- Widespread adoption of clinical biochemistry tests as basic test has spurred on revenue generation in market, propelling it to clock CAGR of ~9% from 2019 to 2027
- Presence of numerous prominent players will help North America retain dominant position in global market throughout forecast period; most players focusing on clinical pathology application
ALBANY, N.Y., Sept. 15, 2020 /PRNewswire/ -- A wide spectrum of technologies are used in the diagnosis of companion animal diseases, notably in dogs and cats. Extensive focus on pet care has led to the emergence of point-of-care testing in developed regions. Veterinary reference laboratories are abuzz with opportunities.
TMR analysts opine that prevention of illnesses in companion animals will spur research in new product developments, notably in clinical biochemistry technology. This will help aspiring players tap into consistent revenue streams, more recently in regions with unmet needs.
The companion animal diagnostics market is projected to clock CAGR of ~9% during 2019 – 2027, and reach worth of ~US$ 5 Bn by 2027-end.
Key Findings of Companion Animal Diagnostics Market Report
- Valuation of point-of-care testing was pegged at ~US$ 515 Mn in 2018, which is expected to double by 2027-end
- Among all end users, veterinary reference laboratories were the leading segment in 2018
- Of all the key technologies, veterinary clinical biochemistry held around 33.3% in the global market in 2018
- Urine analysis is the most rapidly growing technology segment, with CAGR of ~10% during 2019 – 2027
- North America was the leading regional market in 2018
- The regional market is projected to see its revenues to double by the end of 2027
- Geographically, Asia Pacific market to expected to clock fastest CAGR during 2019 - 2027
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Companion Animal Diagnostics Market: Key Driving Factors and Promising Avenues
- The incidence of range of diseases affecting the health of companion animals such as dogs and cats is a key driver for the expansion of avenues in the market.
- An example is increasing incidence of obesity in the U.S. Overall, incidence rate of obesity in dogs has spurred the demand for point-of-care testing in various regions.
- Rapid advances have been made in clinical pathology technologies. New avenues in clinical biochemistry technology have kept the market increasingly lucrative over the years.
- Rising pet ownership in the U.S. has been adding marked growth momentum to the companion animal diagnostics market.
- Growing focus of veterinarians on preventive healthcare for pets has also boosted the expansion of opportunities in recent years.
- Growing demand for clinical pathology for bacteriology has fuelled prospects for stakeholders in the companion animal diagnostics market.
- Rising ownership of dogs around the world is boosting the demand for clinical biochemistry tests.
Explore 230 pages of top-notch research, incisive insights, and detailed country-level projections on Companion Animal Diagnostics Market (Technology: Clinical Biochemistry [Clinical Chemistry Analysis, Glucose Monitoring, and Blood Gas & Electrolyte Analysis], Molecular Diagnostics [Polymer Chain Reaction Tests, Microarrays, and Others], Immunodiagnostics, Hematology, Urinalysis, and Others); Application: Clinical Pathology, Bacteriology, Parasitology and Others; Animal: Dogs, Cats, and Others; End User: Veterinary Reference Laboratories, Veterinary Hospitals and Clinics, Point-of-care/In-house Testing, and Research Institutes and Universities) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019 - 2027 at https://www.transparencymarketresearch.com/report-toc/66719
Companion Animal Diagnostics Market: Regional Landscape
Regionally, North America has been a lucrative market for many years. Rise in pet insurance and a flourishing lab infrastructure have been key pivots for its expansion. Focus of governments in the region on prevention of outbreaks of diseases among these animals has spurred rapid expansion of opportunities in the market.
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On the other hand, the focus of health wellness has been high in Asia Pacific. The regional market is being considered as a huge revenue potential during the forecast period. Prevalence of chronic diseases in pets has boosted healthcare infrastructure in the region.
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The Companion Animal Diagnostics Market can be segmented as follows:
• Companion Animal Diagnostics Market by Technology
o Clinical Biochemistry
• Clinical Chemistry Analysis
• Glucose Monitoring
• Blood Gas & Electrolyte Analysis
o Molecular Diagnostics
o Polymer Chain Reaction Tests
• Companion Animal Diagnostics Market by Application
o Clinical Pathology
• Companion Animal Diagnostics Market by Animal
• Companion Animal Diagnostics Market by End User
o Veterinary Reference Laboratories
o Veterinary Hospitals and Clinics
o Point-of-care/In-house Testing
o Research Institutes and Universities
• Companion Animal Diagnostics Market by Region
o North America
o Rest of Europe
o Asia Pacific
o Australia & New Zealand
o Rest of Asia Pacific
o Latin America
o Rest of Latin America
o Middle East & Africa
o GCC Countries
o South Africa
o Rest of Middle East & Africa
Explore Transparency Market Research's award-winning coverage of the global Healthcare Industry:
Veterinary Endoscopes Market: According to the report, the global veterinary endoscopes market was valued at US$ 458.3 Mn in 2018 and is anticipated to expand at a CAGR of 7.1% from 2019 to 2027, rapid rise in pet population worldwide is projected to drive the global veterinary endoscopes market during the forecast period
Veterinary Therapeutics Market: Companies operating in the current veterinary therapeutics market are expected to increase their market share by relying on inorganic growth strategies such as mergers & acquisitions. While expanding the product portfolio will continue to be an integral part of growth strategies for participants operating in the current market landscape, commercialization and development of new veterinary therapeutics are expected to gain momentum
Veterinary Radiography System Market: Needle-based storage-phosphor detector radiography is gaining importance in the veterinary radiography system market. This technique is found to be superior to conventional storage-phosphor and mammography screen-film systems. Needle-based detector systems perform better than screen-film systems in diagnostic imaging of small animals.
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