According to the TechSci Research report titled “Companion Animal Diagnostics Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028,” the global companion animal diagnostics market is expected to experience significant growth during the forecast period from 2024 to 2028. The increasing awareness of zoonotic diseases is projected to support the growth of the global companion animal diagnostics market during this period. The Centers for Disease Control and Prevention (CDC) 2021 report states that more than 6 out of every 10 known infectious diseases in people can be spread from animals, and 3 out of every 4 new or emerging infectious diseases in people come from animals. Furthermore, the growing demand for preventive care is a key factor driving the growth of the global companion animal diagnostics market. Pet owners are becoming more proactive in managing their pet’s health and are increasingly seeking out preventive care to keep their pets healthy and avoid costly and time-consuming treatments later.
However, a limited availability of necessary diagnostic equipment and expertise in veterinary clinics and hospitals is expected to hinder the growth of the market. Additionally, the high cost of companion animal diagnostics may also hamper market growth during the forecast period.
The global companion animal diagnostics market is segmented based on technology, application, animal type, end-user, company, and region. Based on technology, the market includes clinical biochemistry, clinical chemistry analysis, glucose monitoring, blood gas & electrolyte analysis, immunodiagnostics, hematology, urinalysis, and others. Currently, the immunodiagnostics segment is one of the fastest-growing sub-segments within the global companion animal diagnostics market. This growth is being driven by several factors, including the increasing prevalence of infectious diseases in animals and the development of new and advanced diagnostic technologies that allow for faster and more accurate detection of these diseases.
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Based on application, the global companion animal diagnostics market is divided into clinical pathology, bacteriology, virology, parasitology, and others. Among these sub-segments, clinical pathology is the largest and fastest-growing, accounting for the majority of the market share. Clinical pathology involves the use of laboratory testing to diagnose and monitor a wide range of diseases and conditions in animals, including metabolic disorders, cancer, and infectious diseases.
Regarding animal type, the global companion animal diagnostics market is segmented into dogs, cats, horses, and others. The dogs segment is one of the fastest-growing sub-segments within the companion animal diagnostics market. This is due to the growing awareness among pet owners about the importance of preventive healthcare, the increasing prevalence of diseases in these animals, and the development of new and advanced diagnostic technologies that allow for faster and more accurate detection of diseases.
Based on end-user, the global companion animal diagnostics market is divided into veterinary reference laboratories, veterinary hospitals and clinics, point-of-care/in-house testing, research institutes, and universities. Among these end-users, the veterinary hospitals and clinics segment is the largest and fastest-growing. This is due to the increasing number of pets being taken to veterinary hospitals and clinics for routine check-ups, preventive care, and treatment of illnesses and injuries. Additionally, the growing awareness among pet owners about the importance of regular veterinary care is driving the demand for diagnostic tests at these facilities.
Major companies operating in global companion animal diagnostics market are:
- IDEXX Laboratories, Inc.
- Zoetis Inc.
- Virbac
- Heska Corporation
- Neogen Corporation
- Bio-Rad Laboratories, Inc. (U.S.)
- INDICAL Bioscience GmbH (QIAGEN N.V.)
- Agrolabo SpA (Italy)
- vet
- bioMérieux S.A. (France)
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“North America dominates the global companion animal diagnostics market owing to the high adoption of companion animals and the presence of well-established veterinary diagnostic laboratories and hospitals in the region. Also, the higher spending on pet healthcare is expected to propel the growth of the global companion animal diagnostics market till 2028”, said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Companion Animal Diagnostics Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028, By Technology (Clinical Biochemistry, Clinical Chemistry Analysis, Glucose Monitoring, Blood Gas & Electrolyte Analysis, Immunodiagnostics, Hematology, Urinalysis, Others), By Application (Clinical Pathology, Bacteriology, Virology, Parasitology, Others), By Animal Type (Dogs, Cats, Horses, Other), By End User (Veterinary Reference Laboratories, Veterinary Hospitals and Clinics, Point-of-care/In-house Testing, Research Institutes, and Universities), By Region, Forecast & Opportunities”, has evaluated the future growth potential of the global companion animal diagnostics market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global companion animal diagnostics market.
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