Animal Diagnostics Market Top Companies - IDEXX Laboratories, Abaxis, Heska Corporation, Neogen, Zoetis, Thermo Fisher Scientific, Randox, Qiagen, Virbac
Technological advancements in molecular biology has accelerated the development of animal diagnostic tools. For instance, polymerase chain reaction (PCR) is widely being used for genome sequencing of pathogens to produce elements that are used in disease diagnosis, parasite control and biological research. Isothermal technology is another example of technological advancement reducing cost, size and complexity associated with point-of-care testing. It also performs reactions at a ?xed temperature with the help of isothermal chemistries, thus removing requirement of thermal regulation as required in other conventional methods. The industry players are focusing on developing advanced and cost-effective animal diagnostic solutions that is expected to propel market growth in the upcoming years.
Growing adoption of pets in the recent years for companionship have further propelled the market growth positively. The other significant factors contributing to the market growth includes rising disposable income spent significantly on pet care. For instance, Indian pet care sector accounted over USD 1.0 billion spending on pet care in 2014 as per the Indian Pet Trade Fair data. The number of pet adoption has significantly grown from 7 million pet animals in 2006 to 10 million in 2014, further stimulating the market growth.
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Clinical biochemistry segment dominated the industry in 2018 by accounting around USD 1.0 billion in 2018 owing to the rising demand of value-based veterinary care and efforts to preserve endangered species. Furthermore, growing demand for advanced veterinary care products and introduction of advanced techniques in clinical laboratories is anticipated to propel the market growth in the upcoming years.
Companion animal type segment held significant revenue share in 2018 and is projected to witness over 7.5% CAGR during the forecast timeframe. Growing demand for veterinary care and rising adoption of pets for companionship will act as high impact rendering factors for segmental growth. Easy availability of several diagnostic methods for detection of diseases in companion animals and pet health insurance are factors driving companion animals diagnostics market.
U.S. animal diagnostics market accounted for USD 1.6 billion in 2018 owing to developments in veterinary diagnostics coupled with numerous laboratories adopting advanced molecular diagnostic techniques. Moreover, several efforts undertaken by the government to promote growth of animal healthcare sector coupled with regulatory bodies undertaking numerous initiatives to control occurrence of animal diseases is expected to drive the animal diagnostics market in the U.S. over the coming years.
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India animal diagnostics market is expected to witness the lucrative growth of 12.4% during the forecast period. Growing awareness about animal healthcare and materializing initiatives by organizations such as The Tata Trust and People for Animals are some direct factors influencing the market growth. On March 24, 2017, Tata Trust in partnership with the People for Animals announced to launch the state-of-art veterinary hospital in Mumbai to fulfil the need of farm as well as domestic animals at affordable price.
Prominent industry players involved in animal diagnostics market are: IDEXX Laboratories, Abaxis, Heska Corporation, Thermo Fisher Scientific, Virbac, Neogen, Zoetis, Randox, and Qiagen. These companies adopt various strategies such as geographic expansion, joint ventures, mergers and acquisitions to capture larger market share.
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