The companion animal diagnostics market is projected to reach USD 2.7 billion by 2024 from USD 1.7 billion in 2019, at a CAGR of 9.8%
NEW YORK, April 30, 2019 /PRNewswire/ --
The companion animal diagnostics market is projected to reach USD 2.7 billion by 2024 from USD 1.7 billion in 2019, at a CAGR of 9.8%. The rising companion animal population, increasing demand for pet insurance, and the growth in the number of veterinary practitioners in developed economies are the major factors that are driving the growth of the global companion animal diagnostics market. 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.
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Companion animal diagnostics market for dogs to grow at the highest CAGR during the forecast period
Based on animal type, the companion animal diagnostics market is segmented into dogs, cats, horses, and other companion animals. The dogs segment is expected to grow at the highest CAGR during the forecast period majorly due to the growing dog ownership, increasing prevalence of infectious and zoonotic diseases, growing occurrence of skin allergies in dogs, rising healthcare expenditure for dogs, and the growing penetration of pet health insurance.
Point-of-care/in-house testing segment to witness the highest growth during the forecast period
Based on end user, the companion animal diagnostics market is segmented into reference laboratories, veterinary hospitals & clinics, point-of-care/in-house testing, and research institutes and universities. The point-of-care/in-house testing segment is estimated to grow at the highest CAGR during the forecast period owing to the advantages of POC/in-house testing, including ease of use and accurate, real-time results.
Asia Pacific market to witness the highest growth during the forecast period
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period majorly due to the growing adoption of companion animals, increasing awareness about pet healthcare and zoonotic diseases, and the growing number of veterinary hospitals and clinics in several APAC countries.
Breakdown of primary participants from the supply side:
• By Company Type – Tier 1–35%, Tier 2–40%, and Tier 3–25%
• By Designation – C Level–25%, Director Level–30%, and Others–45%
• By Region – North America–30%, Europe–35%, Asia Pacific–15%, Latin America- 10%, and Middle East and Africa–10%
Some of the major players operating in the 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).
Research Coverage:
This report analyzes the companion animal diagnostics market and aims at estimating the size and future growth potential of this market based on various segments, namely, technology, application, animal type, end user, and region.The report also includes a product portfolio matrix of the companion animal diagnostic products available in the market.
The competitive leadership mapping provided in this report helps analyze the position of market players as visionary leaders, innovators, dynamic players, and emerging players. A comprehensive competitive analysis of key players in this market, along with their company profiles, product offerings, recent developments, and key growth strategies, has also been provided in this report.
Reasons to Buy the Report
This report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a greater market share. Firms purchasing the report could use one or a combination of the below-mentioned strategies to strengthen their position in the market:
• Market Penetration: Comprehensive information on the product portfolios offered by the top players in the global companion animal diagnostics market. The report analyzes this market by technology, application, animal type, end user, and region.
• Product Enhancement/Innovation: Detailed insights on upcoming trends and product launches in the global companion animal diagnostics market.
• Market Development: Comprehensive information on the lucrative emerging markets by technology, application, animal type, end user, and region.
• Market Diversification: Exhaustive information about new products or product enhancements, growing geographies, recent developments, and investments in the global companion animal diagnostics market.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, product offerings, and capabilities of leading players in the global companion animal diagnostics market.
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