PUBLISHER: SkyQuest | PRODUCT CODE: 1244308
PUBLISHER: SkyQuest | PRODUCT CODE: 1244308
Global Companion Animal Diagnostics Market was valued at USD 2.15 billion in 2021 and it is expected to reach at USD 3.65 billion by 2028, at a CAGR of 5.07% over the forecast period (2022-2028).
Diagnostic equipment and tests for pets, such as dogs, cats, and horses, are offered by the companion animal diagnostics market. Recently, new and cutting-edge diagnostic techniques have been introduced to the market, including telemedicine for animals and point-of-care testing. The need for companion animal diagnostics is anticipated to rise in tandem with the rise in pet ownership, fueling the market's expansion. The market's expansion is also being aided by the growing understanding of the value of preventative pet healthcare.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Companion Animal Diagnostics market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report
The Global Companion Animal Diagnostics market is segmented based on Technology, Application, Organizational Size, End-User, and Region. Based on Technology the market is segmented into Clinical Biochemistry, Immunodiagnostics, Molecular Diagnostics, Hematology, Urinalysis, Others, Based on Application the market is segmented into Clinical Pathology, Bacteriology, Virology, Parasitology, Other Applications, Based on Animal Type the market is segmented into Dogs, Cats, Others, Based on End-User the market is segmented into Diagnostic Labs, Veterinary Hospitals and Clinics, Point-Of-Care and In-House Testing, Research Institutes and Universities. Based on region the global Companion Animal Diagnostics market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
The market for companion animal diagnostics is driven by a number of factors, including rising pet ownership and increased understanding of the value of preventative pet healthcare. The development of new and inventive diagnostic tools as well as the evolution of diagnostic technologies are other factors contributing to the market's expansion. The demand for point-of-care testing is rising, and telemedicine for dogs is becoming more and more well-liked. These factors are boosting the market's expansion.
Restraint
Despite the market's expansion, there are several barriers that businesses must be mindful of, such as the high cost of diagnostic tests and tools, which may restrict some pet owners' access to diagnostic services. Companies in the sector may also face difficulties due to the regulatory requirements for diagnostic instruments and tests.
Market Trends
The market for companion animal diagnostics includes a number of industries, including producers of diagnostic tools and tests, veterinary facilities, and pet owners. Also, there is a growing tendency towards partnerships and cooperation between diagnostic firms and telemedicine providers as a result of the rising demand for telemedicine for pets.
Executive Summary Market overview