The global companion animal diagnostics market is expected to show considerable growth during the forecast period owing to the rising adoption of companion animals and need to prevent them from zoonotic disorders. Data from the American Pet Products Association shows that the number of households with a companion animal has increased from 79.7 million to 84.6 million from the year 2016 to 2018. Companion animals become members of the family both in developed and emerging markets and due to this, a wide range of products and services for these animals to live longer and healthy lives is highly in demand. The factor driving the companion animal diagnostic market is growing companion animal population, rising demand for pet insurance, and the growing number of veterinary practitioners in emerging economies. The other factors contributing to the growth of the market include advances in animal health medicines and vaccines. However, the factor restraining the growth of the market is increasing pet care costs globally.
There are various diagnostic tests that can be performed to determine the cause of a pet’s disorder. The diagnostic test includes immunodiagnostics, hematology, diagnostic imaging, clinical chemistry, serology, cytology, and molecular diagnostics. These diagnostic test kits are commercially available across the globe. The diagnostic test kits can be used on a regular basis to test for diseases such as heartworm disease, feline leukemia virus infection, Lyme disease, and many others. The market is segmented on the basis of the regions that include North America, Europe, Asia-Pacific, and Rest of the World (RoW). North America holds the significant market share owing to the presence of market leaders such as Thermofisher Scientific, Inc., IDEXX Laboratories and Zoetis Inc. Moreover, the Asia-Pacific region is expected to grow owing to the rapidly growing demand for point-of-care companion animal diagnostic products in the region such as China, South Korea, Japan, and Vietnam. Furthermore, the region is expected to grow owing to the growing number of veterinary hospitals and clinics, increasing the adoption of companion animals and increasing awareness about their health.
The major players working in the companion animal diagnostics market include Zoetis Inc., Heska Corp., Randox Laboratories, Ltd., Virbac Corp., Biovet, Inc., Aquila Diagnostics Systems, Inc., and IDEXX Laboratories, Inc. IDEXX Laboratories Inc. is one of the market leaders. The company focuses on releasing new and innovative products on the market. For instance, in 2018, the company launched the Canine Progesterone Test for Catalyst One and Catalyst Dx analyzers. Additionally, other leading players are also launching new products to stay competitive in the market. For instance, in 2018, Zoetis Inc. introduced a new diagnostic device called Carysta HVC, designed to perform a number of diagnostic tests. Such product launch is expected to contribute to the growth of the market in the near future.
Research Methodology:
The market study of the global companion animal diagnostics market is incorporated by extensive primary and secondary research conducted by a research team at OMR. Secondary research has been conducted to refine the available data to break down the market in various segments, derive total market size, market forecast, and growth rate. Different approaches have been worked on to derive the market value and market growth rate. Our team collects facts and data related to the market from different geography to provide a better regional outlook. In the report, the country-level analysis is provided by analyzing various regional players, regional tax laws and policies, consumer behavior and macroeconomic factors. Numbers extracted from secondary research have been authenticated by conducting proper primary research. It includes tracking down key people from the industry and interviewing them to validate the data. This enables our analyst to derive the closest possible figures without any major deviations in the actual number. Our analysts try to contact as many executives, managers, key opinion leaders, and industry experts. Primary research brings the authenticity of our reports.
Secondary Sources Include:
- Financial reports of companies involved in the market
- Authentic public databases
- Whitepapers, research-papers and news blogs
- Company websites and their product catalog
The report is intended to healthcare service providers, veterinary laboratory, medical device companies, research and consulting firms research for overall market analysis, and competitive analysis. The report provides an in-depth analysis of pricing, market size, intended quality of the product preferred by consumers. The report will serve as a source for 360-degree analysis of the market thoroughly delivering insights into the market for better business decisions.
The Report Covers:
- Comprehensive research methodology of the global companion animal diagnostics market.
- This report also includes a detailed and extensive market overview with key analyst insights.
- An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
- Insights about market determinants which are stimulating the global companion animal diagnostics market.
- Detailed and extensive market segments with regional distribution of forecast revenues.
- Extensive profiles and recent developments of market players
