Wilmington, Delaware, Nov. 02, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “U.S. Companion Animal Diagnostics Market by technology (Clinical Biochemistry, Immunodiagnostics, Hematology, Molecular Diagnostics, Urinalysis, and Others), Applications (Clinical Pathology, Bacteriology, Virology, Parasitology, and Others), Animal Type (Dogs, Cats, and Others), End User (Diagnostics Labs, Point of Care and In-House Testing, Research Institutes and Universities, and Veterinary Hospitals and Clinics) Opportunity Analysis and Industry Forecast, 2023–2032". According to the report, the U.S. companion animal diagnostics market was valued at $1,491.11 million in 2022, and is projected to reach $3,271.71 million by 2032, registering a CAGR of 8.2% from 2023 to 2032.
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Prime determinants of growth
The U.S. companion animal diagnostic market has experienced significant growth due to a surge in pet ownership in U.S. This surge in pet ownership, driven by factors such as evolving societal dynamics and increased understanding of the emotional and health benefits of pet companionship, has led to a substantial increase in the demand for advanced diagnostic services tailored to detect, monitor, and manage the growing spectrum of chronic diseases affecting companion animals. Furthermore, technological advancement in pet diagnosis and rise in number of insured pets is expected to significantly contribute in market growth.
Report Coverage & Details:
| Report Coverage | Details |
| Forecast Period | 2023–2032 |
| Base Year | 2022 |
| Market Size in 2022 | $1,491.11 million |
| Market Size in 2032 | $3,271.71 million |
| CAGR | 8.20% |
| No. of Pages in Report | xx |
| Segments covered | Technology, Application, Animal Type, and End User. |
| Drivers | Rise in ownership of companion animals in the U.S. Rise in animal health expenditure. Increase in prevalence of diseases among companion animals. |
| Opportunities | Growth in demand for rapid tests and portable instruments for PoC diagnostic services. Growth in demand for rapid tests and portable instruments for PoC diagnostic services |
| Restraints | Lack of skilled professionals |
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Covid-19 Scenario
- The outbreak of the Covid-19 pandemic had negatively impacted the U.S. companion animal diagnostic market.
- The travel restrictions imposed during the lockdown has disrupted the supply chain for the companion animal diagnostic products.
- However, market for companion animal diagnostics is expected to recover owing to rise in awareness about animal healthcare among the pet owners and surge in pet adoption in U.S.
The clinical biochemistry segment to maintain its leadership status throughout the forecast period
Based on technology, the clinical biochemistry segment held the highest market share in 2022, accounting for one third of the U.S. companion animal diagnostic market revenue, owing to the ability of clinical biochemistry technology to test for wide array of diseases in companion animals.
The clinical pathology segment to maintain its leadership status throughout the forecast period
Based on applications, the clinical pathology segment held the highest market share in 2022, accounting for more than one third of the U.S. companion animal diagnostic market revenue. This is attributed to the rise in incidence of chronic diseases such as diabetes, cancer and other.
The dog segment to maintain its leadership status throughout the forecast period
Based on animal type, the dog segment held the highest market share in 2022, accounting for nearly half of the U.S. companion animal diagnostic market revenue. This is attributed to high adoption of dogs at companion animal in U.S.
The diagnostics labs segment to maintain its leadership status throughout the forecast period
Based on end user, the diagnostics labs segment held the highest market share in 2022, accounting for more than one third of the U.S. companion animal diagnostic market revenue. This is attributed to high adoption of diagnostic products in the diagnostic labs for detection of diseases in companion animals.
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Leading Market Players: -
- Alfa Wassermann, Inc.
- AnimalBiome
- Biomerieux SA
- BioNote Inc.
- Bio-Rad Laboratories
- Creative Diagnostics
- Fujifilm Holdings Corporation
- Heska Corporation
- Idexx Laboratories Inc
- Indical Bioscience GmbH
- Innovative Diagnostics
- Neogen Corporation,
- Randox Laboratories Ltd.
- Shenzhen Mindray Animal Medical Technology Co. Ltd
- Thermo Fisher Scientific
- Virbac
- Zoetis Inc.
The report provides a detailed analysis of these key players in the U.S. companion animal diagnostic market These players have adopted different strategies such as merger and geographical expansion to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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