Worldwide Companion Animal Diagnostic Industry to 2026 - Clinical Pathology is Estimated to Witness a Healthy Growth in Future - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Companion Animal Diagnostic Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.

The Companion Animal Diagnostic Market was valued at USD 2.20 billion in 2020 and it is expected to reach USD 3.53 billion by 2026, registering a CAGR of 8.14 % during the forecast period.

Companies Mentioned

• Agrolabo SpA
• BioChek BV
• bioMerieux SA
• Chembio Diagnostic Systems, Inc
• Creative Diagnostics
• Heska Corporation
• IDEXX Laboratories Inc.
• IDvet
• Indical Bioscience GmbH
• Neogen Corporation
• Randox Laboratories Ltd
• Thermo Fisher Scientific Inc.
• Virbac
• Zoetis Inc.

Key Market Trends

Clinical Pathology is Estimated to Witness a Healthy Growth in Future

Clinical pathology is estimated to witness healthy growth in the future attributed to an increasing number of pet pathology tests. These tests encompass cytopathology, hematology, and general pathology.

An increasing number of pet owners and their concern regarding pet health led o the adoption of new innovative diagnostic products for diagnosing purposes. Some of the products are Catalyst Dx and Catalyst One chemistry analyzers.

Moreover, as clinical pathology tests are the mainstay or first step toward detecting companion animal diseases, the rising in the disease among companion animals boosts the segment growth. Instruments for the diagnosis of infectious diseases are also being introduced in the market. In 2018, Zoetis launched CarystaTM HVC (High Volume Chemistry), which is a stand-alone, chemistry diagnostic instrument designed to bring reference-lab quality testing to high-volume veterinary practices. Also, In August 2018, Zoetis, Inc. acquired Abaxis, Inc. to expand its veterinary point of care (POC) and diagnostic instrument portfolios. Hence, all these factors have helped in boosting the market growth.

North America is Expected to Hold a Significant Share in the Market

North America may hold a significant market share in the global companion animal diagnostic market. This is due to the increasing healthcare expenditure, the presence of major players, and well-established healthcare infrastructures coupled with increasing adoption of companion animals and the rise in veterinary healthcare expenditure, fueling the overall growth of the overall regional market to a large extent.

According to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA), around 67% of US households, or about 84.9 million families, own a pet. Along with pets, the adoption of livestock is also rising in the United States. As per the US Department of Agriculture, the United States is home to 94.8 million cattle and calves as of 2019, up from 93.3 million cattle and calves in 2017. Also, according to the Animal Cancer Foundation 2018 report, 65 million dogs and 32 million cats in the United States are diagnosed with cancer. Moreover, approximately 6 million new cancer diagnoses are made in pets every year.

In recent years, the healthcare expenditure on pet has also increased to certain extent in this region. For instance, in 2018, the data published by APPA stated that the total pet healthcare expenditure was USD 75.38 billion by 2019, while the expenditure in 2017 was USD 69.51 billion in America. This increase has helped in driving the overall market for the companion animal diagnostics market.

Moreover, rise in product innovation and launch of novel products are also supporting the market growth in this region. For instance, in December 2020, VolitionRx Limited introduced '' Nu.Q Vet Cancer Screening Test'' in the United States. It is a simple and low-cost blood test designed primarily for large dogs. Hence, the geographic presence of major market players coupled with increasing market development activities by these players are the factors anticipated to offer lucrative growth in this region.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Rising Demand for Pet Insurance

4.2.2 Growth in the Companion Animal Population

4.2.3 Increasing Number of Veterinary Practitioners in Developed Economies

4.3 Market Restraints

4.3.1 Rising Burden of the Pet Care Cost

4.4 Industry Attractiveness - Porter's Five Forces Analysis

5 MARKET SEGMENTATION

5.1 By Animals

5.2 By Application

5.3 By Technology

5.4 Geography

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/i68tzz