(PharmaNewsWire.Com, July 23, 2022 ) According to a new market research report, “Companion Animal Diagnostics Market by Product [Consumables (Leukemia, Heartworm, Influenza), System, Software], Technology [ELISA, PCR, Hematology, Urinalysis], Animal Type [Canine, Feline], End User (Point of Care, Hospital) - Global Forecast to 2029”, published by Meticulous Research®, the companion animal diagnostics market is expected to grow at a CAGR of 9.8% from 2022 to reach $7.39 billion by 2029.
Animal diagnosis is the field of study that deals with the diagnosis of various animal diseases caused due to various external and internal factors, especially microorganisms such as bacteria, viruses, and fungi. Animal disease is an impairment of the normal state of an animal that affects the normal functioning of its vital functions. Animal diagnostic tests help detect various animal diseases. Diagnostic laboratories provide diagnostic medical testing for infectious agents, toxins, and other disease causes in animal diagnostic samples submitted. According to the U.S. State of Pet Health 2018, the prevalence of diabetes mellitus in felines increased from 67.6 cases per 10,000 in 2015 to 94 cases per 10,000 in 2018, with a total increase of 39.1%, and that in canines increased from 23.6 cases per 10,000 in 2015 to 38 cases per 10,000 in 2018 with a total increase of 61.0%.
COVID-19 Pandemic Offers Lucrative Opportunities for the Companion Animal Diagnostics Market Players
Many animal species have proven to be susceptible to infection with SARS-CoV-2. Thus, to better understand its epidemiological significance in animal health, biodiversity, and human health, there has been a surge in the research to develop diagnostic products for companion animals. Also, with regards to some of the cases found in animals, CDC, USDA, and state public health and animal health officials in several countries are working to conduct active surveillance of SARS-CoV-2 in pets, including cats, dogs, and other small mammals, that had contact with a person with COVID-19.
The animals are being tested for SARS-CoV-2 infection to see whether the pet develops antibodies to this virus. Thus, the research on SARS-Cov-2 in animals is limited, but several studies are underway to learn more about coronavirus infection. This has led to the development of various assays and kits for testing. For instance, in April 2020, IDEXX Laboratories, Inc. (U.S.) launched the IDEXX SARS-CoV-2 (COVID-19) RealPCR Test for pets.
The companion animal diagnostics market study presents historical market data in terms of value (2020 and 2021), estimated current data (2022), and forecasts for 2029 - by product, technology, animal type, and end user. The study also evaluates industry competitors and analyzes the regional and country markets.
Based on technology, the immunodiagnostics segment is estimated to account for the largest share of this market in 2022. Factors contributing to the large share of this segment include the growing adoption of diagnostic products based on immunodiagnostic technology and the development of advanced diagnostic immunoassay tests.
Based on product, the consumables segment is estimated to dominate the companion animal diagnostics market in 2022. Factors include the commercial availability of a diverse range of reagents and consumables for various diseases and animal health screening and the availability of diseases-specific test kits and assays. Moreover, the emergence of various PoC tests and assays is expected to create significant growth opportunities.
Based on animal type, the canines segment is estimated to account for the largest share of the companion animal diagnostics market in 2022. Factors driving the growth of this segment include the increasing canine population as pets and the growing prevalence of diseases such as diabetes.
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Based on end user, the reference laboratories segment is estimated to account for the largest share of the market in 2022. An increase in the number of veterinary reference laboratories and the availability of new advanced tests are likely to propel the segment. Furthermore, veterinary reference laboratories provide veterinary diagnostics to pet owners, and government-related programs or research collaborations are likely to boost the veterinary reference laboratories segment in the companion animal diagnostics market during the forecast period.
Geographically, North America is estimated to account for the largest share of the overall companion animal diagnostics market in 2022, closely followed by Europe and Asia-Pacific. However, Asia-Pacific is slated to register the highest growth during the forecast period primarily due to the rising incidence of various zoonotic diseases and rising awareness about animal health.
The report also includes an extensive assessment of the product portfolio, geographic analysis, and key strategic developments in the industry's leading market participants over the past four years (2019–2022). The companion animal diagnostics market recently witnessed several new product launches, enhancements, approvals, partnerships & agreements, expansions, and acquisitions. For instance, in February 2021, Heska Corporation acquired Biotech Laboratories U.S.A. LLC (U.S.), a developer of rapid assay diagnostic testing, to help Heska expand its product portfolio and enter the rapid assay point of care diagnostics market. In August 2020, IDEXX Laboratories, Inc. (U.S.) launched PrsoCyte One Hematology Analyzer, which simplifies user experience and also gives more accurate results at the point of care.
The key players profiled in this market study are IDEXX Laboratories, Inc. (U.S.), Zoetis Inc. (U.S.), Thermo Fisher Scientific Inc. (U.S.), Heska Corporation (U.S.), Bio-Rad Laboratories, Inc. (U.S.), bioMérieux S.A. (France), INDICAL BIOSCIENCE GmbH (Germany), Agrolabo SpA (Italy), Neogen Corporation (U.S.), and Idvet (France).
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