Companion Animal Diagnostics Market expected to grow at a CAGR of 4.1% by 2027

According to the latest study on "Companion Animal Diagnostics Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Technology, Application, Animal Type, and End User," the global companion animal diagnostics market was valued at US$ 2,031.62 million in 2019 and is projected to reach US$ 2,684.86 million by 2027; it is expected to grow at a CAGR of 4.1% from 2020 to 2027. The report highlights trends prevailing in the global companion animal diagnostics market and the factors driving market along with those that act as hindrances.

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The companion animal diagnostics market majorly consists of the players such as Zoetis Inc., IDEXX laboratories, Inc, Thermo Fisher Scientific Inc, Virbac, Randox Laboratories Ltd, idvet, IDEXX Laboratories, Inc, Heska Corporation, Fujifilm Corporation, and Skyla Corporation. The companies have been implementing various strategies that have helped the growth of the company and in turn have brought about various changes in the market. The companies have utilized organic strategies such as launches, expansion, and product approvals. Moreover, the companies have utilized inorganic strategies including mergers & acquisitions, partnership, and collaborations.

Below is the list of the growth strategies done by the players operating in the companion animal diagnostics market:

Feb-20: Zoetis Inc. acquired of Ethos Diagnostic Science, a veterinary reference lab serving leading specialty animal hospitals. This acquisition has added Ethos Diagnostic's robust diagnostic portfolio including hematology, clinical chemistry, urinalysis, microbiology, endocrinology, serology, cytology and histology in the company's portfolio

Jan-20: Heska Corporation acquired SCIL Animal Care Company to enhance its veterinary diagnostics portfolio and expand the geographic portfolio across North America and Europe

Jan-20: IDEXX Laboratories, Inc. launched the Vcheck Feline NT-proBNP test kit for cardiac disease in cats with respiratory signsand adult cats prior to anesthesia

Nov-19: Zoetis acquired ZNLabs that is a veterinary clinical reference laboratory with a network of labs across the U.S. The addition of ZNLabs has strengthened company's portfolio and expanded its diagnostics footprint in the region

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Segmentations:

Based on application, the global companion animal diagnostics market is segmented into bacteriology, clinical pathology, virology, parasitology, and others. The clinical pathology segment accounted for the largest share of the global companion animal diagnostics market in 2019 and is expected to grow at a highest rate during the forecast period. The clinical pathology segment is expected to grow owing to wide applications of clinical pathology in diseases diagnosis. Moreover, growing clinical use of biomarkers to detect disease pathogenesis at a molecular level is also likely to offer significant opportunity for the growth of the market

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.

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This release was published on openPR.