molecular diagnostics, urinalysis, and others. The basis of clinical biochemistry is further sub-segmented into clinical chemistry analyzers, blood gas & electrolyte analysis, and glucose monitoring. Immunodiagnostics is sub-segmented into ELISA, lateral flow assay, immunoassay analyzer, and other (rapid test, western blot tests, immunohistochemistry, allergen-specific immunodiagnostic tests diagnostics). Hematology is further bifurcated into hematology cartridges and hematology analyzers. Molecular diagnostics is sub-segmented into PCR, microarray, and others. Urinalysis is sub-segmented into urinalysis clips & cartridges/panels, urine analyzers, and urine test strips. And on the basis of others, the technology market for companion animal diagnostics is bifurcated into microbiology tests and histopathology tests. On the basis of application, the market is segmented into bacteriology, clinical pathology, virology, parasitology, and others. On the basis of animal type, the market is bifurcated into dogs, cats, and others. By end use, the market is segmented into diagnostics laboratories, veterinary healthcare and clinics, research institute, and point of care. Region-wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
North America accounted for the largest market share in 2021 and is anticipated to remain dominant during the forecast period. Owing to rise in the adoption of pets in North America and the rise in the prevalence of various chronic diseases among animals drive the growth of the companion animal diagnostics market. Asia-Pacific is anticipated to witness lucrative growth, owing to a surge in the companion animal population, growing demand for diagnostics services from the livestock industry, and rise in companion animal health expenditure among emerging countries across APAC is expected to offer significant growth for the market
The key players that operate in the companion animal diagnostics market are Agrolabo SpA, Biomerieux SA, BioNote Inc. Creative Diagnostics, Fujifilm Holdings Corporation, Heska Corporation, HyTest Ltd., Idexx Laboratories Inc., IDvet, Indical Bioscience Gmbh, Neogen Corporation, Randox Laboratories Ltd., Shenzhen Mindray Animal Medical Technology Co. Ltd, Thermofisher Scientifc Inc., Triviumvet, Virbac and Zoetis Inc.
Key Benefits For Stakeholders
Key Market Segments
By Technology
By Application
By Animal Type
By End User
By Region