The Asia Pacific companion animal diagnosticsmarket is expected to reach US$ 598.2 million by 2027 from US$ 435.7 million in 2019. The market is estimated to grow at a CAGR of 4.6% during 2020–2027.
The growth of the companion animal diagnosticsmarketis primarily attributed to the increasingprevalence of chronic diseases in pet animals and increasing adoption of pet animals in the Asia Pacific region. Increasing pet care costis the major factor restraining the growth of the market. However, the demandfor advanced technologies to improve disease diagnosisand escalating number of product launches are likely to fuel the growth of the APAC companion animal diagnosticsmarketduring the forecast period.
The companion animal diagnostics productsdeal with the epidemiology and pathogenesis of the domestic animal and prevent further complications related to the health of pet as well as the owner. These products are normally used for the animals such as cats, dogs, and horses.
Pets have become an important part of human lives. They promote active lifestyle with companionship and have also been able to detect oncoming epileptic seizures or the presence of certain types of cancers. They also help bring social, emotional, and cognitive development in children, and relieve stress and anxiety in adults. Research studies have shown that dog owners have 36% lower risk of dying from cardiovascular disease and 11% lower risk of getting heart attack. According to India International Pet Trade Fair (IIPTF), the pet population in India has grown from 7 million in 2006 to 10 million in 2011. Additionally, rapid urbanization andrising disposable incomeamong population coupled with a shift to nuclear families are the factors driving people to own pets. Hence, the growing adoption of pets for companionship is fuelling the companion animal diagnostics market growth.
China, South Korea, and India are the worst affected Asian countries due to the outbreak of COVID-19. This pandemic has left many pet/companion animal orphans. The infected people were quarantine. Therefore, this has affected the behavior of companion animals. Therefore, it is expected that the COVID-19 has impacted the Asian countries with moderate to high severity.
The immunodiagnostics segment accounted for the largest share of the companion animal diagnostics market in 2019. The growth of the market for this segment is attributed to the growing number of immunoassay applications in veterinary science, including the detection of a wide range of diseases. Moreover, the adoption of generic products by veterinarians for companion animals is adding to the specificity and sensitivity of the diagnostic tests such as ELISA, allergen-specific immunodiagnostic tests, and immunoassays, further propelling the growth of the market for immunodiagnostics during the forecast period.
India International Pet Trade Fair (IIPTF), AnimalHealth India, and Japan Pet Food Association are among the significant secondary sources associated with the Asia Pacific companion animal diagnostics market.