Companion Animal Diagnostics Market By Technology (Clinical Biochemistry, Immunodiagnostics, Molecular Diagnostics, Hematology, Urinalysis, Others), By Application (Clinical Pathology, Bacteriology, Virology, Parasitology, Other Applications), By Animal Type (Dogs, Cats, Others), By End User (Diagnostic Labs, Veterinary Hospitals and Clinics, Point-Of-Care and In-House Testing, Research Institutes and Universities): Global Opportunity Analysis and Industry Forecast, 2021-2031
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According to the report, the global companion animal diagnostics industry was estimated at $2.99 billion in 2021, and is anticipated to hit $6.88 billion by 2031, registering a CAGR of 8.6% from 2022 to 2031.
Additionally, it offers a qualitative analysis of a range of factors, such as the strategies employed by significant rivals, implicit possibilities, immediate impact on market size, regulatory framework, and economic influence. Significant investments are also included in the market research, on which stakeholders can base their CAGR and relative companion animal diagnostics market.
Research Methodology
The research operandi of the global class D audio amplifier market includes significant primary as well as secondary research. When the primary methodology encompasses widespread discussion with a plethora of valued participants, the secondary research involves a substantial amount of product/service descriptions. Furthermore, several government sites, industry bulletins, and press releases have also been properly examined to bring forth high-value industry insights.
Key Market Segments
Type of Diagnostic Test:
- Imaging: X-rays, ultrasounds, MRI, CT scans for visualizing internal structures.
- Clinical Chemistry: Blood and urine tests to assess organ function and metabolic health.
- Hematology: Blood cell counts and analysis for identifying blood-related disorders.
- Molecular Diagnostics: PCR, DNA sequencing, and genetic testing for identifying genetic disorders, pathogens, and more.
- Urinalysis: Assessing urine composition and detecting urinary tract issues.
- Histopathology: Examination of tissues for identifying diseases and abnormalities.
- Other Tests: Serology, immunoassays, allergy testing, etc.
Animal Type:
- Dogs: Diagnostics specific to canine health.
- Cats: Diagnostics tailored for feline health.
- Other Small Animals: Rabbits, rodents, birds, reptiles, and other non-traditional pets.
End-User:
- Veterinary Hospitals/Clinics: Private practices or specialty clinics providing veterinary care.
- Veterinary Laboratories: Facilities focused on diagnostic testing and analysis for veterinarians.
- Research Institutions: Academic and private research centers requiring diagnostic services for animals.
- Home Care: Point-of-care diagnostic kits for pet owners to use at home.
- Others: Zoos, animal shelters, pet insurance companies, and pet breeders.
Geographic Regions:
- North America: Including the United States and Canada.
- Europe: Encompassing various countries within the European continent.
- Asia-Pacific: Including countries like China, Japan, India, and Australia.
- Latin America: Countries in Central and South America.
- Middle East and Africa: Encompassing various nations in these regions.
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Covid-19 Scenario-
- Increase in the number of Covid-19 infections in animals had alarmed various veterinary organizations across the world to evaluate specimens for diagnosis from domesticated as well as companion animals for the virus. This factor had a positive impact on the global companion animal diagnostics market. For example, according to the NCBI in 2020, around 40% of animals were diagnosed with the Covid-19 virus out of which 39% of dogs were affected in the United States.
- Moreover, companion animals diagnosed with Covid-19 have been used for experimental testing of SARS-CoV-2 veterinary vaccines, which serves as a valuable model for screening vaccines and antiviral drugs. This factor has again boosted the market growth.
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Key findings of the study
By technology, the clinical biochemistry segment was the highest contributor to the market in 2021.
By application type, the clinical pathology segment was the highest contributor in 2021.
By animal type, the dogs segment was the highest contributor in 2021.
By end user, the diagnostics laboratories segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
By Region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.
Key Points Covered by the Report-
- What are the fundamental skills, core competencies, and key players in the industry we are examining?
- What are the opportunities for marketing strategies that are developing at a usual rate?
- What are the main competitive factors influencing the industry?
- What marketing tactics are suitable for a particular service or product?
- What geographical areas are covered by the Companion Animal Diagnostics Market report?
- What share of this market would each of the following regions hold during the forecast period: Asia-Pacific, Europe, North America, and LAMEA?
- How has COVID-19 impacted the Companion Animal Diagnostics Market?
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