Market Overview and Growth Highlights during 2018-2027
Companion animal diagnostics refers to the medical testing equipment that is used for the detection of infectious diseases, injuries, toxins and other problems that affect the health of the animal. The diagnosis takes place at veterinary clinics, hospitals and diagnostic centers. The market for companion animal diagnostics in North America, South America and China comprised of a market value of USD 1,229.52 million in 2018 and is anticipated to grow at a CAGR of 9.90% during the forecast period, i.e., 2020-2027. The market in North America held the largest share in the companion animal diagnostics market with a share of 81.87%, while the market in South America and China held a share of 4.77% and 13.36% in 2018 respectively.
The significant growth in North America can be attributed to the increasing investments in animal healthcare by various government and private organizations. This is done in order to maintain a high quality of care offered to companion animals at veterinary care facilities.
Market Segmentation Synopsis
By Procedure
On the basis of procedure, the North America, South America and China companion animal diagnostics market is segmented 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. This segment 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. It is further segmented by application into clinical pathology, bacteriology, virology, parasitology and others; by component into analyzers & equipment and reagents; and by technology into immuno-diagnostic, hematology, urinalysis, molecular diagnostics and others. CLICK TO DOWNLOAD SAMPLE REPORT
The diagnostic imaging segment is further divided into x-ray, MRI, CT scan, ultrasound and others. The CT scan segment is estimated to observe the highest growth at a CAGR of 9.99% in the coming years since it is an enhanced x-ray procedure which helps medical professionals to understand the different levels of tissue density in an animal. The segment for monitoring is sub-segmented into respiratory monitoring equipment, cardiac monitoring equipment, neurological monitoring equipment, vital signs monitoring equipment and others. This segment is predicted to grow at the highest CAGR of 13.34% during the forecast period as a result of increased mobility provided by POC monitoring devices and wearable monitoring devices to the animal.
By End User
Based on end user, the market for companion animal diagnostics in North America, South America and China is segmented into veterinary hospitals, veterinary clinics, academic institutions and others. The segment for veterinary clinics comprised of the largest market share in 2018. Additionally, it is estimated to grow at a CAGR of 10.56% between 2020 and 2027. This can be attributed to the growing population of companion animals that raises the demand for regular checkups at clinics. Veterinary clinics offer similar services as compared to veterinary hospitals which is estimated to contribute towards the growth of this segment.
Market Drivers and Challenges
Growth Indicators
Veterinary diagnostic services offered by a large number of veterinary care centers are addressing the requirement for routine checkups for animals. The growing number of routine care visits in private veterinary settings is estimated to increase as a result of this in the future. Rising expenditure on companion animals or pets by the owners generates the demand for improved and highly effective diagnostics for them. This is anticipated to be a major factor driving the growth of the companion animal diagnostics market in North America, South America and China. Further, the growing number of pets being adopted by people globally in order to receive emotional support, happiness and to lower the stress and anxiety levels is another factor predicted to result in the market growth. According to a survey conducted by the American Pet Products Association (APPA), lower stress was reported by 66% of pet owners while lower anxiety and depression was reported by 55% of pet owners in 2016. Moreover, it was noted that around 80% of pet owners in the United States receive emotional support and happiness from their pets. There are some infectious bacteria that spread diseases between humans and animals which are known as zoonotic diseases. Increasing cases of these diseases is estimated to raise the demand for advanced diagnostic techniques for companion animals.
Barriers
The high costs associated with diagnostics and therapeutics for companion animals is estimated to hamper the market growth in the next few years substantially. Dearth of investments in veterinary diagnostics that lead to decreased research and development activities in this field is predicted to be another growth restricting factor along with lack of routine health checkups in emerging economies. Growing incidences of disorders such as obesity, diabetes and parvovirus disease in dogs among others require advanced veterinary treatment options which might not be available or affordable by the pet owners. Additionally, the low awareness among people about the necessary pet care, especially in low income countries and developing countries, is predicted to further limit the market growth.
Competitive Landscape
Some of the affluent industry leaders in the North America, South America and China companion animal diagnostics market are IDEXX, Zoetis, Shenzhen Mindray Bio-Medical Electronics Co. Ltd., Thermo Fisher Scientific, Medtronic Inc., QIAGEN, Heska Corporation and Neogen Corporation. Moreover, other key and niche players are working towards bringing improved and advanced technologies for the development of better diagnostic techniques for animals in the market along with investing in the development of efficient and accurate diagnostic methods in order to gain competitive edge in the North America, South America and China companion animal diagnostics market.
