Research Nester released a report titled “Companion Animal Diagnostics Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global companion animal diagnostics market in terms of market segmentation by technology, application, animal type, end-user and region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The companion animal diagnostics market is attributed to boost with a moderate CAGR during the forecast period, i.e., 2021-2029, on account of the growing adoption of companion animals globally. According to National Pet Owners Survey, in the US, approximately 63.4 million dogs are owned as pets, and around 42.7 million cats are owned as pets which are attributed to rising in the coming future.
The market is segmented by technology into clinical biochemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and others. Among these segments, the molecular diagnostics segment is anticipated to hold the largest share by the end of 2021 in the companion animal diagnostics market, on account of the significant need for reliable, specific, and faster methods for pet diagnostics.
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Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which the companion animal diagnostics market in the Asia Pacific is attributed to grow at the highest CAGR throughout the forecast period. Currently, the market in North America dominates the market. This can be attributed to the presence of leading companion animal healthcare providers in the region, especially in the United States, who are extensively involved in the research and development of innovative animal disease diagnostics.
Increasing Prevalence of Zoonotic Diseases to Drive Market Growth
Further, it has been observed that individuals are getting infected due to contact with contaminated animal skin or infected intestinal components, which may result in the spreading of zoonotic diseases globally. Additionally, the high pervasiveness of zoonotic diseases will fuel the growth of the companion animal diagnostics market. This report also provides the existing competitive scenario of some of the key players of the global companion animal diagnostics market which includes company profiling of Idexx., BIONOTE Co., LTD., Zoetis, RxList Inc, Heska Corporation, Randox Laboratories, Ltd., Thermo Fisher Scientific Inc., INDICAL Bioscience GmbH., Virbac, Scil Animal Care Company GmbH, and others. On the whole, the report depicts detailed overview of the global companion animal diagnostics market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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