The companion animal diagnostics market is estimated to grow with a moderate CAGR during the forecast period, i.e., 2021-2029. The major factors which are attributed to drive the growth of the market are the rising population of companion animals. The surge in the market can also be projected to the factors such as the rising demand for pet insurance and increasing in the number of veterinary practitioners in developed countries globally. Moreover, the growing demand for rapid tests and portable instruments for point-of-care services is anticipated to propel the growth of the market. In 2019, according to a study in the US, approximately 5,997,019 dogs were tested for Lyme disease, and around 10,206 were tested positive, that is around 5.17% or 1 out of 20 dogs.
The market is segmented on the basis of technology which is further bifurcated into immunodiagnostics, clinical biochemistry, haematology, urinalysis, molecular diagnosis, and, others, out of which the molecular diagnosis segment is anticipated to hold the largest share in the target market as compared to other technologies. As the need for reliable, specific, and faster methods to detect chronic diseases and genetic disorders in the primary stage is growing, it has led to the growth of the market segment.
On the basis of application, clinical pathology segment in the global companion animal disease diagnostics market is projected to grow with a significant CAGR over the forecast period. The market is growing because clinical pathology tests are considered as the first tool for the evaluation of disease patterns as it provides an understanding of disease mechanism and progression as it is important for the development of new treatments.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in North America is anticipated to dominate the market over the forecast period on account of rising pet adoption and increasing awareness about animal health. Whereas, the market in the Asia Pacific is expected to emerge in the coming future, owing to the growing animal healthcare infrastructure, which is one of the major factors contributing to the market growth across the region. Additionally, on account of surge in the demand of effective therapies and growing investment for the development of innovative devices has created market growth opportunities over the upcoming forecast period.
The global companion animal diagnostics market is further classified on the basis of region as follows:
Our in-depth analysis of the global companion animal diagnostics market includes the following segments:
FREQUENTLY ASKED QUESTIONS
On account of growth in the companion animal population and increasing number of veterinary practitioners in developed economies are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR over the forecast period, i.e., 2021-2029.
increasing cost associated with the animal testing is anticipated to hamper market growth.
The market in North America region will provide ample growth opportunities owing to rising adoption of companion animals mostly dogs and availability of funding for animal health and well-established animal healthcare infrastructure across the region.
The major players dominating the companion animal diagnostics market are Idexx., BIONOTE Co., LTD., Zoetis, RxList Inc, Heska Corporation, Randox Laboratories, Ltd., and others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by technology, application, pet type, end-users and region.
With respect to application, the clinical pathology segment is anticipated to hold the largest market share owing to the automation of clinical trial processes via pharmaceutical companies which are focussed on integrating them in various end users.
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