Companion Animal Diagnostics Market to Hit $ 2,684.86 Mn by 2027 - The Insight Partners

The companion animal diagnostics market was 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.

Zoetis Inc., IDEXX laboratories, Inc, Thermo Fisher Scientific Inc, Virbac, Randox Laboratories Ltd, idvet, IDEXX Laboratories, Inc, Heska Corporation, Fujifilm Corporation, and Skyla Corporation are among the leading companies operating in the companion animal diagnostics market.

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Based on technology, the global companion animal diagnostics market is segmented into immunodiagnostics, clinical biochemistry, hematology, urinalysis, molecular diagnostics, and others. The immunodiagnostics segment is further sub-segmented into lateral flow assays, Elisa tests, allergen-specific immunodiagnostic tests, and immunoassay analyzers. Whereas the clinical biochemistry 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 2019. However, the clinical biochemistry segment is estimated to register a higher CAGR during the forecast period owing to increasing adoption of clinical chemistry analysis, glucose monitoring, and blood gas electrolyte analysis products.

The companion animal diagnostics market is expected to grow owing to factors such as growing prevalence of chronic diseases in pet animals and increasing adoption of pets for companionship. However, increasing pet care costs and extended pet lifespan are likely to restrain the growth of the market during the forecast period.

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.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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The report segments global companion animal diagnostics Market as follows:

By Technology

Immunodiagnostics
Lateral Flow Assays
Elisa Tests
Allergen-Specific Immunodiagnostic Tests Diagnostics
Immunoassay Analyzers
Clinical Biochemistry
Clinical Chemistry Analysis
Glucose Monitoring
Blood Gas Electrolyte Analysis
Hematology
Urinalysis
Molecular Diagnostics
Others
By Application

Bacteriology
Clinical Pathology
Virology
Parasitology
Others
By Animal Type

Dogs
Cats
Horses
Others
By End User

Diagnostic Laboratories
Veterinary Hospitals and Clinics
Research Institutes and Universities

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This release was published on openPR.