Companion animal diagnostic market share from clinical biochemistry technology is pegged to record a CAGR of 7.8% through the next few years. This can be attributed to the rise in efforts towards the conservation of endangered species. There is a higher preference for advanced as well as economical veterinary care with the incorporation of novel micro methods across companion animal diagnostic clinics and laboratories.
The emergence of various cutting-edge technological systems will result in developments in companion animal diagnostics. The genome sequencing of pathogens can be enhanced with the application of polymerase chain reaction (PCR) technology to produce vital elements to help in parasite control, disease diagnosis, and biological research.
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The rising appeal of pet owners to consider pets as family members, leading to the global trend of pet parenting, will significantly influence the companion animal diagnostic market forecast. There is increased adoption of pets to provide companionship to the older population in emerging countries like the U.S. and Europe. As per estimates from the European Pet Food Industry Statistics, the number of pet-owning homes in the region crossed 75 million in 2014. This penetration of pets will push the need for various advanced pet products.
Annual remuneration for the horse diagnostic industry surpassed over USD 370.9 million in 2017 considering the incessant need for accurate diagnosis of skin and digestive disorders in these pet animals. Factors such as genetic resistance of the affected breed or species, cell tropism, disease-causing agents, defense mechanisms of the infecting host are likely to influence the course and results of the diseases.
There is a continued preference for pet adoption in the U.K, making it a home for a significant number of companion animal diagnostic centers. The regional industry is anticipated to hit an 8.1% CAGR through 2024 owing to the surge in the household incomes of consumers and their willingness to spend on pet products. The Pet Food Manufacturers Association had stated that there were over 13 million pet-owning households across the country in 2018.
Brazil is a prominent contributor to the Latin America companion animal diagnostic market and collected more than USD 25.3 million in 2017. This is due to the growing trend of adopting pets as family members. As per the Brazilian Association of the Industry of Products for Pets, the country is an abode to more than 52 million dogs, 22 million cats, 38 million birds, and 18 million fish. The demand for pets and excessive spending on their healthcare will augment the regional penetration for companion animal diagnostics.
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The ongoing COVID-19 pandemic could have also increased the demand for pet animal diagnostics. Abaxis, Heska Corporation, Thermo Fisher Scientific, Virbac, Neogen, Zoetis, Randox, Qiagen, and IDEXX Laboratories are some of the other global firms in the sector.
Partial Chapter of the Table of Content
Chapter 4. Companion Animal Diagnostic Market, By Technology
4.1. Companion animal diagnostic market share, by technology, 2017 & 2024
4.2.1. Market size, by region, 2013 – 2024 (USD Million)
126.96.36.199. Market size, by region, 2013 – 2024 (USD Million)
4.2.3. Lateral Flow Assays
188.8.131.52. Companion animal diagnostic market size, by region, 2013 – 2024 (USD Million)
4.2.4. Immunoassay analyzers
184.108.40.206. Market size, by region, 2013 – 2024 (USD Million)
220.127.116.11. Market size, by region, 2013 – 2024 (USD Million)
4.3. Clinical biochemistry
4.3.1. Market size, by region, 2013 – 2024 (USD Million)
4.4.1. Companion animal diagnostic market size, by region, 2013 – 2024 (USD Million)
4.5. Molecular Diagnostics
4.5.1. Market size, by region, 2013 – 2024 (USD Million)
18.104.22.168. Market size, by region, 2013 – 2024 (USD Million)
22.214.171.124. Market size, by region, 2013 – 2024 (USD Million)
Chapter 5. Companion Animal Diagnostic Market, By Companion Animal
5.1.1. Market size, by region, 2013 – 2024 (USD Million)
5.2.1. Market size, by region, 2013 – 2024 (USD Million)
5.3.1. Market size, by region, 2013 – 2024 (USD Million)
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