(Health-NewsWire.Net, April 07, 2021 ) The companion animal diagnostics market is projected to reach USD 3.0 billion by 2025 from USD 1.8 billion in 2020, at a CAGR of 9.8%.
Factors Driving the Market Growth:
The growth in this market is driven by growth in the companion animal population, rising demand for pet insurance, and increasing number of veterinary practitioners in developed economies. The growing demand for rapid tests and portable instruments for point-of-care services is expected to offer potential growth opportunities for market players in the coming years.
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Immunodiagnostics segment to account for the largest share of the companion animal diagnostics market in 2019
Based on technology, the companion animal diagnostics market is segmented into immunodiagnostics, clinical biochemistry, hematology, urinalysis, molecular diagnostics, and other companion animal diagnostic technologies. These methods have been used clinically for decades in the veterinary industry, and are the only reliable option to test animals for several infectious diseases such as equine infectious anemia virus and feline immunodeficiency virus. Immunodiagnostic tests can identify the presence of antibodies to viruses that are inactive and no longer present in the body. These advantages are further used to widen the clinical applications of immunodiagnostic tests in the veterinary health market.
Clinical pathology segment to dominate the companion animal diagnostics market, by application
Based on application, the companion animal diagnostics market is segmented into clinical pathology, bacteriology, virology, parasitology, and other applications. In 2019, the clinical pathology segment was expected to account for the largest share of the companion animal diagnostics market. Clinical pathology encompasses hematology, clinical chemistry, cytopathology, endocrinology, urinalysis, coagulation, immunohematology, and general pathology. In the case of chronic diseases, veterinarians recommend routine blood and urine check-ups where clinical pathologists work along with veterinarians to evaluate the cause of the disease. The rising volume of pathology tests performed is expected to increase the demand for diagnostic products and consumables for clinical pathology applications in the coming years.
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North America to dominate the global companion animal diagnostics market in 2019
North America is expected to account for the largest share of the companion animal diagnostics market in 2019, followed by Europe. Factors such as the increasing adoption of companion animals, growing pet insurance industry, rising veterinary healthcare expenditure, and the growing number of veterinary practices are expected to drive the companion animal diagnostics market in North America. The US is the largest market for companion animal diagnostics in the North American region, primarily due to the large and growing companion animal population in the country.
Key Players of Market:
The key players operating in the global companion, animal diagnostics market, are IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Thermo Fisher Scientific, Inc. (US), Virbac (France), Heska Corporation (US), Neogen Corporation (US), bioMérieux SA (France), IDvet (France), INDICAL Bioscience GmbH (Germany) [QIAGEN N.V. (Netherlands)], and Randox Laboratories Ltd. (UK).
Mr. Aashish Mehra