According to the latest study on “Companion Animal Diagnostics Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Technology, Application, Animal Type, and End User", the global companion animal diagnostics market was valued at US$ 2,031.62 million in 2019 and is projected to reach US$ 2,684.86 million by 2027; it is expected to grow at a CAGR of 4.1% during 2020–2027. The report highlights trends prevailing in the global companion animal diagnostics market and the factors driving market along with those that act as hindrances.
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The companion animal diagnostics market is expected to grow owing to factors such as growing prevalence of chronic diseases in pet animals and increasing adoption of pets for companionship. However, increasing pet care costs and extended pet lifespan are likely to restrain the growth of the market during the forecast period.
Zoetis Inc., IDEXX laboratories, Inc, Thermo Fisher Scientific Inc, Virbac, Randox Laboratories Ltd, idvet, IDEXX Laboratories, Inc, Heska Corporation, Fujifilm Corporation, and Skyla Corporation are among the leading companies operating in the companion animal diagnostics market.
Based on technology, the global companion animal diagnostics market is segmented into immunodiagnostics, clinical biochemistry, hematology, urinalysis, molecular diagnostics, and others. The immunodiagnostics segment is further sub-segmented into lateral flow assays, Elisa tests, allergen-specific immunodiagnostic tests, and immunoassay analyzers. Whereas the clinical biochemistry is sub-segmented into clinical chemistry analysis, glucose monitoring, and blood gas electrolyte analysis. The immunodiagnostics segment held a largest share of the market in 2019. However, the clinical biochemistry segment is estimated to register a higher CAGR during the forecast period owing to increasing adoption of clinical chemistry analysis, glucose monitoring, and blood gas electrolyte analysis products.
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The report segments global companion animal diagnostics Market as follows:
By Technology
- Immunodiagnostics
- Lateral Flow Assays
- Elisa Tests
- Allergen-Specific Immunodiagnostic Tests Diagnostics
- Immunoassay Analyzers
- Clinical Biochemistry
- Clinical Chemistry Analysis
- Glucose Monitoring
- Blood Gas Electrolyte Analysis
- Hematology
- Urinalysis
- Molecular Diagnostics
- Others
By Application
- Bacteriology
- Clinical Pathology
- Virology
- Parasitology
- Others
By Animal Type
- Dogs
- Cats
- Horses
- Others
By End User
- Diagnostic Laboratories
- Veterinary Hospitals and Clinics
- Research Institutes and Universities
By Geography
- North America
- US
- Canada
- Mexico
- Europe
- France
- Germany
- UK
- Spain
- Italy
- Asia Pacific (APAC)
- China
- India
- Japan
- Australia
- South Korea
- Middle East and Africa (MEA)
- Saudi Arabia
- UAE
- South Africa
- South and Central America (SCAM)
- Brazil
- Argentina
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Factors such as the rising companion animal population, increasing demand for pet insurance, and the growth in the number of veterinary practitioners in developed countries are driving the growth of this market.
Also, the growing demand for rapid tests and portable instruments for point-of-care services and the use of advanced technologies like machine learning is expected to offer potential growth opportunities for market players in the coming years.
However, increasing pet care costs are expected to restrain market growth to a certain extent.The report Companion Animal Diagnostics Market is projected to reach USD 3.0 billion by 2025 from an estimated USD 1.8 billion in 2020, at a CAGR of 9.8%.Ask for PDF Brochure: - https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=173823870 Immunodiagnostics segment to account for the largest share of the companion animal diagnostics market in 2019Based on technology, the companion animal diagnostics market is segmented into immunodiagnostics, clinical biochemistry, hematology, urinalysis, molecular diagnostics, and other companion animal diagnostic technologies.
These methods have been used clinically for decades in the veterinary industry, and are the only reliable option to test animals for several infectious diseases such as equine infectious anemia virus and feline immunodeficiency virus.
Immunodiagnostic tests can identify the presence of antibodies to viruses that are inactive and no longer present in the body.
These advantages are further used to widen the clinical applications of immunodiagnostic tests in the veterinary health market.Clinical pathology segment to dominate the companion animal diagnostics market, by applicationBased on application, the companion animal diagnostics market is segmented into clinical pathology, bacteriology, virology, parasitology, and other applications.
The growth in this market is driven by growth in the companion animal population, rising demand for pet insurance, and increasing number of veterinary practitioners in developed economies.
The growing demand for rapid tests and portable instruments for point-of-care services is expected to offer potential growth opportunities for market players in the coming years.
The companion animal diagnostics market is projected to reach USD 3.0 billion by 2025 from USD 1.8 billion in 2020, at a CAGR of 9.8%.Based on technology, the companion animal diagnostics market is segmented into immunodiagnostics, clinical biochemistry, hematology, urinalysis, molecular diagnostics, and other companion animal diagnostic technologies.
Immunodiagnostic tests can identify the presence of antibodies to viruses that are inactive and no longer present in the body.
These advantages are further used to widen the clinical applications of immunodiagnostic tests in the veterinary health market.Download PDF Brochure:https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=173823870Based on application, the companion animal diagnostics market is segmented into clinical pathology, bacteriology, virology, parasitology, and other applications.
In 2019, the clinical pathology segment was expected to account for the largest share of the companion animal diagnostics market.
