Companion Animal Diagnostics Market Aims for Remarkable Growth, Targeting USD 6.32 Billion by 2032 at 9.21% CAGR
The companion animal diagnostics market size is anticipated to grow from USD 2.62 Billion in 2022 to USD 6.32 Billion in 10 years. The market should witness a moderate growth rate owing to the increasing adoption of companion animals, especially among millennials. Further, the occurrence of infectious diseases provides a lucrative opportunity for the diagnostics market. The key market players are listed in the report with their sales, revenues and strategies are Virbac, Zoetis, Inc, Fujifilm Holdings Corporation, Thermo Fisher Scientific, Inc, Indical Bioscience Gmbh, Triviumvet, BioNote Inc, IDvet, Shenzhen Mindray Animal Medical Technology Co. Ltd, HyTest Ltd, Randox Laboratories Ltd, Creative Diagnostics, Agrolabo S.P.A and others.
Newark, Oct. 05, 2023 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the companion animal diagnostics market will grow from USD 2.62 Billion in 2022 to USD 6.32 Billion by 2032. The companion animal diagnostics market is expanding due to the rising need to diagnose chronic and infectious diseases. Further, the expenditure on pet healthcare has increased over the years due to rising disposable income and an increasing number of veterinary clinics.
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Key Insight of the Companion Animal Diagnostics Market
North America region to account for the largest market size during the forecast period.
North America region will hold a significant market share due to the rising occurrence of zoology diseases. Due to increasing investment in the veterinary business, countries like the U.S. and Canada have a huge demand for companion animal diagnostics. The development of diagnostic kits and equipment is fueled by the rising costs associated with maintaining the quality of livestock. Another element boosting market expansion is pet owners’ rising expenditures on their animals’ healthcare.
The cat segment is expected to augment the market during the forecast period.
The animal type segment is divided into cat, horse, dog and others. The cat segment is expected to augment the market during the forecast period. Cats are becoming popular pet choices among millennials. There is an increase in the incidence of zoological disease in cats, and some infectious feline diseases can spread from cats to people, even though most feline infectious diseases solely harm cats.
The molecular diagnostics segment is expected to augment the market during the forecast period.
The technology segment is divided into hematology, clinical biochemistry, immunodiagnostics, urinalysis, molecular diagnostics and others. The molecular diagnostics segment is expected to augment the market during the forecast period. The samples used for testing in veterinary molecular diagnostics come from animals. The need for quick and accurate diagnostic methods has increased due to changes in the farming industry and the adoption of pets. Pathogen detection, genotyping and characterization are the main goals of veterinary molecular diagnostics.
The bacteriology segment is expected to augment the market during the forecast period.
The application method segment is divided into bacteriology, clinical pathology, virology, parasitology, and others. The bacteriology segment is expected to augment the market during the forecast period. The bacteriology section examines samples for zoology infections and contagious equine metritis, listeriosis, salmonellosis, leptospirosis, and Johne’s disease. The bacteriology division frequently recognizes germs linked to digestive, respiratory, or reproductive disorders.
The veterinary clinics and hospitals segment is expected to augment the market during the forecast period.
The end-user segment is divided into diagnostics laboratories, veterinary clinics and hospitals, research institutes and home care settings. The veterinary clinics and hospitals segment is expected to augment the market during the forecast period. A veterinary hospital is an enterprise or medical facility where animals are treated and diagnosed. A veterinary hospital offers care, diagnosis, and animal medicine treatments.
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Driver: Rising prevalence of animal diseases
It is projected that factors such as the rising prevalence of infectious animal diseases have led to improvements in diagnostics. The economy and the security of the nation’s food supply depend on keeping an eye on animal health and halting the spread of animal diseases. Healthy animal production contributes to a secure food supply and stable consumer prices. The illnesses that influence animal health have a direct impact on public health. Focusing on animal health allows healthcare professionals and academics in both fields to collaborate to stop illness outbreaks across species and deal with their underlying causes. This has enabled the effective control of fatal diseases like the avian flu, and it is currently being utilized to eradicate additional diseases in the future.
Restraint: Unskilled professionals
The absence of specialized knowledge poses a substantial obstacle to extending the use of advanced diagnostic equipment and kits. In developing and under-developed regions, some doctors and primary healthcare practitioners lack the need to accurately and easily interpret the diagnosis. This leads to under-utilization of the resources and thus restraints the market growth.
Opportunity: Increasing investment in the veterinary industry
Government organizations worldwide are investing in veterinary diagnostic labs, as these are crucial for the detection and control of transboundary and developing animal disease outbreaks and for the prevention and mitigation of endemic animal diseases. Pets, their owners, and referral veterinary organizations support laboratories, equipment and pharmaceutical companies, and veterinary service organizations like software providers or business development companies. Many major firms have invested years integrating the veterinary supply and value chains and continue to hunt for additional growth and consolidation. Investors continue to find the veterinary sector to be appealing.
Challenges: Stringent regulations for product approval
Veterinary diagnostic products must undergo the same stringent approval procedures before being produced or marketed. Animal diagnostics are extensively controlled and are subject to strict rules that safeguard animals, people, and the environment even after they have been approved. The imposition of stringent regulations limits the number of manufacturers and service providers entering the market.
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Some of the major players operating in the companion animal diagnostics market are:
• Zoetis, Inc
• Fujifilm Holdings Corporation
• Thermo Fisher Scientific, Inc
• Indical Bioscience Gmbh
• BioNote Inc
• Shenzhen Mindray Animal Medical Technology Co. Ltd
• HyTest Ltd
• Randox Laboratories Ltd
• Creative Diagnostics
• Agrolabo S.P.A
• Biomerieux SA
• Heska Corporation
• Idexx Laboratories Inc.
• Neogen Corporation
Key Segments Cover in the Market:
By Animal Type:
• Clinical Biochemistry
• Molecular Diagnostics
• Clinical Pathology
• Diagnostics Laboratories
• Veterinary Clinics and Hospitals
• Research Institutes
• Home Care Settings
• 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 on a global, 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 to gain critical market insight. 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.
About The Brainy Insights:
The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients’ objectives of high-quality output within a short span of time. We provide both customized (clients’ specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients’ requirement whether they are looking to expand or planning to launch a new product in the global market.
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