Research Nester released a report titled “North America, South America & China Companion Animal Diagnostics Market: Global Demand Analysis & Opportunity Outlook 2027” which delivers detailed overview of the North America, South America and China companion animal diagnostics market in terms of market segmentation by procedure and by end user.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The market for companion animal diagnostics in North America, South America and China is anticipated to witness exuberant growth and grow at a CAGR of 9.90% during the forecast period, i.e., 2020-2027. The market comprised of a value of USD 1,229.52 million in 2018 and is estimated to significantly grow in future. On the basis of region, the market is segmented into North America, South America and China, out of which, companion animal diagnostics market in North America held a share of 81.87% in 2018 as a result of increasing investments in animal healthcare by various government and private organizations.
The North America, South America and China companion animal diagnostics market is segmented by procedure into in-vitro diagnostic, diagnostic imaging and monitoring. The in-vitro diagnostic segment held the largest market share with 57.29% of market value in 2018 and it is anticipated to grow with a CAGR of 9.51% over the forecast period which can be attributed to the high adoption rate across the regions on account of their wide applications. On the basis of end user, the market is segmented into veterinary hospitals, veterinary clinics, academic institutions and others, out of which, the segment for veterinary clinics comprised of the largest market share in 2018 and is predicted to grow at a CAGR of 10.56% over the forecast period as a result of growing population of companion animals that raises the demand for regular checkups at clinics.
Rising Demand for Regular Checkups of Companion Animals to Boost the Market Growth
The increasing number of routine care visits in private veterinary settings is anticipated to rise as a result of veterinary diagnostic services offered by a large number of veterinary care centers are addressing the requirement for routine checkups for animals. Rising expenditure on companion animals or pets by the owners generates the demand for improved and highly effective diagnostics for them. This is estimated to be a major factor driving the growth of the companion animal diagnostics market in North America, South America and China. However, the high costs associated with diagnostics and therapeutics for companion animals along with lack of investments in veterinary diagnostics is estimated to restrict the market growth in the upcoming years.
This report also provides the existing competitive scenario of some of the key players of the North America, South America and China companion animal diagnostics market which includes company profiling of IDEXX (NASDAQ: IDXX), Zoetis (NYSE: ZTS), Shenzhen Mindray Bio-Medical Electronics Co. Ltd. (SHE: 300760), Thermo Fisher Scientific, Medtronic Inc. (NYSE: MDT), QIAGEN (NYSE: QGEN), Heska Corporation (NASDAQ: HSKA) and Neogen Corporation (NASDAQ: NEOG). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the North America, South America and China companion animal diagnostics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.