With 7.9% CAGR Companion Animal Diagnostic Market to touch USD 3.2 bn by 2024

Sellbyville, DE -- (SBWire) -- 12/14/2018 --The Companion Animal Diagnostic Market is set to exceed USD 3.2 billion by 2024; according to a new research study published by Global Market Insights, Inc.

Growing trend of adopting pet animals across the globe in the last few years will drive the companion animal diagnostics market over the forecast timeframe. Growing pet adoption along with rising disposable income spent considerably on pet care will positively impact market growth. According to European Pet Food Industry Statistics, there were around 75 million pet owning homes in Europe in the year 2014. Thus, increasing adoption of pets leads accelerates demand for advanced pet products thereby fuelling market growth.

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High cost that are associated with animal tests hampers companion animal diagnostics market growth. Some animal tests require months or years to analyse and conduct, and all this occurs at the cost of hundreds of thousands or millions of dollars per substance examination. Hence, high cost and more time taken to diagnose and analyse will lead to decline in business growth.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:
- QIAGEN
- Randox
- Virbac
- Zoetis Inc.
- Abaxis, Inc.
- Heska Corporation
- Neogen Corporation
- IDEXX LABORATORIES LIMITED

Immunodiagnostic companion animal diagnostic market accounted for USD 428.5 million in the year 2017. The immunodiagnostic tests have been used frequently in diagnosis of various diseases such as Echinococcus multilocularis, Taenia solium and Wuchereria bancrofti. Frequent introduction of new diagnostic tests in the market along with rising spending on pet care will drive immunodiagnostic segment growth in the forthcoming years.

Hematology companion animal diagnostic market will witness robust growth at a CAGR of 8.0% during the forecast timeframe. Several hematology techniques are used to access and diagnose common hematological disturbances in veterinary animals. Hematology consists of complete blood count (CBC), one of the most common blood test performed on pets. CBC gives results for hydration status, clotting ability of blood, anemia infection and ability of immune system to respond will stimulate demand, thereby fueling industry growth.

Clinical biochemistry animal diagnostic market garnered over USD 553.3 million in the year 2017. Clinical biochemistry has evolved as one of the major diagnostic field in veterinary medicine and animal science. Clinical veterinarians and scientists use most of the diagnostic and therapeutic tools on routine basis to identify and treat diseases including metabolic disorders. Furthermore, growing demand for veterinary care with high economic value and efforts to conserve endangered species will drive industry growth. Introduction of micro methods in clinical laboratories and public demand for advanced veterinary care will further drive industry growth.

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U.S. companion animal diagnostic market was valued over USD 1,247.2 million in the year 2017. Increasing disposable income significantly spent on pet care, technological advancements in veterinary diagnostics and growing pet adoption will drive U.S. companion animal diagnostics market. U.S. has one of the largest pet populations, consisting of companion animals such as dogs and cats. Dog population in U.S is around 69,929,000 while cat population is about 74,059,000. Hence, these factors will play significant role in augmenting the regional market growth.

Companion Animal Diagnostic Market by Technology
- Immunodiagnostics
- ELISA
- Lateral flow assays
- Immunoassay Analyzers
- Others
- Clinical Biochemistry
- Hematology
- Molecular Diagnostics
- PCR
- Microarrays
- Others
- Urinalysis