CHICAGO, March 9, 2020 /PRNewswire/ -- According to the new market research report "Companion Animal Diagnostics Market by Technology (Immunodiagnostic, Clinical Biochemistry, Hematology, Urine Analysis), Application (Clinical Pathology, Virology, Bacteriology, Parasitology), Animal (Dog, Cat, Horse), End-User - Global Forecast to 2025", published by MarketsandMarkets™, the 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%.
The 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.
Immunodiagnostics segment to account for the largest share of the Companion Animal Diagnostics Market in 2019
Based on technology, the 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 market, by application
Based on application, the 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 market. Clinical pathology encompasses hematology, clinical chemistry, cytopathology, endocrinology, urinalysis, coagulation, immunohematology, and general pathology. In the case of chronic diseases, veterinarians recommend routine blood and urine check-ups where clinical pathologists work along with veterinarians to evaluate the cause of the disease. The rising volume of pathology tests performed is expected to increase the demand for diagnostic products and consumables for clinical pathology applications in the coming years.
North America to dominate the global Companion Animal Diagnostics Market in 2019
North America is expected to account for the largest share of the market in 2019, followed by Europe. Factors such as the increasing adoption of companion animals, growing pet insurance industry, rising veterinary healthcare expenditure, and the growing number of veterinary practices are expected to drive the market in North America. The US is the largest market for companion animal diagnostics in the North American region, primarily due to the large and growing companion animal population in the country.
The key players operating in the Global Companion Animal Diagnostics Market, are IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Thermo Fisher Scientific, Inc. (US), Virbac (France), Heska Corporation (US), Neogen Corporation (US), bioMérieux SA (France), IDvet (France), INDICAL Bioscience GmbH (Germany) [QIAGEN N.V. (Netherlands)], and Randox Laboratories Ltd. (UK).
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