(PharmaNewsWire.Com, August 18, 2022 ) Meticulous Research®– leading global market research company published a research report titled “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”.
According to this latest publication from Meticulous Research®, the global companion animal diagnostics market is expected to grow at a CAGR of 9.8% from 2022 to reach $4.18 billion by 2029. The high growth of the companion animal diagnostics market is mainly attributed to the rising prevalence of diseases in companion animals, increasing animal health expenditure and pet insurance in developed countries, and technological advancements in veterinary diagnostics. Moreover, emerging countries provide growth opportunities for players operating in the companion animal diagnostics market.
The global companion animal diagnostics market study presents historical market data in terms of values (2020 and 2021), estimated current data (2022), and forecasts for 2029- by Product [Consumables (Heartworm, Leukemia, Influenza), System, Software], Technology [Immunodiagnostics, Molecular Diagnostics, Hematology, Urinalysis, Clinical Biochemistry, Other Technologies], Animal Type [Canine, Feline, Other Companion Animals), End User (Reference Lab, Veterinary Hospital, PoC Testing], and Geography. The study also evaluates industry competitors and analyzes the regional and country markets.
Based on product, in 2022, the consumables segment is estimated to account for the largest share of the companion animal diagnostics market. The large share of this segment is mainly attributed to the frequent use and availability of a diverse range of reagents and consumables for various diseases. Apart from this, the growing awareness regarding regular animal health check-ups and the emergence of various POC tests and assays are further expected to expand the portfolio of these consumables for early diagnosis.
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 animal type, the dogs segment is estimated to account for the largest share of the market in 2022. The increasing canine population as pets and the prevalence of diseases such as diabetes are expected to propel the growth of this segment.
Based on end user, the companion animal diagnostics market is segmented into veterinary hospitals, reference laboratories, and point-of-care testing. in 2022, the reference laboratories segment is estimated to account for the largest share of the companion animal diagnostics market.
This research report analyzes major geographies and provides a comprehensive analysis of North America (U.S., Canada), Europe (Germany, France, U.K., Italy, Spain, and the Rest of Europe), Asia-Pacific (Japan, China, India, and RoAPAC), Latin America, and Middle East & Africa. North America is estimated to dominate the global companion animal diagnostics market in 2022, followed by Europe and Asia-Pacific. The increasing awareness of animal disease diagnosis, rising number of veterinarians, and increased spending on the healthcare of pet animals in the region supported the largest share of North America in the companion animal diagnostics market.
Key Players
The key players operating in the global companion animal diagnostics market 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), among others.
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