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. The study analyzes the important strategies, drivers, competition, market dynamics, size, and important investment regions.
Market Key Takeaways:
Growing Pet Ownership: The companion animal diagnostics market has been driven by an increase in pet ownership worldwide. More people consider pets as integral members of their families, leading to higher demand for veterinary care and diagnostics services.
Preventive Healthcare: There has been a shift towards preventive healthcare for pets, with owners becoming more proactive in maintaining their pets’ health. This trend has boosted the demand for diagnostic tests and screening procedures to detect diseases at an early stage.
Technological Advancements: The market has witnessed significant advancements in diagnostic technologies, including point-of-care testing, genetic testing, molecular diagnostics, and imaging techniques. These innovations have improved the accuracy and efficiency of diagnostics.
Rise of Pet Insurance: The increasing adoption of pet insurance has had a positive impact on the companion animal diagnostics market. Insured pet owners are more likely to seek timely and comprehensive diagnostic testing for their pets due to improved financial accessibility.
Zoonotic Disease Concerns: The outbreak of zoonotic diseases (diseases that can be transmitted from animals to humans) has heightened awareness of the importance of monitoring and diagnosing diseases in pets. This has contributed to the growth of the diagnostics market.
Companion Animal Specialization: Veterinary practices have started to focus more on companion animals, leading to an expansion in diagnostic offerings and specialized care, which, in turn, has stimulated the diagnostics market.
Request Sample Copy of Report:
https://www.alliedmarketresearch.com/request-sample/11492
Market Drivers:
Increasing Pet Ownership: The rising number of pet owners worldwide has been a significant driver for the companion animal diagnostics market. As people view their pets as family members, there is a growing demand for healthcare services, including diagnostic tests, to ensure their well-being.
Preventive Healthcare Trend: There has been a shift in focus from reactive to preventive healthcare for pets. Pet owners are increasingly proactive in monitoring their animals’ health and seeking regular check-ups and diagnostic tests to identify potential health issues early on.
Advancements in Diagnostic Technologies: The continuous development and improvement of diagnostic technologies have expanded the capabilities of veterinarians to diagnose and treat companion animals. Advanced imaging techniques, molecular diagnostics, and point-of-care testing have enhanced the accuracy and efficiency of diagnosis.
Get detailed COVID-19 impact analysis on the Companion Animal Diagnostics Market- https://www.alliedmarketresearch.com/request-for-customization/11492?reqfor=covid
Market Segmentation:
Product Type:
Instruments: This segment includes diagnostic equipment and devices used by veterinarians for various tests, such as imaging equipment (X-ray, ultrasound), blood analyzers, and molecular diagnostic instruments.
Consumables: Consumables consist of reagents, test kits, and other disposable items used in diagnostic tests.
Technology:
Clinical Chemistry: Involves the analysis of blood and other body fluids to assess the health status of companion animals.
Hematology: Focuses on analyzing blood samples to evaluate the cellular components and identify any abnormalities.
Immunodiagnostics: Includes tests based on immune reactions, such as ELISA and lateral flow assays.
Molecular Diagnostics: Utilizes techniques like PCR and DNA sequencing to detect genetic and infectious diseases.
Diagnostic Imaging: This includes X-rays, ultrasound, MRI, and CT scans for visualizing internal structures and identifying health issues.
Urinalysis: Analyzes urine samples to assess kidney function and detect various diseases.
Animal Type:
Dogs: Diagnostic tests specifically designed for dogs.
Cats: Diagnostic tests specifically designed for cats.
Other Companion Animals: May include rabbits, birds, small rodents, and other non-traditional companion animals.
End-user:
Veterinary Hospitals/Clinics: Companion animal diagnostics are extensively used in veterinary hospitals and clinics for routine check-ups, illness diagnosis, and treatment planning.
Veterinary Reference Laboratories: Specialized laboratories that provide diagnostic testing services to veterinary practices.
Research Institutes: Institutions engaged in veterinary research may use companion animal diagnostics for their studies.
Application:
Infectious Diseases: Diagnosis of bacterial, viral, and parasitic infections.
Cancer/Tumor Diagnosis: Detection and monitoring of cancerous growths.
Clinical Chemistry: Evaluation of organ function and metabolic disorders.
Genetic Testing: Identification of genetic conditions and hereditary diseases.
Cardiology: Diagnostic tests related to heart health.
Neurology: Diagnosis of neurological disorders and conditions.
Region:
North America: Includes the United States and Canada.
Europe: Includes countries within the European Union and other European nations.
Asia-Pacific: Encompasses countries in the Asia-Pacific region, such as China, India, Japan, Australia, etc.
Latin America: Includes countries in Central and South America.
Middle East & Africa: Encompasses countries in the Middle East and African regions.
For Purchase Inquiry-
https://www.alliedmarketresearch.com/purchase-enquiry/11492
North America garnered the major share in 2021-
Based on region, North America held the major share in 2021, generating nearly half of the global companion animal diagnostics market, owing to increase in the prevalence of chronic diseases among these animals. Asia-Pacific, simultaneously, would garner the fastest CAGR of 10.2% by 2031. This is due to surge in the population of companion animals, growing demand for diagnostics services from the livestock industry, and increasing expenditure to restore the health of the animals.
Key players in the industry-
Thermo Fisher Scientific, Inc
Zoetis, Inc
Agrolabo spa
Biomerieux SA
Virbac
Indical Bioscience Gmbh
Fujifilm Holdings Corporation
Triviumvet
Neogen Corporation
Shenzhen Mindray Animal Medical Technology Co. Ltd
BioNote Inc
Browse more latest healthcare reports:
Fluid Management Devices Market
About Allied Market Research:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.