Press release
Companion Animal Diagnostic Market Worth $3.18 Billion with CAGR of 9.5% by 2026 | Top Players- IDEXX Laboratories, Zoetis Inc, Thermo Fisher Scientific Inc, Virbac, Heska Corp, Neogen Corp
Companion Animal Diagnostic Market
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The key players covered in this study:
• IDEXX Laboratories, Inc.
• Zoetis Inc.
• Thermo Fisher Scientific Inc.
• Virbac
• Heska Corporation
• Neogen Corporation
• ...
Key drivers for the companion animal diagnostic market include growing companion animal population, demand for pet insurance, increasing spending on pet coupled with increasing prevalence of animal diseases. Growing companion animal population is expected to be one of the major drivers for the growth of companion animal diagnostic market. Diagnostic tests are crucial tools for checking the health status of animals and in recognizing pathogens. These diagnostics tests help in early detection, management, and in prevention & control of animal diseases. As per the American Veterinary Medical Association, about 57% of U.S. owned a pet in 2016.
Moreover, rise in the companion animal population is driving the demand for companion animal diagnostic market. For instance, as per Insurance Information Institute Organization, in 2017-2018 about 68% (85 million) families in the United States own a pet as compared to 56% in 1998. Thus, growing population of companion animal diagnostic is surging the demand for companion animal diagnostics for the prevention and diagnosis of various acute and chronic diseases in companion animals. Furthermore, growing demand for point of care diagnostic services is expected to create lucrative growth prospects of the companion animal diagnostic market across the globe. However, increasing pet care cost act as a key restraint for the market during the forecast period.
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On the basis of segmentation, the companion animal diagnostic market is segmented into technology, animal type, application and end-user.
On the basis of technology segment, the market is sub-segmented into clinical biochemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics and other companion animal diagnostic technologies of which clinical biochemistry holds the major share owing to growing preference towards advanced clinical diagnostics coupled with wide application of this technology.
On the basis of animal type segment, the market is bifurcated into dogs, cats, horses and other companion animals. The application segment is diversified into clinical pathology, bacteriology, virology, parasitology and other applications. Clinical pathology holds the major share in the application segment owing to growing demand for diagnostic products and consumables in pathology testing.
On the basis of end-user segment the market is classified into reference laboratories, veterinary, hospitals & clinics, point-of-care/in-house testing and research institutes & universities.
The regional analysis of companion animal diagnostic market is considered for the key regions such as North America, Europe, Asia Pacific, Latin America and ROW.
North America holds the leading position in companion animal diagnostic market due to growing adoption of companion animals coupled with rise in veterinary healthcare expenditure.
Whereas, Asia-Pacific is expected to emerge as the fastest growing region in terms of market share. The growth of Asia-Pacific region is witnessed owing to the growing awareness about animal healthcare coupled with adoption of companion animals in the region.
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There are Chapters to thoroughly display the Companion Animal Diagnostic Market. This report included the analysis of market overview, market characteristics, industry chain, competition landscape, historical and future data by types, applications and regions.
Chapter 1. Executive Summary
Chapter 2. Global Companion Animal Diagnostic Market Definition and Scope
Chapter 3. Global Companion Animal Diagnostic Market Dynamics
Chapter 4. Global Companion Animal Diagnostic Market Industry Analysis
Chapter 5. Global Companion Animal Diagnostic Market, By Technology
Chapter 6. Global Companion Animal Diagnostic Market, By Application
Chapter 7. Global Companion Animal Diagnostic Market, By Animal Type
Chapter 8. Global Companion Animal Diagnostic Market, By End-User
Chapter 9. Global Companion Animal Diagnostic Market, by Regional Analysis
Chapter 10. Competitive Intelligence
Chapter 11. Research Process
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