$2.68Bn Growth for Companion Animal Diagnostics Market to Hit 4.1% CAGR, Globally, by 2027 with Clinical Biochemistry Segment Driving Growth during 2020-2027 | The Insight Partners

North America held the largest share of the companion animal diagnostics market; which was valued at $741.89 million in 2019 and is projected to reach $996.08 million by 2027; it is expected to grow at a CAGR of 4.3% during 2020-2027.

Pune, India, July 11, 2023 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Companion Animal Diagnostics Market Size Report, Share, Revenue, Growth Strategy, Industry Trends and Forecast to 2027 - COVID-19 Impact and Global Analysis By Technology, Application, Animal Type, and End User”, the global market size is expected to reach $2.68 billion by 2027 from $2.03 billion in 2019, it is estimated to grow with a CAGR of 4.1% from 2020-2027.

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Global Companion Animal Diagnostics Market Report Scope, Segmentations, Regional & Country Scope:

Report CoverageDetails
Market Size Value inUSD 2.03 Billion in 2019
Market Size Value byUSD 2.68 Billion by 2027
Growth rateCAGR of 4.1% from 2020 to 2027
Forecast Period2020-2027
Base Year2019
No. of Pages232
No. of Tables142
No. of Charts & Figures85
Historical data availableYes
Segments coveredTechnology, Application, Animal Type, and End User

Browse key market insights spread across 232 pages with 142 list of tables & 85 list of figures from the report, "Companion Animal Diagnostics Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology (Immunodiagnostics, Clinical Biochemistry, Hematology, Urinalysis, Molecular Diagnostics, Others); Application (Bacteriology, Clinical Pathology, Virology, Parasitology, Others); Animal Type (Dogs, Cats, Horses, Others); End User (Diagnostic Laboratories, Veterinary Hospitals and Clinics, Research Institutes and Universities), and Geography" in detail along with the table of contents: https://www.theinsightpartners.com/reports/companion-animal-diagnostics-market

In the United States presence of strong players, with continuous development in the region, is further augmenting the market growth. For instance, Zoetis Inc is among the market leaders, which is involved in the development, manufacturing, and marketing of veterinary point of care diagnostic instruments and consumables. It also offers immunodiagnostic products to help detect viruses, bacteria, antibodies to viruses, and bacteria through antigen-antibody reactions. The National Veterinary Services Laboratories provide the diagnostics services for the animals, it offers a wide range of diagnostic services, information centered around diagnosis of domestic and foreign animal diseases. The laboratory is also involved in support of disease control and eradication programs. It produced reagents for diagnostic testing, offers training, and laboratory certification. Similarly, there are presence other private laboratories affiliated to the American Association of Veterinary Laboratory Diagnosticians. For instance, Wisconsin Veterinary Diagnostic Laboratory offers a broad range of diagnostic services to the production, companion, and exotic animal industries.

Besides this, an increase in the number of pet owners and rising concern to maintain the health of pets will help in market growth. For instance, as per Animal Health Institute (AHI), more than 67% of American households own pets, totaling nearly 400 million pets, including dogs, cats, horses, birds, fish, horses, and more. In addition, Americans spent over US$ 75.5 billion on their pets in 2016, with an average total household spend of US$ 892 on pet food, veterinary services, supplies, and other services.

Global Companion Animal Diagnostics Market Analysis: 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 a few of the key companies operating in the companion animal diagnostics market. The market leaders focus on new product launches, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.

Growing Prevalence of Chronic Diseases in Pet Animals Provides Lucrative Opportunities for Global Companion Animal Diagnostics Market:
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 unexplained 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 with >10 years of age, 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. Similarly, 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. Additionally, according to the Arthritis Foundation, ~20% of all adult dogs suffer from arthritis. Such growing prevalence of chronic diseases have become more significant factor, raising the demand for animal health, and this has triggered companies to produce advanced pharmaceuticals and vaccines to help animal owners or other stakeholders to maintain the overall health of animals.

Global Companion Animal Diagnostics Market: Segmental Overview
Based on technology, the companion animal diagnostics market is segmented into immunodiagnostics, clinical biochemistry, hematology, urinalysis, molecular diagnostics, and others. The immunodiagnostics segment is further sub-segmented as lateral flow assays, ELISA tests, allergen-specific immunodiagnostic tests, and immunoassay analyzers. Whereas the clinical biochemistry is sub-segmented as clinical chemistry analysis, glucose monitoring, and blood gas electrolyte analysis. The immunodiagnostics segment held the largest share of the market in 2019. However, the clinical biochemistry segment is estimated to register the highest CAGR of 4.8% in the market during the forecast period. Clinical Biochemistry is the division of veterinary laboratory medicine that measures biological chemical compounds in the blood, urine and other body fluids using molecular and biochemical compounds. These test results help in detection of health problems, determining prognosis and also helps in guiding physicians the right therapy for the patient. Biochemical tests are also used to monitor the adverse effects of therapeutic drugs. This segment includes tests such as clinical chemistry analysis, glucose monitoring and blood gas electrolyte analysis. There are several blood tests and clinical urine tests with wide diagnostic capabilities. Most laboratories now have automated processes for these tests to reduce the workload. These tests performed are thoroughly monitored to achieve better quality. The clinical chemistry tests include electrolytes, renal (kidney) function tests, liver function tests, minerals, blood disorders and other tests. Owing to laboratory automation, and developments in reagents and kits the segment is expected to witness rapid growth during the forecast period.

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The North America companion animal diagnostics market is divided into the US, Canada, and Mexico. The region is expected to be the largest among all the regions. The growth of the market in the region is estimated due to factors such as rising government support for the research and development activities for veterinary sectors, growing technological advancements that are resulting in various market consolidations, and rising adoption of pet animals across the countries. In addition, the presence of the various market leaders functioning in the companion animal diagnostics market is projected to influence the market growth during the forecast period. US hold the significant market share in North America region.

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