Companion Animal Diagnostics Market Analysis, Size, Share, Growth Rate, Trends and Forecast 2020-2024

2019 Research Report on Global Companion Animal Diagnostics Market is a professional and comprehensive report on the Companion Animal Diagnostics industry.

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Key Players: IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Thermo Fisher Scientific, Inc. (US), Virbac (France), Heska Corporation (US), Neogen Corporation (US), bioMérieux SA (France), IDvet (France), INDICAL Bioscience GmbH (Germany) [QIAGEN N.V. (Netherlands)], and Randox Laboratories Ltd. (UK).

The companion animal diagnostics market is projected to reach USD 2.7 billion by 2024 from USD 1.7 billion in 2019, at a CAGR of 9.8%. The rising companion animal population, increasing demand for pet insurance, and the growth in the number of veterinary practitioners in developed economies are the major factors that are driving the growth of the global companion animal diagnostics market. The growing demand for rapid tests and portable instruments for point-of-care services is expected to offer potential growth opportunities for market players in the coming years. However, the increasing pet care costs are expected to restrain market growth to a certain extent.

Companion animal diagnostics market for dogs to grow at the highest CAGR during the forecast period

Based on animal type, the companion animal diagnostics market is segmented into dogs, cats, horses, and other companion animals. The dogs segment is expected to grow at the highest CAGR during the forecast period majorly due to the growing dog ownership, increasing prevalence of infectious and zoonotic diseases, growing occurrence of skin allergies in dogs, rising healthcare expenditure for dogs, and the growing penetration of pet health insurance.

Point-of-care/in-house testing segment to witness the highest growth during the forecast period

Based on end user, the companion animal diagnostics market is segmented into reference laboratories, veterinary hospitals & clinics, point-of-care/in-house testing, and research institutes and universities. The point-of-care/in-house testing segment is estimated to grow at the highest CAGR during the forecast period owing to the advantages of POC/in-house testing, including ease of use and accurate, real-time results.

Asia Pacific market to witness the highest growth during the forecast period

The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period majorly due to the growing adoption of companion animals, increasing awareness about pet healthcare and zoonotic diseases, and the growing number of veterinary hospitals and clinics in several APAC countries.

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In the end, the Global Companion Animal Diagnostics Market report's conclusion part notes the estimation of the industry veterans.

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