Companion Animal Diagnostics Market to be supported by the Rising Incidences of Animal Diseases through 2028
The increasing trend of pet adoption
is expected to drive the global companion animal diagnostics market during the
forecast period, 2024-2028.
According
to TechSci Research report, “Companion Animal Diagnostics Market -
Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028”,
the global companion animal diagnostics market is anticipated to grow at a
significant rate during the forecast period, 2024-2028. The increasing
awareness of zoonotic diseases is expected to support the growth of the global
companion animal diagnostics market during the forecast period. According
to the Centers for Disease Control and Prevention (CDC) 2021 report, more than
6 out of every 10 known infectious diseases in people can be spread from
animals, and 3 out of every 4 new or emerging infectious diseases in people
come from animals. Furthermore, the growing demand for preventive care
is a key factor driving the growth of the global companion animal diagnostics
market. Pet owners are becoming more proactive in managing their pet's health
and are increasingly seeking out preventive care to keep their pets healthy and
avoid costly and time-consuming treatments later.
However, a
limited availability of necessary diagnostic equipment and expertise in
veterinary clinics and hospitals are expected to hinder the growth of the
market. Besides, the high cost of companion animal diagnostics may hamper the
growth of the market during the forecast period.
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Companion Animal Diagnostics Market.”
Global
companion animal diagnostics market is segmented into technology, application,
animal type, end user, company, and region.
Based on
technology, the global companion animal diagnostics market is segmented into
clinical biochemistry, clinical chemistry analysis, glucose monitoring, blood
gas & electrolyte analysis, immunodiagnostics, hematology, urinalysis, and
others. Currently, the immunodiagnostics segment is one of the fastest-growing
sub-segments within the global companion animal diagnostics market. This growth
is being driven by several factors, including the increasing prevalence of
infectious diseases in animals and the development of new and advanced
diagnostic technologies that allow for faster and more accurate detection of
these diseases.
Based on
application, the global companion animal diagnostics market is bifurcated into
clinical pathology, bacteriology, virology, parasitology, and others. Of these
sub-segments, clinical pathology is the largest and fastest-growing, accounting
for the majority of the market share. Clinical pathology involves the use of
laboratory testing to diagnose and monitor a wide range of diseases and
conditions in animals, including metabolic disorders, cancer, and infectious
diseases.
Based on
animal type, the global companion animal diagnostics market is segmented into
dogs, cats, horses, and others. Dogs segment is one of the fastest-growing
sub-segments within the companion animal diagnostics market. This is due to the
growing awareness among pet owners about the importance of preventive
healthcare, the increasing prevalence of diseases in these animals, and the
development of new and advanced diagnostic technologies that allow for faster
and more accurate detection of diseases.
Based on
end user, the global companion animal diagnostics market is divided into
veterinary reference laboratories, veterinary hospitals and clinics,
point-of-care/in-house testing, research institutes, and universities. Of these
end-users, the veterinary hospitals and clinics segment is the largest and
fastest growing. This is due to the increasing number of pets being taken to
veterinary hospitals and clinics for routine check-ups, preventive care, and
treatment of illnesses and injuries. Additionally, the growing awareness among
pet owners about the importance of regular veterinary care is driving the
demand for diagnostic tests at these facilities.
Major
companies operating in global companion animal diagnostics market are:
- IDEXX Laboratories, Inc.
- Zoetis Inc.
- Virbac
- Heska Corporation
- Neogen Corporation
- Bio-Rad Laboratories, Inc. (U.S.)
- INDICAL Bioscience GmbH (QIAGEN N.V.)
- Agrolabo SpA (Italy)
- vet
- bioMérieux S.A. (France)
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“North
America dominates the global companion animal diagnostics market owing to the
high adoption of companion animals and the presence of well-established
veterinary diagnostic laboratories and hospitals in the region. Also, the
higher spending on pet healthcare is expected to propel the growth of the
global companion animal diagnostics market till 2028”, said Mr. Karan Chechi,
Research Director with TechSci Research, a research-based global management
consulting firm.
“Companion
Animal Diagnostics Market - Global Industry Size, Share, Trends, Opportunity,
and Forecast, 2018-2028, By Technology (Clinical Biochemistry, Clinical
Chemistry Analysis, Glucose Monitoring, Blood Gas & Electrolyte Analysis,
Immunodiagnostics, Hematology, Urinalysis, Others), By Application (Clinical
Pathology, Bacteriology, Virology, Parasitology, Others), By Animal Type (Dogs,
Cats, Horses, Other), By End User (Veterinary Reference Laboratories,
Veterinary Hospitals and Clinics, Point-of-care/In-house Testing, Research
Institutes, and Universities), By Region, Forecast & Opportunities”, has
evaluated the future growth potential of the global companion animal
diagnostics market and provides statistics & information on market size,
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 the global companion animal
diagnostics market.
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