What is Companion Animal Diagnostics Market?
Companion Animal Diagnostics is used to provide treatment for disease transmission and pathogenesis of homegrown animals and simplify the prevention of further complications with the wellbeing of pets and their proprietor. The increasing prevalence of chronic diseases in companion animals such as dogs, cat, birds, among others have risen the need to have periodic diagnostics treatments to these animals. As per sources, in the United States around USD 15.42 billion was spent by pet owners on veterinary surgeries in 2017. The ongoing research and development investments for developing new innovative products and services in the veterinary sector are expected to drive market growth in the upcoming years.
The market study is being classified by Type (Clinical Biochemistry {Clinical Chemistry Analysis, Glucose Monitoring, Blood Glucose Strips}, Immunodiagnostics {Lateral Flow Assays, ELISA Tests, Allergen-specific Immunodiagnostic Tests, Immunoassay Analyzers, Other], Hematology {Hematology Cartridges, Hematology Analyzers}, Urinalysis {Urinalysis Clips & Cartridges/Panels, Urine Analyzers, Urine Test Strips}, Molecular Diagnostics {Polymer Chain Reaction Tests, Microarrays, Other} and Other), by Application (Clinical Pathology, Bacteriology, Virology, Parasitology and Other {Pregnancy Testing, Genetic Testing, Toxicology Testing}) and major geographies with country level break-up. According to AMA, the Global Companion Animal Diagnostics market is expected to see growth rate of 8.7%
Virbac (France), Neogen Corporation (United States), bioMérieux SA (France), IDEXX Laboratories, Inc. (United States), Zoetis, Inc. (United States), Heska Corporation (United States), Thermo Fisher Scientific, Inc. (United States), QIAGEN N.V. (Netherlands), Randox Laboratories Ltd. (United Kingdom), IDvet (France) and INDICAL Bioscience GmbH (Germany) are some of the key players profiled in the study.
Global companion animal diagnostics market is is highly competitive and consists of a limited number of vendors who compete with each other. The intense competition, changing consumer spending patterns, demographic trends, and frequent changes in consumer preferences pose significant growth opportunities for the market in forecast years. In 2019, IDEXX Laboratories accounted for the maximum market share. The level of competition among the companies in the market is intense and providers are focus on developing new technologies. Research Analyst at AMA predicts that United States and European Players will contribute to the maximum growth of Global Companion Animal Diagnostics market throughout the predicted period.
Segment Analysis
Analyst at AMA have segmented the market study of Global Companion Animal Diagnostics market by Type, Application and Region.
On the basis of geography, the market of Companion Animal Diagnostics has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Drivers
- Growth in the Companion Animal Population
- Rising Demand for Pet Insurance
- Demand For Fully Automated & Semi-Automated Diagnostic Tests
Market Trend
- Increasing Number of Veterinarians Practitioners in Emerging Markets
Restraints
Opportunities
- Growing Demand for Rapid Tests & Portable Instruments for Point-Of-Care (PoC) Diagnostic Services
- Increasing Animal Healthcare Spending
- Government Initiatives for Veterinary Services
Challenges
- Lack of Awareness Regarding Animal Healthcare
Market Leaders and some development strategies
In January 2020, Heska Corporation completed the acquisition SCIL Animal Care Company. This acquisition expanded Heska’s veterinary diagnostics portfolio and its geographic reach across North America and Europe.
Analyst Comment
The United States, Germany, and China will be the major contributors for global companion animal diagnostics market throughout the predicted period
Key Target Audience
New Entrants/Investors, Analysts and Strategic Business Planners, Companion Animal Diagnostics Provider, Government Regulatory, Research Organizations and End Users
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