Global Companion Animal Diagnostics Market Report, Insights and Trends, Positive and Negative Factors, Areas to Focus on, Potential Markets, Key Developments, Segments and Verticals, and Forecast 2020 – 2029

“Global Companion Animal Diagnostics Market Drivers and Restraints, Trends, Opportunities, Product Types, Applications, End Users, Growth Rate and Market Forecast 2020 to 2029” is a forthcoming report offered by MarketResearch.biz. It provides in-depth insights and data information such as revenue details, investments, R&D activities, leading companies in the global market, etc. Also, the report provides other important insights such as current trends, drivers and restraints, potential opportunities, and external threats to the target market. Along with this, the report offers historical and present revenues and insight into the projected revenues. Additionally, it includes profiles of top existing players in the global market in the company profile chapter or section of the report such as establishment date, CEO, headquarters and location, employee strength, revenues, key technological innovations, key recent developments, ongoing and future strategies, joint ventures, acquisitions & mergers, and global market footprint. In order to provide detailed information as mentioned above on the global companion animal diagnostics market, the report is categorized on the basis of technology, animal type, application, end user, and region. The region segment is further sub-segmented country-wise to enable in-depth study and presentation of the findings and information.

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Companion Animal Diagnostics: Overview

Companion animals, or commonly called as pets, are animals that are kept and bred in the house or in the surroundings of the house. These animals are not domesticated for purpose of using them for work or to support a person with disability. Companionship, psychological/ emotional support, relaxation or enjoyment are the needs fulfilled by domestically-bred animals. For children, companion animals become a fun element or source of amusement, and these animals, especially dogs being emotional, also support or care for children. However, companion animals like other domestic animals can attract a lot of infectious diseases, lice and ticks, and other diseases and disorders. In order to prevent companion animals from any such diseases, companion animal diagnostics becomes very important. This can also risk pet-owners as some of the diseases can be transmitted to human beings as well.

Companion Animal Diagnostics Market: Driving and Restraining Factors

Increasing adoption of companion animals, especially in developed countries, to cope up with emotional disorders and loneliness, or for support, amusement for kids, and sometimes security, coupled with prevalence of various infectious diseases are some of the key factors driving market growth. For instance, according to a study that involved testing dogs for Lyme disease in the US, until this date in 2019, out of the total number of 5,997,019 dogs tested, around 310,206 were tested as positive that is almost 5.17% or 1 out of 20 dogs. In addition, as per a report published by the American Veterinary Medical Association, in 2016, around 57% of individuals in the US, owned any kind of pet. Moreover, increasing focus of pet-owners towards preventive healthcare, regular health checkup, and rising expenditure on companion animal healthcare in order to protect them from various infectious and other diseases such as zoonotic diseases is another major factor propelling market growth. For instance, according to an American Veterinary Medical Association (AVMA) report, veterinary care spending by the US pet-owners increased to US$ 17.07 Bn in 2017 from US$ 15.95 Bn in 2016, which was an increase by 7%. Furthermore, the estimated rise in veterinary care in 2018 was almost 6.9%. Increasing number of websites for pet adoption or purchase, rising preference towards usage of social networking websites and apps to find an owner for lost companion animals without the aim of gaining any profits, and rising inclination towards adopting pets and lost animal companions are factors expected to result in higher adoption of pets, thereby supporting target market growth. According to a report by AVMA, in 2017, in the US, total spending on purchases of animals were US$ 2.1 Bn.

Rising demand for automated diagnostics is an additional factor estimated to result in a higher demand for companion animal diagnostics. Automation of the tests is expected to increase efficiency in handling a large volume of data or samples thereby increasing productivity at shorter period of time. These tests cover wide-range of diseases and disorders at cost-effective prices. The recent advent of miniaturization and micro fluids have supported development and launch of imaging systems and In-vitro diagnostic devices. This is projected to propel the companion animal diagnostics market growth.

Segment Analysis: Companion Animal Diagnostics Market  

By Technology, Analysis:

The clinical biochemistry segment recorded the highest revenue share in the last year and is projected to continue contributing major share in the years to come. This is due to increasing adoption of clinical tests of companion animals or pets, implementation of micro methods, and rising incidence of chronic diseases such as certain liver diseases and diabetes among pets.

By Animal Type, Analysis:

The dogs segment is estimated to record the largest revenue share in the global market owing to a rising prevalence of obesity, and other chronic diseases such as cancer among dogs. For instance, according to AVMA article, around 1 out of 4 dogs are expected to develop neoplasia, at certain stages in their life. In addition, nearly half of the dog population, over 10 years of age are prone to develop cancer. Dogs can get cancer at approximately the same rate as human beings. The cats segment is anticipated to register significantly higher growth rates, due to increasing adoption of cats and rising incidence of life-threatening diseases. As per AVMA report, certain types of cancers, including lymphoma, are most common in cats than in the dogs.

Region Analysis: Companion Animal Diagnostics Market

The North America market is estimated to record the largest revenue share in the target market, because of higher adoption of companion animals in countries such as the US and Canada in the region, high prevalence of chronic diseases, well-established veterinary healthcare infrastructure, increasing initiative by the government. In addition, North America has strong presence of prominent companies engaged in companion R&D of innovative therapeutics and animal diagnostics. Higher spending on pet healthcare is additional major factor driving North America market growth. In 2017 for instance, as per an American Veterinary Medical Association report, pet-owners in the US spent approximately US$ 15.4 Bn on veterinary surgeries. The Asia Pacific market is projected to witness the highest growth rate over the 10-year forecast period, which is attributable to rising number of pet adoptions, combined with rapidly growing manufacturing facilities in countries including China, India, and Japan, and increasing investments by major players focusing on R&D activities for development and launch of innovative and enhanced products in the region. In 2015 for instance, a US-based pharmaceutical company –Applikon Biotechnology – made a distribution agreement with an India-based company – Spinco Biotech – in order to strengthen the network and export its products to the country. India is recognized and considered as one of the key destinations for outsourcing of companion animal diagnostics, which is projected to result in higher investments from major players that are interested in expanding their market footprint across the globe. The Europe market is anticipated to account for notably high revenue share owing to rising number of pet adoptions in the countries in the region.

Global Companion Animal Diagnostics Market Segmentation:

Market Segmentation by Technology:

• Clinical Biochemistry
• Clinical Chemistry Analysis
• Glucose Monitoring
• Blood Gas & Electrolyte Analysis
• Immunodiagnostics
• Hematology
• Urinalysis
• Others (Microbiology Tests and Histopathology Tests)

Market Segmentation by Application:

• Clinical Pathology
• Bacteriology
• Virology
• Parasitology
• Others (Pregnancy Testing, Genetic Testing, and Toxicology Testing)

Market Segmentation by Animal Type:

• Dogs
• Cats
• Horses
• Other Animals (Rabbits, Reptiles, Pet Fish, and Birds)

Market Segmentation by End User:

• Veterinary Reference Laboratories
• Veterinary Hospitals and Clinics
• Point-of-care/In-house Testing
• Research Institutes and Universities

Market Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa