Wilmington, Delaware, United States, Sept. 04, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global companion animal diagnostics market is projected to flourish at a CAGR of 10% from 2019 to 2027. As per the report published by TMR, a valuation of US$ 1591 million is anticipated for the market in 2027. As of 2023, the market for companion animal diagnostics is expected to close at US$ 1087 million.
The growing global pet population, including dogs, cats, and other companion animals, and increased awareness among pet owners about regular veterinary care and diagnostics to ensure the well-being of their animals, is the major growth driver.
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Competitive Landscape
The global companion animal diagnostics market is fragmented, with the presence of a small number of leading players. The leading players in the market are investing in new product development, mergers, and acquisitions to gain a competitive edge. Transparency Market Research has profiled the following players in its global companion animal diagnostics market report:
- Heska Corporation
- IDEXX Laboratories, Inc.
- Thermo Fisher Scientific, Inc.
- QIAGEN N.V.
- Zoetis, Inc.
- Neogen Corporation
- bioMérieux SA
- Randox Laboratories Ltd.
- Virbac.
Key Developments in the Companion Animal Diagnostics Market
- IDEXX is a prominent player in veterinary diagnostics. They continually expanded their portfolio of diagnostic tests and instruments for companion animals. In recent years, they introduced enhancements to their SNAP tests for rapid disease detection and IDEXX Reference Laboratories for more comprehensive diagnostic services.
- Zoetis, a leading animal health company, focused on developing advanced diagnostic solutions for pets. They introduced new diagnostic instruments, such as the VETSCAN VS2 and VETSCAN UA, to enhance point-of-care testing capabilities.
- Virbac offered diagnostic solutions, including tests for heartworm, parasites, and chronic diseases. They focused on providing veterinarians with tools to enhance their diagnostic capabilities in practice.
The growing awareness and importance of preventive healthcare and early disease detection in pets. Pet owners are more proactive in seeking diagnostic tests to identify health issues in their animals before they become severe.
With increasing focus on R&D for new product development and innovation in areas of unmet needs, such as biologics and specialty pet care, are likely to realize maximum gains in the foreseeable future.
Increase in companion animal ownership and increased spending capacity on companion animals is also on the rise, which drives the market growth. The growing trend of humanizing pets, considering them as family members, has led to greater investment in their healthcare. Pet owners are willing to spend more on diagnostics to ensure their pets' well-being, which drives the growth of the companion animal diagnostics market during the forecast period.
Key Takeaways from the Market Study
- As of 2022, the companion animal diagnostics market was valued at US$ 988million
- In terms of technology, clinical biochemistry is the leading segment in the global companion animal diagnostics market.
- Based on application, Clinical pathology is projected to be a highly attractive segment in the global companion animal diagnostics market during the forecast period
- Based on animals, the dogs segment is expected to generate high revenue during the forecast period.
Companion Animal Diagnostics Market: Key Trends and Opportunistic Frontiers
- Integration of telemedicine and remote monitoring tools in veterinary practice has made it easier for pet owners to access diagnostic services and consultations, increasing the demand for these services.
- The increasing technological advancements in companion animal diagnostics have expanded the range of available tests and improved their accuracy. Innovations such as molecular diagnostics, point-of-care testing, and advanced imaging techniques have enhanced diagnostic capabilities.
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Companion Animal Diagnostics Market – Regional Analysis
- Asia Pacific is expected to present lucrative prospects for players in the companion animal diagnostics market, as the adoption of pets and spending on them continues to rise in the region. Manufacturers looking to expand into this region are likely to witness profitable gains and strengthen their foothold in the global companion animal diagnostics landscape.
- North America is expected to account for a significant share of the global companion animal diagnostics market, making it the most significant region in the landscape. The increasing pet ownership rate and a well-established veterinary care infrastructure. Technological advancements in diagnostic equipment and services were driving growth in this region
Companion Animal Diagnostics Market – Key Segments
Technology
- Clinical Biochemistry
- Molecular Diagnostics
- Immunodiagnostics
- Hematology
- Urinalysis
- Others
Application
- Clinical Pathology
- Bacteriology
- Parasitology
- Others
Animal
- Dogs
- Cats
- Others
End-User
- Veterinary Reference Laboratories
- Veterinary Hospitals and Clinics
- Point-of-care/In-house Testing
- Research Institutes and Universities
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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