by Companion Animal Diagnostics Market: In-house Disease Testing of Pets to Gain Popularity
With increasing number of animals being adopted as pets, globally, rising awareness regarding veterinary issues and improved quality of treatment & therapy for animals have contributed significantly to the expansion of the companion animal diagnostics market. Within the larger companion animal diagnostics market, point-of-care testing is a rapidly growing sector, the popularity of which can be attributed to the lab-like facilities that are offered at these centers, designed to enhance the quality of care offered to pets. This segment, which was valued at ~US$ 515 Mn in 2018, is expected to double by the end of the forecast period ending 2027.
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However, retaining its place at the top of the table with the largest share of ~35% in 2018 is the veterinary reference laboratories segment. While it is expected to yield 2% of its market share by the end of the forecast period, it is set to expand at a robust pace from 2019 to 2027. The growth and popularity of this segment can be attributed to the increase in the number of laboratories for the diagnosis and effective testing of veterinary diseases, especially in developed countries, which has had a positive impact on the growth of the companion animal diagnostics market.
Veterinary Clinical Biochemistry – The First Basic Test for Diagnosis of Several Diseases
Veterinary clinical biochemistry, as a segment, accounted for around one-third of the global market for companion animal diagnostics in 2018. There has been increase in the usage of clinical biochemistry tests as the first and basic tool for the diagnosis of several illnesses. Products such as chemistry analyzers, glucose monitoring devices, and blood & gas analyzers are used for the diagnosis of a variety of diseases, the increasing incidence of which, has been a key factor driving the growth of this segment. The clinical biochemistry segment was valued at ~US$ 675 Mn in 2018, is expected to grow at a steady pace during the forecast period to double by the end of 2027.
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However, the fastest-growing technology in the companion animal diagnostics market is urine analysis, which had a market value of ~US$ 200 Mn in 2018, and is expected to grow at a robust value CAGR of ~10% over the forecast period. This procedure is not necessarily favored as a basic test, but is extensively used in point-of-care centers, which contributes to the growth of the companion animal diagnostics market.
North America Continues To Provide Lucrative Opportunities, as Animal Healthcare Becomes Structured
In 2018, North America accounted for two-fifth of the share of the global companion animal diagnostics market, making it the most significant region in the landscape. Revenue from North America is expected double in value by the end of 2027, as it continues to hold its place at the head of the table during the forecast period. This can be attributed to the fact that, North America has been an early adopter of new technologies, which is opening up lucrative opportunities for players in the region to diversify their product range to improve the quality of products used in companion animal diagnostics and care.
However, due to the remarkable rise in the adoption of pets in APAC, and the consequent increase in the demand for companion animal diagnostic products in the region, the market in the region is anticipated to expand the fastest at a CAGR of ~10% over the forecast period.
Analysts’ Overview
With great emphasis being placed by stakeholders on the prevention of illnesses in companion animals, and the increasing awareness of the importance of pet healthcare, there has been a significant growth in the bottom line of the companion animal diagnostics market in recent years. According to analysts at this market is expected to grow steadily at a good pace during the forecast period, as players focusing R&D for new product development and innovation in areas of unmet needs, such as biologics and specialty pet care, are likely to realize maximum gains in the foreseeable future.
APAC is expected to present lucrative prospects for players in the companion animal diagnostics market, as the adoption of pets and spending on them continues to rise in the region. Manufacturers looking expand into this region are likely to witness profitable gains and strengthen their foothold in the global companion animal diagnostics landscape.
Global Companion Animal Diagnostics Market and Report Description
Companion animals are used for extrovert display, psychological support, and amusement support. Companion animals include dogs and cats. Companion animal diagnostics is an integral part of management as well as prevention of outbreaks of diseases among companion animals.
Companion animal diagnostics include clinical biochemistry products, immunodiagnostics, hematology, and others. These are used in the treatment of diseases associated with the immunological system, digestive system, reproductive system, respiratory system, and urinary system of companion animals.
Increase in obesity and various diseases in companion animals, globally, has fueled the need for new diagnostic options. In developed countries such as the U.S., governments strongly emphasize on pet insurance. Clinical biochemistry technology is widely utilized in the diagnosis of veterinary diseases with the help of blood and urine analysis. Companion animal diagnostic products are mostly used in clinical pathology due to increasing demand for diagnostic products in pathology labs and rising number of pathology tests performed on pets. In terms of companion animals, dog are a highly popular companion animals. In terms of competition, IDEXX Laboratories, Inc. and Zoetis, Inc. are major manufacturers of companion animal diagnostic products.
Increase in the demand for advanced products for veterinary disease diagnosis boosts the global companion animal diagnostics market.
Companion Animal Diagnostics Market: Overview
Increase in companion animal ownership is a major trend being witnessed in the animal healthcare market. Spending capacity on companion animals is also on the rise.
According to the National Pet Owners Survey conducted by the American Pet Products Association (APPA) in 2018, around 68% of households in the U.S own a companion animal or pet.
According to a report published by the Federal Trade Commission (FTC), the U.S. government spent around US$ 72.5 Bn on its pet industry in 2018, which includes food, veterinary care, prescription and OTC medications, and other pet services and products.
Pet obesity is a major issue in the U.S. According to a report by the Association for Pet Obesity Prevention (APOP), in 2018, obesity affected around 55.8% of dogs and 59.5% of cats in the U.S.
Increased longevity of companion animals due to improvements in diagnostics, greater emphasis on wellness and prevention by veterinarians as well as owners, and better nutrition have expanded the use of companion animal diagnostics.
Due to all these factors, the global companion animal diagnostics market is set to expand at a high CAGR of ~9%, to be valued at ~US$ 5 Bn by the year 2027.
Global Companion Animal Diagnostics Market: Key Segments
In terms of technology, clinical biochemistry is the leading segment in the global companion animal diagnostics market. This is due to major focus of manufacturers on launching new diagnostic products such as chemistry analyzers and glucose monitors. Additionally, extensive application of this technology and increase in the preference for point of care glucose monitoring devices is likely to fuel the segment in the global companion animal diagnostics market.
Clinical pathology is projected to be a highly attractive segment in the global companion animal diagnostics market during the forecast period. Clinical pathology is highly preferred for diagnosis over various companion animal diagnoses, and an increase in the prevalence of various chronic diseases associated with companion animals has led to an increase in the number of diagnosis tests. These factors boost the clinical pathology segment in the global companion animal diagnostics market.
Dogs are extremely popular companion animals all around the world as compared to any other animal. Increasing dog population and high incidence rate of obesity in dogs are projected to boost the segment in the global companion animal diagnostics market during the forecast period. Moreover, increasing pet ownership across the globe is also a major factor driving the segment in the overall companion animal diagnostics market.
Veterinary Reference Laboratories is a highly preferred end user in the global companion animal diagnostics market. Increase in the number of veterinary reference laboratories across the globe and availability of new diagnostic products in veterinary reference laboratories are expected to propel the retail pharmacies segment in the global companion animal diagnostics market.
Global Companion Animal Diagnostics Market: Major Players
Leading players analyzed in the report on the global companion animal diagnostics market include
- Heska Corporation
- IDEXX Laboratories, Inc.
- Thermo Fisher Scientific, Inc.
- QIAGEN N.V.
- Zoetis, Inc.
- Neogen Corporation
- bioMérieux SA
- Randox Laboratories Ltd.
- Virbac.
Key Questions Answered in the Companion Animal Diagnostics Market Report
- What is the sales/revenue expected to be generated by companion animal diagnostics across all regions during the forecast period?
- What are the opportunities in the companion animal diagnostics market?
- What are the major drivers, restraints, opportunities, and threats in the companion animal diagnostics market?
- Which region is set to expand at the fastest CAGR during the forecast period?
- Which product segment is expected to generate the highest revenue, globally, in 2027? Which segment is projected to expand at the highest CAGR in the global companion animal diagnostics market during the forecast period?
- What are the market positions of different companies operating in the global market?
Global Companion Animal Diagnostics Market – Segmentation
Technology
- Clinical Biochemistry
- Molecular Diagnostics
- Immunodiagnostics
- Hematology
- Urinalysis
- Others
Application
- Clinical Pathology
- Bacteriology
- Parasitology
- Others
Animal
- Dogs
- Cats
- Others
End User
- Veterinary Reference Laboratories
- Veterinary Hospitals and Clinics
- Point-of-care/In-house Testing
- Research Institutes and Universities
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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