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Companion Animal Diagnostics Market Worth USD 6.88 Billion by 2031 Rapid Growth Predicted CAGR of 8.6%
Allied Market Research analyzes that the global companion animal diagnostics industry was estimated at $2.99 billion in 2021, and is anticipated to hit $6.88 billion by 2031, registering a CAGR of 8.6% from 2022 to 2031.
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Developments:
Advancements in Diagnostic Technologies: The development of new and advanced diagnostic technologies like point-of-care testing (POCT) and molecular diagnostics has improved the accuracy and speed of diagnostic tests for pets.
Collaboration and Partnerships: Many companies are collaborating and partnering with each other to improve their product offerings and expand their geographic reach.
Focus on Personalized Medicine: There is a growing focus on personalized medicine in the companion animal diagnostics industry, with companies developing tests that are tailored to individual pets based on their genetics and other factors.
Expansion of Product Portfolios: Many companies are expanding their product portfolios through mergers and acquisitions or by developing new products, which is helping to drive growth in the market.
Increasing Focus on Animal Welfare: There is an increasing focus on animal welfare in the companion animal diagnostics industry, with companies developing tests that are less invasive and cause less stress to pets.
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Key Players:
IDEXX Laboratories, Inc.
Zoetis Inc.
Heska Corporation
Virbac
Thermo Fisher Scientific Inc.
bioMรฉrieux SA
Randox Laboratories Ltd.
Neogen Corporation
Qiagen N.V.
IDvet
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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