Companion Animal Diagnostics Market Revenue to Cross $2.68Bn, Globally, by 2027 at 4.1% CAGR – Exclusive Report by The Insight Partners

The global companion animal diagnostics market was valued at US$ 2.03162 billion in 2019 and is projected to reach US$ 2.68486 billion by 2027; it is expected to grow at a CAGR of 4.1% from 2020 to 2027.

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New York, July 28, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Companion Animal Diagnostics Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Technology, Application, Animal Type, and End User,” the report highlights trends prevailing in the global companion animal diagnostics market and the factors driving market along with those that act as hindrances.

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Companion Animal Diagnostics Market Report Scope & Strategic Insights:

Report CoverageDetails
Market Size Value inUS$ 2.03162 Billion in 2019
Market Size Value byUS$ 2.68486 Billion by 2027
Growth rateCAGR of 4.1% from 2020-2027
Forecast Period2020-2027
Base Year2020
No. of Pages232
No. Tables142
No. of Charts & Figures85
Historical data availableYes
Segments coveredTechnology ; Application ; Animal Type ; End User ;and Geography
Regional scopeNorth America; Europe; Asia Pacific; Latin America; MEA
Country scopeUS, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report coverageRevenue forecast, company ranking, competitive landscape, growth factors, and trends


Companion Animal Diagnostics Market: Competitive Landscape and Key Developments

Zoetis Inc., IDEXX laboratories, Inc, Thermo Fisher Scientific Inc, Virbac, Randox Laboratories Ltd, idvet, IDEXX Laboratories, Inc, Heska Corporation, Fujifilm Corporation, and Skyla Corporation are among the leading companies operating in the companion animal diagnostics market.

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  • In Feb-2020, Zoetis Inc. acquired of Ethos Diagnostic Science, a veterinary reference lab serving leading specialty animal hospitals. This acquisition has added Ethos Diagnostic’s robust diagnostic portfolio including hematology, clinical chemistry, urinalysis, microbiology, endocrinology, serology, cytology and histology in the company’s portfolio.
  • In Jan-2020, Heska Corporation acquired SCIL Animal Care Company to enhance its veterinary diagnostics portfolio and expand the geographic portfolio across North America and Europe.
  • In Jan-2020, IDEXX Laboratories, Inc. launched the Vcheck Feline NT-proBNP test kit for cardiac disease in cats with respiratory signsand adult cats prior to anesthesia.
  • In Nov-2019, Zoetis acquired ZNLabs that is a veterinary clinical reference laboratory with a network of labs across the U.S. The addition of ZNLabs has strengthened company’s portfolio and expanded its diagnostics footprint in the region.

Growing Prevalence of Chronic Diseases in Pet Animals

Similar to humans, animals too suffer from chronic diseases. Arthritis and other orthopedic conditions, chronic kidney disease, cancer, hepatitis and other liver diseases, skin allergies, diabetes mellitus, inflammatory bowel disease, and thyroid disorders are among the common chronic diseases in pets. Cancer is widespread in animals and affects pet as well as wild animals. Animals have been diagnosed with various types of cancer till date, which have symptoms similar to humans, including weight loss, abnormal swelling, and lethargy. As per the veterinary cancer society, cancer is a leading cause of death in 47% of dogs, especially in dogs of age >10 years, and 32% of cats. Further, FETCH a Cure, a nonprofit organization, has estimated that over 6 million dogs and ~6 million cats would be diagnosed with cancer in 2020. Furthermore, as per the Pet Cancer Facts and Figures, one in four dogs and one in five cats develop cancer in their lifetime. According to the association for pet obesity prevention (APOP), in 2018, ~55.8% of dogs and 59.5% of cats in the US were overweight or obese.

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The companion animal diagnostics market offerings deal with the epidemiology and pathogenesis of domestic animals and facilitate the prevention of further complications with the health of pets and their owners. The companion animal diagnostics market is expected to witness huge growth due to growing prevalence of chronic diseases in pet animals and increasing adoption of pets for companionship. However, increasing pet care costs and extended pet lifespan are expected to restrain the growth of the market during the forecast period.

Dogs have positive impact on the social and emotional lives of their owners. Dogs also promote an active lifestyle and companionship, which helps relieve stress and anxiety of their owners. As per the 2017–2018 US Pet Ownership & Demographics, around 38.4% of the households in the US were having dogs. Also, the segment is estimated to register the highest CAGR in the market during the forecast period.

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Companion Animal Diagnostics Market: Segmental Overview

Based on technology, the companion animal diagnostics market is further segmented into immunodiagnostics, clinical biochemistry, hematology, urinalysis, molecular diagnostics, and others. The immunodiagnostics segment is further sub-segmented into lateral flow assays, Elisa tests, allergen-specific immunodiagnostic tests, and immunoassay analyzers. Whereas the clinical biochemistry segment is sub-segmented into clinical chemistry analysis, glucose monitoring, and blood gas electrolyte analysis. The immunodiagnostics segment held a largest share of the market in 2019owing to the increasing adoption of immunodiagnostic assays such as lateral flow assays, ELISA tests, allergen-specific immunodiagnostic tests, and immunoassay analyzers in the diagnosis of a wide range of disease in pets. However, the clinical biochemistry segment is expected to register a higher CAGR in the market during the forecast period.

Based on application, the companion animal diagnostics market is segmented into bacteriology, clinical pathology, virology, parasitology, and others. The clinical pathology segment accounted for the largest share of the global companion animal diagnostics market in 2019, owing to growing clinical use of biomarkers to detect disease pathogenesis at a molecular level, which helps in clinical decision-making resulting into improved patient outcomes. Also, the segment is estimated to register the highest CAGR in the market during the forecast period.

Based on end user, the companion animal diagnostics market is segmented into diagnostic laboratories, veterinary hospitals and clinics, and research institutes and universities. The diagnostic laboratories segment held the largest share of the market in 2019 owing to increasing diagnostic testing services to detect infectious agents, toxins, and other causes of disease in animal samples. Moreover, adoption of advanced technology and large number of testing services is projected to drive the growth of the segment during the forecast period.

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Companion Animal Veterinary Products Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product Type (Therapeutics, Diagnostics ); Animal Type ( Dogs, Cats, Other, Companion Animals )

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