Press release
Companion Animal Diagnostics Market to rise at a CAGR of 8.6% by 2031
Companion animal diagnostics refer to medical tests that are performed on pets (like dogs, cats, etc.) to diagnose various illnesses or diseases. The companion animal diagnostics market includes products like diagnostic devices, reagents, and software used in veterinary clinics or laboratories to perform these tests. This market is growing due to the increasing demand for better healthcare services for pets and the rising prevalence of animal diseases.
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The companion animal diagnostics market can be segmented based on various factors, including:
Product Type: This includes diagnostic imaging, clinical chemistry, immunodiagnostics, molecular diagnostics, and hematology.
Animal Type: This includes companion animals like dogs, cats, and horses.
End-user: This includes veterinary hospitals, clinics, and reference laboratories.
Technology: This includes lateral flow assays, ELISA, PCR, and others.
Geography: This includes different regions like North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
There are several factors that impact the companion animal diagnostics market, but some of the top impacting factors include:
Rising Prevalence of Animal Diseases: The increasing prevalence of various diseases in companion animals is driving the demand for diagnostic tests. Diseases like cancer, diabetes, and infectious diseases are becoming more common in pets, leading to a higher demand for diagnostics.
Growing Pet Population: The increasing number of pets worldwide is also driving the growth of the companion animal diagnostics market. With more pets, there is a higher demand for veterinary care, including diagnostics.
Advancements in Diagnostic Technologies: The development of new and advanced diagnostic technologies has improved the accuracy and speed of diagnostic tests for pets, making them more effective and efficient.
Increasing Pet Healthcare Expenditure: Pet owners are increasingly willing to spend more on their pets' healthcare, including diagnostic tests, to ensure their pets' well-being.
Growing Adoption of Companion Animals: The growing adoption of companion animals is driving the demand for diagnostic tests. As more people adopt pets, the demand for veterinary care, including diagnostics, is also increasing.
Covid-19 Scenario-
Increase in the number of Covid-19 infections in animals had alarmed various veterinary organizations across the world to evaluate specimens for diagnosis from domesticated as well as companion animals for the virus. This factor had a positive impact on the global companion animal diagnostics market. For example, according to the NCBI in 2020, around 40% of animals were diagnosed with the Covid-19 virus out of which 39% of dogs were affected in the United States.
Moreover, companion animals diagnosed with Covid-19 have been used for experimental testing of SARS-CoV-2 veterinary vaccines, which serves as a valuable model for screening vaccines and antiviral drugs. This factor has again boosted the market growth.
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Key Players:
IDEXX Laboratories, Inc.
Zoetis Inc.
Heska Corporation
Virbac
Thermo Fisher Scientific Inc.
bioMérieux SA
Randox Laboratories Ltd.
Neogen Corporation
Qiagen N.V.
IDvet
𝐏𝐫𝐨𝐜𝐮𝐫𝐞 𝐂𝐨𝐦𝐩𝐥𝐞𝐭𝐞 𝐑𝐞𝐩𝐨𝐫𝐭 @
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Challenges:
High Cost: Diagnostic tests for companion animals can be expensive, which can deter some pet owners from seeking veterinary care or diagnostics.
Lack of Awareness: Many pet owners are unaware of the importance of diagnostic tests for their pets or may not realize that their pets are at risk for certain diseases.
Stringent Regulations: The companion animal diagnostics industry is subject to strict regulations, which can make it difficult for companies to develop and launch new products.
Limited Access to Veterinary Care: In some areas, access to veterinary care may be limited, which can make it difficult for pet owners to get their pets tested or treated.
Competition from Alternative Therapies: Some pet owners may choose alternative therapies like herbal remedies or acupuncture instead of traditional diagnostic tests and treatments, which can impact the demand for companion animal diagnostics.
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