Newark, Nov. 17, 2022 (GLOBE NEWSWIRE) -- Brainy Insights estimates that the USD 2.77 billion in 2022 companion animal diagnostics market will reach USD 5.25 billion by 2030. In just eight years, the ever-increasing number of companion animals, growing demand for pet insurance, and increasing veterinary professional numbers are also helping to drive market growth. Further, the rapidly growing demand for animal diagnostics products and increased technological advancement in molecular biology are also anticipated to drive market growth during the forecast period.
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Key Insight of the companion animal diagnostics Market
North America to account for the largest market size during the forecast period
North America is expected to have the largest market share in the companion animal diagnostics market. Key factors favouring the growth of the companion animal diagnostics market in North America include the rising number of pet owners, favourable government initiatives, and the increasing trend of pet humanization. Further, the early adopter of new technologies, rise in investments by various key players, and increase in awareness & developments in healthcare infrastructure are expected to drive market growth in this region.
The dog’s segment is expected to augment the companion animal diagnostics market during the forecast period.
The dog’s segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the rising demand for animal-based food products. Further, by 2030, the cat’s segment will likely dominate the market due to the ever-increasing adoption of cats and the increasing incidence of life-threatening diseases.
The immunodiagnostic tests segment market size of 0.88 billion in 2022
The immunodiagnostic tests segment is anticipated to dominate the market over the forecast period owing to the rise in demand for immunodiagnostic tests and the scientific growth in the diagnosis kits, assays and analyzers. Further, the increase in demand for technically advanced immunodiagnostic assays and the adoption of generic products by veterinarians for companion animals is adding to the specificity and sensitivity of the tests like ELISA tests, allergen-specific immunodiagnostic tests, and immunoassays.
The diagnostics labs segment is anticipated to dominate the market by 39.04% in 2030
The diagnostics labs segment is anticipated to dominate the market in the forthcoming years, owing to the increasing adoption of animal diagnostic products and growing demand for genetic testing.
The clinical pathology segment accounted for the largest market share of 42.06% in 2022
The clinical pathology segment held the largest share in the global companion animal diagnostics market, owing to the rising penetration of digital imaging in emerging economies.
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Advancement in market
In September 2021, Heska Company acquired Biotech Laboratories Company. This acquisition strengthened the company’s Rapid Assay Point of Care (POC) Diagnostics portfolio.
Market Dynamics
Driver: Rising pet adoption
The increasing pet adoption, coupled with the growing demand for animal-derived food products, is the driving factor of the market growth. Furthermore, the rise in multiple veterinary practitioners and their increasing income levels in developed economies are driving factors of the market growth. In addition, rising emphasis on animal healthcare & vaccination and demand for animal healthcare products are helping to boost the market growth. However, developing new & innovative microbiological technologies like targeted polymerase chain reactions (PCRs) to increase cost-effectiveness and improve clinical outcomes also promotes market growth.
Restraint: The lack of veterinarians in developing economies
The high cost of veterinary services and shortage of skilled personnel is anticipated to restrain the market growth. Also, the lack of awareness in underdeveloped or developing economies is expected to hinder the market growth. Moreover, the stringent regulations laid down by governmental bodies for the approval of molecular diagnostics products are restraining market growth. Additionally, the absence of investments in veterinary diagnostics that led to decreased R&D activities in this field is hampering the market growth during the forecast period.
Opportunity: The growing number of veterinary practitioners in developed nations
The growing awareness amongst physicians & patients about the benefits of companion animal diagnostics is expected to offer market growth opportunities. Furthermore, the increasing awareness about animal health and the surge in the incidence of transboundary & zoonotic diseases among animals are boosting the market growth. Additionally, the growing initiatives taken by government agencies to standardize pet health codes to devise easy payment techniques are expected to propel market growth during the forecast period. Moreover, using PCR testing panels to rule out the COVID-19 virus in animals is also helping to boost the market growth during the forecast period. A surge in funding by governmental bodies & private authorities to develop molecular diagnostics products is expected to propel the market growth during the forecast period. Also, the rising adoption of key strategies such as acquisitions and partnerships and increasing investments are anticipated to drive market growth during the forecast period.
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Some of the major players operating in the companion animal diagnostics market are:
• Thermo Fisher Scientific, Inc.
• Virbac
• Agrolabo spa
• Zoetis, Inc.
• BioNote Inc.
• Fujifilm Holdings Corporation
• Biomerieux SA
• Randox Laboratories Ltd
• Heska Corporation
• Idexx Laboratories Inc.
• Indical Bioscience Gmbh
• Creative Diagnostics
• Neogen Corporation
• IDvet
• HyTest Ltd
• Triviumvet,
• Shenzhen Mindray Animal Medical Technology Co. Ltd
Key Segments cover in the market:
By Animal Type:
• Dogs
• Cats
• Others
By Technology:
• Molecular Diagnostics
• Immunodiagnostic Tests
• Diagnostic Imaging
• Others
By End-Use:
• Veterinary Hospitals & Clinics
• Diagnostics Labs
• Research Institutes & Universities
• Point-Of-Care & In-House Testing
By Application:
• Parasitology
• Bacteriology
• Clinical Pathology
• Others
By Region
• North America (U.S., Canada, Mexico)
• Europe (Germany, France, the U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed based on value (USD Billion). All the segments have been analyzed worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report analyzes driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes porter's five forces model, attractiveness analysis, product analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
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