Global Companion Animal Diagnostic Market By Technology (Clinical Biochemistry, Molecular Diagnostics, Immunodiagnostics, Urinalysis, Hematology, and Other), By Animal Type (Dogs, Cats, Horses, and Others), By End-User (Diagnostic Laboratories, Veterinary Hospitals & Clinics, Research Institutes & Universities), By Application (Bacteriology, Parasitology, Virology, Clinical Pathology, Others); By Region (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa); Trend Analysis, Competitive Market Share & Forecast, 2016-2026
The Global Companion Animal Diagnostic Market is estimated to grow at a CAGR of 9.08% during the forecast period 2019-2026. As per the analysis, the global Companion Animal Diagnostic market was valued $1.69 billion in the year 2019 and estimated to reach $3.1 billion by the end of the year 2026. The global market growth is driven by increased adoption of companion animals globally, growth in number of chronic diseases among animals and increasing demand of efficient diagnostics for pet animals.
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Diagnostics tests help in early detection, prevention and control of animal diseases. Increasing demand for fully automated and semi-automated diagnostic tests techniques further support the demand of companion animal diagnostics, which result in increased productivity and help to handle the large volumes of samples. Increasing demand of Point of Care Diagnostics (POCD) will additionally boost the growth of the companion animal diagnostics market. In the market study, it was analyzed that market players are hugely investing in research and development of POCD equipment.
Increasing adoption of pet animals majorly driving the market growth
Growing adoption of companion animals, especially in developed countries, to cope up with emotional disorders and loneliness, or for support, amusement for kids, and sometimes security, are some of the key factors driving the market growth. Moreover, increasing focus of pet-owners towards preventive healthcare, regular health checkup, and increasing expenditure on companion animal healthcare to protect them from different infectious and other diseases such as zoonotic diseases is propelling the market growth. Moreover, the increasing demand for rapid tests and portable instruments for point-of-care services and the use of sophisticated technologies like machine learning is presumed to offer potential growth opportunities for market players in the forthcoming years.
Increasing pet care cost restraint the market growth
The pet care cost is increasing due to the increasing adoption of companion animals. The initial cost of adoption and the whole expenses of the pet owner during the year is high, which is restricting the growth of the market.
Segmentation Overview of the Global Companion Animal Diagnostic Market
The Global Companion Animal Diagnostic Market is segmented on the basis of Technology, Animal Type, End-User and Application. These market segments are further categorized into sub-segments to study the market in detail.
On the basis of Technology Segment, the Global Companion Animal Diagnostic Market is Sub-Segmented into:
- Clinical Biochemistry
- Molecular Diagnostics
On the basis of Animal Type Segment, the Global Companion Animal Diagnostic Market is Sub-Segmented into:
On the basis of End-User Segment, the Global Companion Animal Diagnostic Market is Sub-Segmented into:
- Hospitals & Clinics
- Nursing Homes
On the basis of Application Segment, the Global Companion Animal Diagnostic Market is Sub-Segmented into:
- Clinical Pathology
Global Companion Animal Diagnostic Market: Regional Insights
Geographically, the global Companion Animal Diagnostic market is segregated into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America is estimated to register the largest revenue share in the target market, owing to higher adoption of companion animals in nations such as the US and Canada in the region, high pervasiveness of chronic diseases, increasing initiative by the government, well-established veterinary healthcare infrastructure. Additionally, North America has strong existence of prominent companies involved in companion R&D of innovative therapeutics and animal diagnostics. Higher spending on pet healthcare is a major factor growth driving factor.
The companies that hold the major share of global Companion Animal Diagnostic market are Scil Animal Care Company GmbH Bionote Inc., Skyla Mindray Medical International Limited, Randox Laboratories, Ltd., IDvet, Fujifilm Holdings Corporation, INDICAL Bioscience GmbH Corporation, Biomérieux SA, Neogen, Virbac, Thermo Fisher Scientific Inc., Heska Corporation IDEXX Laboratories, Inc., Zoetis Inc., Abnova Corporation, Guardant Health, Inc., Illumina Inc. QIAGEN N.V., and other prominent players.
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