Companion animal diagnostic market share from clinical biochemistry technology is pegged to record a CAGR of 7.8% through the next few years. This can be attributed to the rise in efforts towards the conservation of endangered species. There is a higher preference for advanced as well as economical veterinary care with the incorporation of novel micro methods across companion animal diagnostic clinics and laboratories.
The rising appeal of pet owners to consider pets as family members, leading to the global trend of pet parenting, will significantly influence the companion animal diagnostic market forecast. There is increased adoption of pets to provide companionship to the older population in emerging countries like the U.S. and Europe. As per estimates from the European Pet Food Industry Statistics, the number of pet-owning homes in the region crossed 75 million in 2014. This penetration of pets will push the need for various advanced pet products.
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In terms of animal type, horse diagnostic segment was valued over $370.9 million in 2017. For most parts, in the case of animals, the outcome and path of disease process depends on the parameters of age, hormonal levels, and nutritional status of affected animal. In addition, the genetic resistance of the breed affected, cell tropism, disease-causing agent, and defense mechanisms of host also matter. To that end, the rising requirement for accurate diagnosis of digestive diseases and skin disorders in horses will turn out to be the driving factors for the segment growth.
Brazil dominated the companion animal diagnostic market in Latin America and was valued approximately $25.3 million in 2017. Pets are usually considered as family members in Brazil. The Brazilian Association of the Industry of Products for Pets stated that there are approximately 18 million fish, 38 million birds, 22 million cats, and 52 million dogs in Brazil. Owing to the growing adoption of pets along with substantial spending towards companion animal healthcare, the regional market growth is bound to soar in the forthcoming years.
Service providers in companion animal diagnostic are keen on marketing strategies and R&D investments to introduce innovations in products and diagnostic solutions besides sustaining competition. For instance, VolitionRx Limited, a leading firm operating in companion animal diagnostic imaging, in December 2020, introduced the Nu.Q, a vet cancer screening test. This novel test can be considered as an annual wellness check for older dogs and helps in the detection of cancer in the canine animal.
The ongoing COVID-19 pandemic could have also increased the demand for pet animal diagnostics. Abaxis, Heska Corporation, Thermo Fisher Scientific, Virbac, Neogen, Zoetis, Randox, Qiagen, and IDEXX Laboratories are some of the other global firms in the sector.
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Partial Chapter of the Table of Content
- TABLE 1. Companion animal diagnostic industry 3600 synopsis, 2013 – 2024
- TABLE 2. Global companion animal diagnostic market, 2013 – 2017 (USD Million)
- TABLE 3. Global companion animal diagnostic industry, 2018 – 2024 (USD Million)
- TABLE 4. Global companion animal diagnostic market, by technology, 2013 – 2017 (USD Million)
- TABLE 5. Global companion animal diagnostic industry, by technology, 2018 – 2024 (USD Million)
- TABLE 6. Global companion animal diagnostic market, by animal type, 2013 – 2017 (USD Million)
- TABLE 7. Global animal diagnostics market, by animal type, 2018 – 2024 (USD Million)
- TABLE 8. Global companion animal diagnostic industry, by region, 2013 – 2017 (USD Million)
- TABLE 9. Global companion animal diagnostic market, by region, 2018 – 2024 (USD Million)
- TABLE 10. Industry impact forces
Charts & Figures
- FIG. 1 Industry segmentation
- FIG. 2 Global companion animal diagnostic market, 2013 – 2024 (USD Million)
- FIG. 3 Growth potential analysis, by technology
- FIG. 4 Growth potential analysis, by companion animal
- FIG. 5 Porter’s analysis
- FIG. 6 Strategy dashboard
- FIG. 7 PESTEL analysis
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