Companion Animal Diagnostics Market To Reach $ 2,684.86 Million By 2027 –

Companion Animal Diagnostics Market

The pet diagnostics market was valued at US $ 2,031.62 million in 2019 and is expected to reach US $ 2,684.86 million by 2027; it is expected to grow at a CAGR of 4.1% from 2020 to 2027.

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 animal diagnostics market of company.

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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 Assays, Allergen Specific Immunodiagnostic Assays and Immunoassay Analyzers. While clinical biochemistry is sub-segmented into clinical chemistry analysis, blood glucose monitoring, and blood gas electrolyte analysis. The immunodiagnostics segment held the largest market share in 2019. However, the clinical biochemistry segment is expected to register a higher CAGR during the forecast period due to the increasing adoption of diagnostic analysis products. clinical chemistry, blood glucose monitoring and blood gas electrolyte analysis.

The companion animal diagnostics market is expected to grow owing to factors such as the increasing prevalence of chronic diseases in companion animals and the increasing adoption of companion animals. However, increasing costs of pet care and lengthening of the lifespan of pets are likely to restrain the growth of the market during the forecast period.

According to the Veterinary Cancer Society, cancer is a leading cause of death in 47% of dogs, especially dogs over 10 years old, and 32% of cats. Additionally, FETCH a Cure, a non-profit organization, has estimated that more than 6 million dogs and approximately 6 million cats will be diagnosed with cancer in 2020. Additionally, according to Animal Cancer Facts and Figures , one in four dogs and one in five cats develop cancer in their lifetime. According to the Association for the Prevention of Obesity in Pets (APOP), in 2018, approximately 55.8% of dogs and 59.5% of cats in the United States were overweight or obese.

COVID-19 started in Wuhan, China in December 2019 and since then it has spread at a rapid rate across the world. The United States, India, Brazil, Russia, France, United Kingdom, Turkey, Italy and Spain are among the most affected countries in terms of confirmed cases and reported deaths. COVID-19 has affected economies and industries in various countries due to lockdowns, travel bans and business closures.

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The report segments the global companion animal diagnostics market as follows:

By technology

Lateral flow assays
Élisa tests
Allergen-specific immunodiagnostic tests Diagnosis
Immunoassay analyzers
Clinical biochemistry
Clinical chemistry analysis
Blood glucose monitoring
Analysis of blood gas electrolytes
Urine analysis
Molecular diagnostics
By application

Clinical pathology
By animal type

By end user

Diagnostic laboratories
Hospitals and veterinary clinics
Research institutes and universities

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