DUBLIN--(BUSINESS WIRE)--The "Companion Animal Diagnostics Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology; Application; Animal Type; End User;and Geography" report has been added to ResearchAndMarkets.com's offering.
The companion animal diagnostics market was valued at US$ 2,031.62 Mn in 2019 and is projected to reach US$ 2,684.86 Mn by 2027; it is expected to grow at a CAGR of 4.1% from 2020 to 2027.
The growing prevalence of chronic diseases in pet animals and the increasing adoption of pets for companionship are the major factors driving the growth of the companion animal diagnostics market. However, increasing pet care costs and extended pet lifespan are expected to restrain the growth of the market during the forecast period.
The companion animal diagnostics market offerings deal with the epidemiology and pathogenesis of domestic animals and facilitate the prevention of further complications with the health of pets and their owners.
The global companion animal diagnostics market is segmented into technology, animal type, application, and end-user. Based on technology, the companion animal diagnostics market is further segmented into immunodiagnostics, clinical biochemistry, hematology, urinalysis, molecular diagnostics, and others. The immunodiagnostics segment held the largest share of the market in 2019. However, the clinical biochemistry segment is anticipated to register a higher CAGR in the market during the forecast period.
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- Growing Prevalence of Chronic Diseases in Pet Animals
- Increasing Adoption of Pets for Companionship
- Increasing Pet Care Costs and Extended Pet Lifespan
- Demand for Advanced Technologies to Improve Disease Diagnosis
- Escalating Number of Product Launches
- Zoetis Inc.
- Thermo Fisher Scientific Inc
- Shenzhen Mindray Bio-Medical Electronics Co., Ltd.
- Randox Laboratories, Ltd.
- Idexx Laboratories, Inc.
- Heska Corporation
- Fujifilm Corporation
- Skyla Corporation
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