The companion animal diagnostics market offerings deal with the epidemiology and pathogenesis of domestic animals and facilitate the prevention of further complications with the health of pets and their owners. The companion animal diagnostics market is expected to witness huge growth due to growing prevalence of chronic diseases in pet animals and increasing adoption of pets for companionship. However, increasing pet care costs and extended pet lifespan are expected to restrain the growth of the market during the forecast period.
Zoetis Inc., IDEXX laboratories, Inc, Thermo Fisher Scientific Inc, Virbac, Randox Laboratories Ltd, idvet, IDEXX Laboratories, Inc, Heska Corporation, Fujifilm Corporation, and Skyla Corporation are among the leading companies operating in the companion animal diagnostics market.
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The companion animal diagnostics market was valued at US$ 2,031.62 million in2019 and is projected to reach US$ 2,684.86 million by 2027; it is expected to grow at a CAGR of 4.1%from 2020to 2027.
Based on technology, the global companion animal diagnostics market is segmented into immunodiagnostics, clinical biochemistry, hematology, urinalysis, molecular diagnostics, and others. The immunodiagnostics segment is further sub-segmented into lateral flow assays, Elisa tests, allergen-specific immunodiagnostic tests, and immunoassay analyzers. Whereas the clinical biochemistry is sub-segmented into clinical chemistry analysis, glucose monitoring, and blood gas electrolyte analysis. The immunodiagnostics segment held a largest share of the market in 2019. However, the clinical biochemistry segment is estimated to register a higher CAGR during the forecast period owing to increasing adoption of clinical chemistry analysis, glucose monitoring, and blood gas electrolyte analysis products.
The companion animal diagnostics market is expected to grow owing to factors such as growing prevalence of chronic diseases in pet animals and increasing adoption of pets for companionship. However, increasing pet care costs and extended pet lifespan are likely to restrain the growth of the market during the forecast period.
As per the veterinary cancer society, cancer is a leading cause of death in 47% of dogs, especially in dogs of age >10 years, and 32% of cats. Further, FETCH a Cure, a nonprofit organization, has estimated that over 6 million dogs and ~6 million cats would be diagnosed with cancer in 2020. Furthermore, as per the Pet Cancer Facts and Figures, one in four dogs and one in five cats develop cancer in their lifetime. According to the association for pet obesity prevention (APOP), in 2018, ~55.8% of dogs and 59.5% of cats in the US were overweight or obese.
- North America
- Asia Pacific (APAC)
- South Korea
- Middle East and Africa (MEA)
- Saudi Arabia
- South Africa
- South and Central America (SCAM)
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