The companion animal diagnostics market is projected to reach USD 3.8 Billion by 2027 from USD 2.4 Billion in 2022 at a CAGR of 9.6% during the forecast period. The growth in this market is mainly attributed to the increasing companion animal population, rising demand for pet insurance, growing animal health expenditure, and the increasing number of veterinary practitioners & their rising income level in developed countries. However, increasing pet care costs are expected to hinder market growth to a certain extent.
“Clinical Biochemistry segment holds largest share in the companion animal diagnostics market in 2021”
The companion animal diagnostics market is segmented into clinical biochemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and other companion animal diagnostic technologies on the basis of technologies. The clinical biochemistry segment holds the largest share of the companion animal diagnostics market in 2021. Clinical biochemistry is an important technology used for screening infectious and metabolic disorders in small animals. The clinical biochemistry market is segmented into clinical chemistry analysis, glucose monitoring, and blood gas electrolyte analysis.
“Clinical Pathology segment is expected to grow at the fastest growth rate during 2022-2027”
The companion animal diagnostics market is segmented into clinical pathology, bacteriology, virology, parasitology, and other applications based on application type. In 2021, clinical pathology was the largest application segment in this market owing to the high volume of clinical pathology tests performed on companion animals. 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, wherein pathologists work alongside vets in order to evaluate the true causes of diseases.
“The diagnostics laboratories holds the largest share of companion animal diagnostics market in 2021”
The companion animal diagnostics market is segmented into diagnostic laboratories, veterinary hospitals & clinics, research institutes & universities,and home care settings based on the end user type. The diagnostic laboratories segment holds the largest share of of this market in 2021. The large share of this segment can be attributed to a large number of samples received for analysis in these laboratories from small and large animal practices. Rising awareness among pet owners regarding routine and preventive care is further expected to propel market growth.
“North America accounted for the largest share of the companion animal diagnostics market in 2021”
The companion animal diagnostics market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa based on the region type. North America holds largest share of of the companion animal diagnostics market in 2021. The large share of this segment can be attributed to the increasing animal population, growing pet insurance, and rising animal health expenditure in North America. The Asia Pacific region is projected to grow at a CAGR of during the forecast period. Factors such as the rapidly increasing animal population, growing awareness about animal welfare, and the rising prevalence of zoonotic diseases are driving the growth of this regional market.
A breakdown of the primary participants (supply-side) for the companion animal diagnostics market referred to for this report is provided below:
- By Company Type: Tier 1–60%, Tier 2–30%, and Tier 3–10%
- By Designation: C-level–30%, Director Level–50%, and Others–20%
- By Region: North America–45%, Europe–15%, Asia Pacific–23%, Latin America- 10%, and Middle East and Africa– 5%
Key players in this market are adopting several organic and inorganic growth strategies (such as product launches, agreements, collaborations, acquisitions, and expansions). Some major players in this market are Idexx Laboratories, INC. (US), Zoetis, INC. (US), Heska Corporation (US), Thermo Fisher Scientific, INC. (US), Biom?rieux SA (France), Virbac (France), Neogen Corporation (US), Fujifilm Holdings Corporation (Japan), Indical Bioscience GmbH (Germany), Idvet (France), Randox Laboratories, LTD. (UK), Shenzhen Mindray Animal Medical Technology Co., Ltd. (China), and BioNote, Inc (South Korea).
The market study covers the companion animal diagnostics market across various segments. It aims at estimating the market size and the growth potential of this market across different segments by Technology, Application, Animal, end user, and region. The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to their product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help market leaders/new entrants in this market and provide information regarding the closest approximations of the companion animal diagnostics market and its segments. This report will help stakeholders understand the competitive landscape, gain insights to position their businesses better, and plan suitable go-to-market strategies. The report will also help stakeholders in understanding the pulse of the market and gaining information on key market drivers, restraints, opportunities, and challenges.