CHICAGO, April 24, 2019 /PRNewswire/ -- According to the new market research report "Companion Animal Diagnostics Market by Technology (Clinical Biochemistry, Urinalysis, Immunodiagnostic, Hematology, Molecular Diagnostics), Application (Clinical Pathology, Bacteriology, Parasitology), Animal (Dog, Cat), End User - Global Forecast to 2024", published by MarketsandMarkets™, the Companion Animal Diagnostics Market is projected to reach USD 2.7 billion by 2024 from an estimated USD 1.7 billion in 2019, at a CAGR of 9.8%.
Factors such as the rising companion animal population, increasing demand for pet insurance, and the growth in the number of veterinary practitioners in developed countries are driving the growth of this market. Also, the growing demand for rapid tests and portable instruments for point-of-care services is expected to offer potential growth opportunities for market players in the coming years. However, the increasing pet care costs are expected to restrain market growth to a certain extent.
Clinical biochemistry segment to account for the largest share of the Companion Animal Diagnostics Market in 2019
On the basis of technology, the Companion Animal Diagnostics Market is segmented into clinical biochemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and other companion animal diagnostic technologies. In 2019, the clinical biochemistry segment is expected to account for the largest share of the Companion Animal Diagnostics Market. The higher preference for various advanced clinical diagnostic products by veterinarians, pet owners, and laboratory technicians, and the wide applications of this technology are the major factors that are responsible for the large share of this segment.
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Clinical pathology segment to dominate the Companion Animal Diagnostics Market, by application
On the basis of application, the Companion Animal Diagnostics Market is segmented into clinical pathology, bacteriology, virology, parasitology, and other applications. In 2019, the clinical pathology segment is expected to account for the largest share of the Companion Animal Diagnostics Market. Clinical pathology encompasses hematology, clinical chemistry, cytopathology, endocrinology, urinalysis, coagulation, immunohematology, and general pathology. In the case of chronic diseases, veterinarians recommend routine blood and urine check-ups where clinical pathologists work along with veterinarians to evaluate the cause of the disease. The rising volume of pathology tests performed is expected to increase the demand for diagnostic products and consumables for clinical pathology applications in the coming years.
North America to dominate the global Companion Animal Diagnostics Market in 2019
North America is expected to account for the largest share of the Companion Animal Diagnostics Market in 2019, followed by Europe. Factors such as the increasing adoption of companion animals, growing pet insurance industry, rising veterinary healthcare expenditure, and the growing number of veterinary practices are expected to drive the Companion Animal Diagnostics Market in North America. The US is the largest market for companion animal diagnostics in the North American region primarily due to the large and growing companion animal population in the country.
The key players operating in the global Companion Animal Diagnostics Market are IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Thermo Fisher Scientific, Inc. (US), Virbac (France), Heska Corporation (US), Neogen Corporation (US), bioMérieux SA (France), IDvet (France), INDICAL Bioscience GmbH (Germany) [QIAGEN N.V. (Netherlands)], and Randox Laboratories Ltd. (UK).
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