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Companion Animal Diagnostics Market (Covid-19) Impact and Analysis by 2027 | Zoetis, IDEXX laboratories, Thermo Fisher Scientific, Virbac, Randox Laboratories, idvet, IDEXX Laboratories, Heska Corporation, Fujifilm Corporation, and Skyla Corporation and o
Companion Animal Diagnostics Market
The study provides details such as the market share, Market Insights, Strategic Insights, Segmentation and key players in the Companion Animal Diagnostics Market.
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The companion animal diagnostics marketwas valued at US$ 2,031.62 million in2019 and is projected to reach US$ 2,684.86 million by 2027; it is expected to grow at a CAGR of 4.1%from 2020to 2027.
Some of the Major Market Players Are:
Zoetis Inc.
Thermo Fisher Scientific Inc.
Virbac
Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
Randox Laboratories, Ltd.
Idvet
IDEXX Laboratories, Inc.
Heska Corporation
Fujifilm Corporation
Skyla Corporation
Market Insights
Growing Prevalence of Chronic Diseases in Pet Animals
Similar to humans, animals too suffer from chronic diseases. Arthritis and other orthopedic conditions, chronic kidney disease, cancer, hepatitis and other liver diseases, skin allergies, diabetes mellitus, inflammatory bowel disease, and thyroid disorders are among the common chronic diseases in pets. Cancer is widespread in animals and affects pet as well as wild animals. Animals have been diagnosed with various types of cancer till date, which have symptoms similar to humans, including weight loss, abnormal swelling, and lethargy. As per the veterinary cancer society, cancer is a leading cause of death in 47% of dogs, especially in dogs of age >10 years, and 32% of cats. Further, FETCH a Cure, a nonprofit organization, has estimated that over 6 million dogs and ~6 million cats would be diagnosed with cancer in 2020. Furthermore, as per the Pet Cancer Facts and Figures, one in four dogs and one in five cats develop cancer in their lifetime. According to the association for pet obesity prevention (APOP), in 2018, ~55.8% of dogs and 59.5% of cats in the US were overweight or obese.
Technology-Based Insights
Based on technology, the companion animal diagnostics market is further segmented into immunodiagnostics, clinical biochemistry, haematology, urinalysis, molecular diagnostics, and others. The immunodiagnostics segment is further sub-segmented into lateral flow assays, Elisa tests, allergen-specific immunodiagnostic tests, and immunoassay analysers. Whereas the clinical biochemistry segment is sub-segmented into clinical chemistry analysis, glucose monitoring, and blood gas electrolyte analysis. The immunodiagnostics segment held a largest share of the market in 2019owing to the increasing adoption of immunodiagnostic assays such as lateral flow assays, ELISA tests, allergen-specific immunodiagnostic tests, and immunoassay analysers in the diagnosis of a wide range of disease in pets. However, the clinical biochemistry segment is expected to register ahigher CAGR in the market during the forecast period.
Application-Based Insights
Based on application, the companion animal diagnostics market is segmented into bacteriology, clinical pathology, virology, parapsychology, and others. The clinical pathology segment accounted for the largest share of the global companion animal diagnostics market in 2019, owing to growing clinical use of biomarkers to detect disease parthenogenesis at a molecular level, which helps in clinical decision-making resulting into improved patient outcomes. Also, the segment is estimated to register the highest CAGR in the market during the forecast period.
Animal Type-Based Insights
Based on animal type, the companion animal diagnostics market is segmented into dogs, cats, horses, and others. The dogs segment accounted for the largest share of the global companion animal diagnostics market in 2019, owing to increasing dog ownership globally. Dogs have positive impact on the social and emotional lives of their owners. Dogs also promote an active lifestyle and companionship, which helps relieve stress and anxiety of their owners. As per the 2017–2018 US Pet Ownership & Demographics, around 38.4% of the households in the US were having dogs. Also, the segment is estimated to register the highest CAGR in the market during the forecast period.
End User-Based Insights
Based on end user, the companion animal diagnostics market is segmented into diagnostic laboratories, veterinary hospitals and clinics, and research institutes and universities. The diagnostic laboratories segment held the largest share of the market in 2019 owing to increasing diagnostic testing services to detect infectious agents, toxins, and other causes of disease in animal samples. Moreover, adoption of advanced technology and large number of testing services is projected to drive the growth of the segment during the forecast period.
Strategic Insights
Product launches and expansion strategy is commonly adopted by companies to expand their footprint worldwide and meet the growing demand in order to expand its product portfolio.
The market players operating in the companion animal diagnostics marketadopted the strategy of product innovation to cater to changing customer demand across the world, which also permits the players to maintain their brand name globally.
Companion Animal Diagnostics Market – By Technology
• Immunodiagnostics
o Lateral Flow Assays
o Elisa Tests
o Allergen-Specific Immunodiagnostic Tests Diagnostics
o Immunoassay Analyzers
• Clinical Biochemistry
o Clinical Chemistry Analysis
o Glucose Monitoring
• Blood Gas Electrolyte Analysis
• Hematology
• Urinalysis
• Molecular Diagnostics
• Others
Companion Animal Diagnostics Market – By Application
• Bacteriology
• Clinical Pathology
• Virology
• Parasitology
• Others
Companion Animal Diagnostics Market – By Animal Type
• Dogs
• Cats
• Horses
• Others
Companion Animal Diagnostics Market – By End User
• Diagnostic Laboratories
• Veterinary Hospitals and Clinics
• Research Institutes and Universities
The report analyses factors affecting the Companion Animal Diagnostics Market from further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trend. The report also provides exhaustive PEST analysis for all five regions namely; North America, Europe, APAC, MEA, and South America after evaluating political, economic, social and technological factors affecting the Companion Animal Diagnostics Market in these regions.
Moreover, the report entails the estimate and analysis for the Companion Animal Diagnostics Market on a global as well as regional level. The study provides historical data as well as the trending features and future predictions of the market growth. Further, the report encompasses drivers and restraints for the Companion Animal Diagnostics Market growth along with its impact on the overall market development. In addition, the report provides an analysis of the accessible avenues in the market on a global level.
REGIONAL FRAMEWORK
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global Companion Animal Diagnostics Market based on various segments. It also provides market size and forecast estimates from the year 2018 to 2027 with respect to five major regions. The Companion Animal Diagnostics Market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
Promising Regions & Countries Mentioned in The Companion Animal Diagnostics Market Report:
• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East & Africa
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
Major Features of Companion Animal Diagnostics Market Report:
• Save and reduce time carrying out entry-level research by identifying the growth, size, leading players and segments in the global Companion Animal Diagnostics market
• Highlights key business priorities in order to assist companies to realign their business strategies.
• The key findings and recommendations highlight crucial progressive industry trends in the global Companion Animal Diagnostics market, thereby allowing players across the value chain to develop effective long-term strategies.
• Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
• Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it.
• Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing and distribution.
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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We are a specialist in Life Science, Technology, Healthcare, Manufacturing, Automotive and Defense, Food Beverages, Chemical etc.
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