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(Health-NewsWire.Net, June 24, 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%. 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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The molecular diagnostics segment is expected to grow at the highest CAGR during the forecast period
Based on technology, the companion animal diagnostics market is segmented into clinical biochemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and other companion animal diagnostic technologies. The molecular diagnostics segment is expected to grow at the highest CAGR during the forecast period. The need for reliable, specific, and faster methods to detect chronic diseases and genetic disorders in the early stages is expected to drive the molecular diagnostics market for companion animal diagnostics.
Clinical pathology segment to dominate the companion animal diagnostics market during the forecast period
Based on application, the market is segmented into clinical pathology, bacteriology, virology, parasitology, and other applications. The clinical pathology segment is estimated to account for the largest share of the market during the forecast period. The clinical pathology tests are considered as the first tool for the evaluation of disease patterns as it provides an understanding of disease mechanism and progression, which is important for the development of new treatments.
Asia Pacific market to witness the highest growth during the forecast period
The global companion, animal diagnostics market, is segmented into five major regions, namely, North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa. In 2019, North America was estimated to be the largest regional market for companion animal diagnostics. However, the Asia Pacific market is expected to grow at the highest CAGR during the forecast period primarily due to factors such as growth in pet adoption, increasing awareness about animal health, and increasing per capita animal health expenditure, especially in India and China.
Key Market Players
IDEXX Laboratories, Inc. (US), and Zoetis, Inc. (US) and Heska Corporation (US) are the major players operating in the companion animal diagnostics market. Some of the other players operating in this market are 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).
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