The Companion Animal Diagnostics Market is growing at a CAGR of 8.82% during the forecast period of 2020-2026.
The factors enhancing this market growth are cost-beneficial service, approachable software to everyone in the business for providing valuable solutions for the firm.
The companion animal diagnostics market provides crucial insights for the development of a treatment regimen that enhances the quality of overall animal healthcare. Animal diagnostics is a high-tech market with various companies offering advanced molecular testing products.
Furthermore, the rising demand for fully automated and semi-automated diagnostic tests is anticipated to further spur the demand for companion animal diagnostics. Automatic testing tools will result in efficient handling of large volumes of samples and increased productivity, whereas the tests are cost-effective and cover a wide range of diseases.
The growth of companion animal diagnostics is projected to propel in the future by the emerging use of micro fluids and miniaturization, among others supported commercialization and development of Vitro diagnostic devices and imaging systems.
Based on animal type, the market is segmented into horses, dogs, cats, and other animals. Among them, dogs accounted for the largest market share in 2019, which was the result of the increasing incidence of obesity, diabetes, cancer, and other major diseases among dogs.
According to the Association for Pet Obesity Prevention (APOP) report, 56% of dogs were recorded as obese in the U.S. in 2019. Obesity increases the possibility of joint problems, cancer, diabetes, and other chronic conditions. Increasing animal healthcare expenditure, especially in the developed regions, is propelling the growth. The rise in awareness among pet owners has resulted in a frequent diagnosis of glucose levels, thus increasing the demand for glucose monitors.
The application market is categorized into clinical pathology, bacteriology, virology, parasitology, and other applications, owing to the growing volume of various pathology tests performed in pets. Clinical pathology is further divided into cytopathology, clinical chemistry, endocrinology, coagulation, hematology, immunohematology, urinalysis, and general pathology.
The clinical pathology tests are taken as the first tool for the assessment of disease patterns as it gives an understanding of disease mechanism and progression, which is crucial for the development of new treatments. The growing concern among pet owners about pet health is a key factor propelling the demand for innovative diagnostic products.
Amidst these segments, the molecular diagnostics technology is assumed to have a major share in the market. The need for authentic, specific, and quick methods to identify chronic diseases and genetic disorders in the early stages is expected to boost the molecular diagnostics market for companion animal diagnostics.
Globally, the animal diagnostics market is divided into four major regions, namely, North America, Europe, the Asia Pacific, and Rest of the World. In 2019, North America was estimated to share the largest regional market for companion animal diagnostics.
Somehow, the Asia Pacific market is projected to grow at the highest CAGR in the forecast period because of factors such as rise in pet adoption, increased awareness about animal health, and dramatically increasing per capita animal health expenditure, specifically in India and China.
The report also includes the analysis of major players in the Companion Animal Diagnostics market. Some of the major players consist of IDvet, Randox Laboratories Ltd, Mindray Medical International Limited, Skyla, Bionote Inc, Scil Animal Care Company GmbH, Unit Medical Electronic Co., Ltd, Eurolyser Diagnostica GmbH, Nova Biomedical, and Fassisi GmbH.
Key Topics Covered:
1. Executive Summary
2. Industry Outlook
2.1. Industry Overview
2.2. Industry Trends
3. Market Snapshot
3.1. Market Definition
3.2. Market Outlook
3.3. PEST Analysis
3.4. Porter Five Forces
3.5. Related Markets
4. Market characteristics
4.1. Market Evolution
4.2. Market Trends and Impact
4.3. Advantages/Disadvantages of Market
4.4. Regulatory Impact
4.5. Market Offerings
4.6. Market Segmentation
4.7. Market Dynamics
4.8. DRO - Impact Analysis
5. End User: Market Size & Analysis
5.2. Research Institutes and Universities
5.3. Veterinary Reference Laboratories
5.4. Veterinary Hospitals and Clinics
6. Animal Type: Market Size & Analysis
6.5. Other Companion Animals
7. Application: Market Size & Analysis
7.2. Clinical Pathology
8. Technology: Market Size & Analysis
8.2. Molecular Diagnostics
8.2.1. Polymer Chain Reaction Tests
8.2.3. Other Molecular Diagnostic Products
8.3.1. Urinalysis Clips & Cartridges
8.3.2. Urine Analyzers
8.3.3. Urine Test Strips
8.4.1. Hematology Cartridges
8.4.2. Hematology Analyzers
8.6. Clinical Biochemistry
9. Geography: Market Size & Analysis
9.2. North America
9.4. Asia Pacific
9.5. Rest of the World
10. Competitive Landscape
10.1. Competitor Comparison Analysis
10.2. Market Developments
10.3. Mergers and Acquisitions, Legal, Awards, Partnerships