The newly released research at Market Study Report LLC titled “2018-2024 Global Companion Animal Diagnostic Market Report” provides data, information, brief analysis, company profiles, statistics for past years and forecasts for next few years.

Selbyville, DE -- (SBWire) -- 12/26/2018 --The global companion animal diagnostic market is projected to witness excessive growth in the ensuing years on account of the ongoing trend of adopting rescue animals and the need to prevent them from zoonotic disorders. In recent years, several countries have witnessed a rise in pet adoption, especially over the growing awareness to adopt rescued animals from shelters. Data by the American Pet Products Association reveals that the number of households with a pet has increased from being 79.7 million during 2015-2016 to 84.6 million during 2017-2018. According to the American Society for Prevention of Cruelty to Animals, nearly 6.5 million companion animals make it to shelters nationwide.

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Rapid technological advancements in the field of companion animal diagnostics will enhance the market growth in the near future. Technologies such as Polymerase chain reaction (PCR) technology is widely being used for genome sequencing of pathogens to generate vital elements further used in parasite control, disease diagnosis and biological research. Application of DNA biotechnology have significantly impacted animal disease control program stimulating demand for companion animal diagnostic solutions.

High cost associated with the companion animal tests will be one of the major market impeding factor. The exorbitant costs related with testing of animals is a factor that makes it difficult for supervisors to effectively evaluate effects of over 100,000 potential chemicals presently in commerce worldwide. Though substantial human and financial collateral costs do persist, the core costs are incurred by animals that are subjected to research thus hindering companion animal diagnostics market.

Horse diagnostic market was valued over USD 370.9 million in the year 2017. Outcome and course of disease process is dependent on many factors such as defense mechanisms of host, genetic resistance of breed affected or species, disease-causing agent, cell tropism, as well as the hormonal levels, age, and nutritional status of affected animal. Need for diagnosis of skin disorders in horses and digestive diseases in horses are factors propelling business growth.

UK companion animal diagnostic market is estimated to grow at a CAGR of 8.1% during the projection period. Increasing pet adoption along with rise in disposable income resulting in growing pet healthcare expenditure will act as the key driver that will boost the UK companion animal diagnostics market. As per the Pet Food Manufacturers Association 2018 statistics, nearly 13 million households in the country have pets.

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Brazil dominated the Latin America companion animal diagnostic market and was valued ove USD 25.3 million in the year 2017. Pets are generally considered as family member in Brazil. According to Brazilian Association of the Industry of Products for Pets (Abinpet) there are around 52 million dogs, 22 million cats, 38 million birds and 18 million fish in Brazil. Thus, rising pet adoption and significant spending towards companion animal healthcare will drive country market growth.

Some of the leading players in the companion animal diagnostic market include Abaxis, Heska Corporation, Randox, Virbac, Qiagen, IDEXX Laboratories,Thermo Fisher Scientific, Neogen, Zoetis. These companies focus on strategic decisions to increase the research and development investment to develop superior quality products. Merger and acquisitions have increased the capabilities of the companies and increase their efficiency to sustain in the market by providing better diagnostic solutions.

Table of Content:

Chapter 1. Companion Animal Diagnostic Market Methodology and Scope

Chapter 2. Companion Animal Diagnostic Market Executive Summary

Chapter 3. Companion animal diagnostic Industry Insights

Chapter 4. Companion Animal Diagnostic Market, By Technology

Chapter 5. Companion Animal Diagnostic Market, By Companion Animal

Chapter 6. Companion animal diagnostic Market, By Region

Chapter 7. Companion Animal Diagnostic Market Company Profiles

For more information on this report at: https://www.marketstudyreport.com/reports/companion-animal-diagnostic-market/?utm_source=RELW-SP

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