Companion Animal Diagnostics Market worth over $3.2 billion by 2024: Global Market Insights, Inc.

Companion Animal Diagnostic Market By Technology, By Animal Type, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Poland, China, Japan, India, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024

Sellbyville, Delaware, Oct. 03, 2018 (GLOBE NEWSWIRE) --

Global Companion Animal Diagnostics Market is poised to cross USD 3.2 billion by 2024; according to a new research study published by Global Market Insights, Inc. Local government bodies and animal health workers are involved in setting up strategies to manage interactions between human, animal and environmental health issues. Growing government initiatives such as campaigns undertaken by various organizations and domestic government to encourage growth of animal sector will favor animal diagnostics market growth.

Reduction in meat prices with delivery of sufficient nutrients by animal food has stimulated the demand for animal products including meat and animal protein.  Moreover, dog and cat meat are being considered as the desired food in majority of Asian countries due to its nutritional value and taste. Increase in demand for companion animal products in developing countries of Asia Pacific region will spur the business growth in forthcoming years.

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Low out of pocket expenditure on companion animals’ healthcare will be one of the major market impeding factor. Low out of pocket expenditure have severe consequences on healthcare admittance and consumption leading to decline in demand for diagnostic products, hampering the growth of companion animal diagnostic market.

Immunodiagnostic companion animal diagnostics market accounted for USD 428.5 million in the year 2017.  The immunodiagnostic tests have been used frequently in diagnosis of various diseases such as Echinococcus multilocularis, Taenia solium and Wuchereria bancrofti. Frequent introduction of new diagnostic tests in the market along with rising spending on pet care will drive immunodiagnostic segment growth in the forthcoming years.

Browse key industry insights spread across 140 pages with 135 market data tables & 10 figures & charts from the report, “Companion Animal Diagnostics Market” in detail along with the table of contents:

Hematology companion animal diagnostic market will witness robust growth at a CAGR of 8.0% during the forecast timeframe. Several hematology techniques are used to access and diagnose common hematological disturbances in veterinary animals. Hematology consists of complete blood count (CBC), one of the most common blood test performed on pets. CBC gives results for hydration status, clotting ability of blood, anemia infection and ability of immune system to respond will stimulate demand, thereby fueling industry growth.

Dog diagnostic market was valued over USD 722.7 million in the year 2017. Growing trend of pet adoption and humanization, increasing urbanization and rising affluence in emerging economies propels industry growth. Furthermore, increasing research and development for quicker launch of first-in-line drugs thus contributing to significant growth in animal diagnostics market.

 Cat diagnostic market will show considerable amount of growth at a CAGR of 7.9% during the projection period. The population of traditional companion animals, especially cats, has increased due to the willingness of owners to care more for their animals’ health and ability of veterinarians to cure diseases are major aspects fueling animal diagnostics market growth.

France dominated the European companion animal diagnostic market in the year 2017 and was valued over USD 92.7 million. France accounts for high adoption of pet population, thereby stimulating demand for companion animal diagnostics to control prevalence of zoonotic diseases. According to IFAH Europe, every one out of two houses in France has at least one companion animal. Continuous innovation and frequent introduction of new biologics positively impacts market growth.

China market is estimated to grow at substantial rate at 11.1% over the forecast timeframe. Escalating demand for animal products in China along with high demand for animal source food drives China’s companion animal diagnostics market. Growing trend of adopting pet further fuels the demand for animal diagnosis. According to the World Veterinary Association report 2015, in China pet ownership is growing fast thus it is anticipated to boost companion animal diagnostics market growth.

Some of the leading players in the companion animal diagnostics market Abaxis, Heska Corporation, Randox, Virbac, Qiagen, IDEXX Laboratories, Thermo Fisher Scientific, Neogen, Zoetis. These companies focus on strategic decisions to increase the research and development investment in order manufacture superior quality medicines. Merger and acquisitions have also increased the capabilities of the companies and increased their efficiency to sustain in the market by providing better diagnostic solutions.

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Browse Related Reports:

  • Animal Diagnostics Market Size 2017 – 2024

Animal Diagnostics Market was valued at over USD 2.8 billion in 2016 and is expected to witness more than 8.0% CAGR from 2017 to 2024. Growing trend of pet adoption along with rising prevalence of zoonotic diseases will drive the market over the forecast time-frame.

  • Animal Healthcare Market Size 2018 – 2024

Animal Healthcare Market outlook valued at above USD 27 billion in 2017 and is projected to grow with a CAGR of nearly 4% during the forecast period, driven by rapidly increasing pet adoption need to control spreading of zoonotic diseases and favorable government initiatives to promote animal healthcare practices.

About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.


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