PUBLISHER: TechSci Research | PRODUCT CODE: 1174495
PUBLISHER: TechSci Research | PRODUCT CODE: 1174495
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Global companion animal diagnostics market is anticipated to grow at a rapid pace in the forecast period, 2024-2028. Increase in the number of infectious and food-borne diseases in pets coupled with the shifting focus of pet owners towards their pets' well-being are the key factors responsible for the growth of the market. According to the People's Dispensary for Sick Animals (PDSA) PAW, 2.0 million people in the United Kingdom owned pets between March 2020 to May 2021. Besides, pets are prone to zoonotic diseases such as anthrax and bird flu, which can further infect humans thereby, it is necessary to get the companion animals regularly checked. Therefore, bolstering the growth of the market. The other factors which are supporting the growth of the market are growing animal healthcare, rising demand for pet insurance, and increasing number of veterinary practitioners. For instance, according to the report issued by the American Pet Products Association, Inc., in 2019, 2020, and 2021, the U.S pet industry expenditure was USD 97.1 billion, USD 103.6 billion, and USD 123.6 billion, respectively.
The global companion animal diagnostics market is segmented into technology, application, animal type, end user, company, and region. Based on end user, the market is segmented into veterinary reference laboratories, veterinary hospitals and clinics, point-of-care/in-house testing, research institutes and universities. Veterinary reference laboratories held the largest market share in the year 2022. This is attributed to the large number of laboratories which are used to testing variety of infectious diseases. Also, the growing demand for rapid tests and portable devices along with the rising adoption of advanced technologies are expected to impel the growth of the market.
In 2022, North America held the largest market share due to the increasing prevalence of infectious diseases in companion animals and high rate of pet adoption in the developed countries, especially US and Canada. Asia-Pacific is expected to grow at the highest CAGR through the forecast period on account of the increasing investments in the R&D sector for automated diagnostics in animal healthcare.
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), ID.vet, and bioMerieux S.A. (France). are some of the major leading players of the global companion animal diagnostics market. Companies keep launching new products to benefit companion animals in order to maintain their positions in the market.
TechSci Research performed both primary as well as exhaustive secondary research for this study. Initially, TechSci Research sourced a list of veterinary hospitals and clinics across the globe. Subsequently, TechSci Research conducted primary research surveys with the identified companies. While interviewing, the respondents were also enquired about their competitors. Through this technique, TechSci Research could include the veterinary hospitals and clinics which could not be identified due to the limitations of secondary research. TechSci Research analyzed the veterinary hospitals and clinics and presence of all major players across the globe.
TechSci Research calculated the market size of global companion animal diagnostics market using a bottom-up approach, wherein data for various end-user segments was recorded and forecast for the future years. TechSci Research sourced these values from the industry experts and company representatives and externally validated through analyzing historical data of these product types and applications for getting an appropriate, overall market size. Various secondary sources such as company websites, news articles, press releases, company annual reports, investor presentations and financial reports were also studied by TechSci Research.
The study is useful in providing answers to several critical questions that are important for the industry stakeholders such as hospitals and clinics, suppliers, partners, end users, etc., besides allowing them in strategizing investments and capitalizing on market opportunities.
In this report, global companion animal diagnostics market has been segmented into following categories, in addition to the industry trends which have also been detailed below:
Company Profiles: Detailed analysis of the major companies present in global companion animal diagnostics market.
With the given market data, TechSci Research offers customizations according to a company's specific needs. The following customization options are available for the report: