Global Companion Animal Diagnostics Market (2020 to 2025) - Rising Demand for Pet Insurance is Driving the Market - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Companion Animal Diagnostics Market by Technology (Immunodiagnostic, Clinical Biochemistry, Hematology, Urine Analysis), Application (Clinical Pathology, Virology, Bacteriology, Parasitology), Animal (Dog, Cat, Horse), End-User - Global Forecast to 2025" report has been added to ResearchAndMarkets.com's offering.

The companion animal diagnostics market is projected to reach USD 2,952.3 million by 2025 from USD 1,849.2 million in 2020 at a CAGR of 9.8% during the forecast period.

The rising companion animal population, increasing demand for pet insurance, and the growth in the number of veterinary practitioners in developed economies are the major factors that are driving the growth of the global companion animal diagnostics market. The growing demand for rapid tests and portable instruments for point-of-care service is expected to offer potential growth opportunities for market players in the coming years. However, increasing pet care costs are expected to restrain market growth to a certain extent.

Companion animal diagnostics market for dogs to grow at the highest CAGR during the forecast period

Based on animal type, the companion animal diagnostics market is segmented into dogs, cats, horses, and other companion animals. The dog's segment is expected to grow at the highest CAGR during the forecast period majorly due to the growing dog ownership, increasing prevalence of infectious and zoonotic diseases, increasing occurrence of skin allergies in dogs, rising healthcare expenditure for dogs, and the increasing penetration of pet health insurance.

Home-care testing segment to witness the highest growth during the forecast period

Based on end-user, the companion animal diagnostics market is segmented into diagnostic laboratories, veterinary hospitals & clinics, home-care settings, and research institutes and universities. The home-care testing segment is estimated to grow at the highest CAGR during the forecast period owing to the advantages of POC/diagnostics in such settings, including ease of use and accurate, real-time results.

Asia Pacific market to witness the highest growth during the forecast period

The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period majorly due to the growing adoption of companion animals, increasing awareness about pet healthcare and zoonotic diseases, and the increasing number of veterinary hospitals and clinics in several APAC countries.

Market Dynamics

Drivers

• Growth in the Companion Animal Population
• Rising Demand for Pet Insurance
• Increasing Number of Veterinary Practitioners in Developed Economies

Restraints

• Rising Pet Care Costs

Opportunities

• Growing Demand for Rapid Tests & Portable Instruments for Point-Of-Care (PoC) Diagnostic Services
• USE of Advanced Technologies to Improve Disease Diagnosis Accuracy in Companion Animals

Challenges

• Lack of Animal Healthcare Awareness in Emerging Markets
• Shortage of Veterinarians in Emerging Markets
  

Companies Profiled

• IDEXX Laboratories, Inc.
• Zoetis Inc.
  
• Heska Corporation
  
• Thermo Fisher Scientific Inc.
  
• Virbac
  
• Neogen Corporation
  
• Biomrieux SA
  
• INDICAL Bioscience GmbH (QIAGEN N.V.)
  
• Fujifilm Holdings Corporation
  
• IDvet
  
• Randox Laboratories, Ltd.
  
• Mindray Medical International Limited (A Part of Excelsior Union Limited)
  
• Skyla
  
• Bionote Inc.
  
• Scil Animal Care Company GmbH
  
• Urit Medical Electronic Co., Ltd.
  
• Eurolyser Diagnostica GmbH
  
• Nova Biomedical
  
• Fassisi GmbH
  
• Swissavans AG

For more information about this report visit https://www.researchandmarkets.com/r/b6jawm