The US companion animal diagnostics market is estimated to reach values of more than $2.5 billion by 2023
LONDON, Oct. 11, 2018 /PRNewswire/ -- The US companion animal diagnostics market is estimated to reach values of more than $2.5 billion by 2023, growing at a CAGR approximately 7% during 2017-2023.
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The consumers are signing up for regular diagnosis and glucose monitoring that help them identify the disease at an early stage and begin appropriate therapy to reduce the risk of diabetic complications in their pets in the US market. The advent of miniaturization, microfluidics, and usage of software platforms supported the development and commercialization of in-vitro diagnostics devices, imaging systems, and point-of-care diagnostics will transform the market. The US companion animal diagnostics market is driving the development of advanced technological platforms, analyzers, and imaging modalities. The entry of advanced POC devices, digital radiography platforms, benchtop diagnostic analyzers, and hand-held imaging devices will transform the US market during the forecast period. The market research report provides in-depth market analysis and segmental analysis of the US companion animal diagnostics market by product, animal type, technology, and end-users.
The report considers the present scenario of the US companion animal diagnostics market and its market dynamics for the period 2018?2023. It covers a detailed overview of various market growth enablers, restraints, and trends. The report segments the market based on product type (diagnostic analyzers and imaging equipment, consumables, and software); technology type (diagnostic imaging, clinical chemistry, hematology, immunodiagnostics, microbiology & histopathology, and molecular diagnostics); animal type (dogs and cats); and end-user type (veterinary reference laboratories, veterinary hospitals and clinics, and others) elaborating the present market scenario and discussing the futuristic demand in the market for companion animal diagnostics. It also profiles and analyzes the leading companies and various other prominent companies operating in the US companion animal diagnostics market. The report also discussed the future market growth, improvement areas, and strategic recommendation for the US companion animal diagnostics market vendors.
Companion Animal Diagnostics Market in US – Dynamics
The increasing demand for semi-automated and fully automated diagnostic tests in veterinary laboratories and hospitals is driving the growth of the companion animal diagnostics market in US. The automation of diagnostic tests will result in increased productivity and efficient handling of large volumes of tests in the US market. Dipstick or lateral flow immunoassays are the most commonly available test in the US market. These tests area cost-effective and decentralized diagnosis of a wide range of diseases especially infectious and public health-related threats such as zoonotic diseases. Also, several leading vendors are focusing on developing a broad range of rapid tests for diagnosing various acute and chronic diseases in cats and dogs and attracting maximum consumers in the companion animal diagnostics market in US. With new technological advancements and improvements, the companion animal diagnostics market in US is witnessing the development and launch of digital radiography. Digital radiography is an advanced imaging technique which has become increasingly popular in the veterinary care industry.
Companion Animal Diagnostics Market in US – Segmentation
This market research report includes a detailed segmentation of the market by product, animal type, technology, and end-users. The US companion animal diagnostics market by technology is segmented into diagnostic imaging, clinical chemistry, hematology, immunodiagnostics, microbiology & histopathology, & molecular diagnostics. Molecular diagnostics segment dominated 1/6th of the total market share in 2017, growing at a CAGR of over 7% during the forecast period. The increasing availability of highly advanced diagnostic procedures such as DNA sequencing and PCR procedures is propelling the growth of this segment in the US market. Veterinary hospitals & clinics segment occupied over 1/3rd of the total market share in 2017, growing at a CAGR of more than 8% during the forecast period. The veterinary hospitals and clinics are offering a diverse array of veterinary care services to cats and dogs, which is driving the growth of this segment in the US market. Some of the primary services include diagnosis, vaccination, pet grooming, pet wellness, trauma or emergency services, and pet care education for consumers in the US companion animal diagnostics market.
Cats dominated around 1/3rd of the market share in 2017, growing at a CAGR of approximately 7% during the forecast period. The growing prevalence and incidence of various acute and chronic diseases in cats are driving the growth of this segment in the US companion animal diagnostics market. The US companion animal diagnostics market by product is segmented into diagnostic analyzers & imaging equipment, consumables, & software. Consumables segment dominated more than half of the market share in 2017, growing at a CAGR of over 8% during the forecast period. The extensive use of a wide array of various reagents and test kits for performing multiple diagnostic tests, catering to different requirements of veterinarians is propelling the growth of this segment in the US market.
Market Segmentation by Product
• Diagnostic Analyzers& Imaging Equipment
• Consumables
• Software
Market Segmentation by Animal Type
• Dogs
• Cats
Market Segmentation by Technology
• Diagnostic Imaging
• Clinical Chemistry
• Hematology
• Immunodiagnostics
• Microbiology & Histopathology
• Molecular Diagnostics
Market Segmentation by End-users
• Veterinary Reference Laboratories
• Veterinary Hospitals & Clinics
• Others
o Veterinary Academic & Research Institutes
o Pet Owners
Key Vendor Analysis
The US companion animal diagnostics marketcharacterized by the presence of several global, regional, and local players offering a diverse array of diagnostic analyzers, imaging equipment, and consumables. The top vendors are developing innovative products and expanding their product portfolios to sustain the competition levels in the market. Leading companies are adopting new technologies to improve their market presence in the US region. Several players are partnering with pet care companies and government organization to gain traction among pet owners in the US companion animal diagnostics market. Also, vendors are focusing on developing and commercializing innovative animal diagnostics systems to gain a competitive advantage in the US market.
The major vendors in the US companion animal diagnostics market are:
• Abaxis
• Carestream Health
• Esaote
• Fujifilm
• Heska
• IDEXX Laboratories
• Zoetis
Other prominent vendors in the US companion animal diagnostics market areAccuplex Diagnostics, Agfa-Gevaert NV, Alvedia, Aquila Diagnostics Systems, BioMérieux, Boule Diagnostics, CLINDIAG SYSTEMS, Diagnostic Imaging Systems, Erba Diagnostics, Hallmarq Veterinary Imaging, HyTest Ltd., IDvet, Petnostics, Randox Laboratories, Rayence Inc, ScheBo Biotech, Siemens Healthcare, Shenzhen Mindray Bio-Medical Electronics, Thermo Fisher Scientific, Woodley Equipment Company, and Zoologix.
Key market insights include
1. The analysis of US companion animal diagnostics market provides market size and growth rate for the forecast period 2018-2023.
2. It offers comprehensive insights into current industry trends, trend forecast, and growth drivers about the US companion animal diagnostics market.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of US companion animal diagnostics market.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.
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