With 8.9% CAGR, Companion Animal Diagnostics Market Size Worth US$ 5.93 Billion by 2031 | Demand is highest in North America and Europe, Asia Pacific Region Is Expected to be The Fastest-Growing Market

The key trends in the companion animal diagnostics market include the increasing adoption of point-of-care testing, the growing popularity of molecular diagnostics, and the increasing demand for personalized medicine for companion animals.

/EIN News/ -- Brooklyn, New York, Aug. 28, 2023 (GLOBE NEWSWIRE) -- Companion Animal Diagnostics Market Report Overview:

The Global Companion Animal Diagnostics market report provides comprehensive insights into driving factors, restraints, opportunities, and trends, with the provision of in-depth supporting information, data, and statistics and actionable insights. Though covered and provided extensively across the report, the data and information format are simple, yet dynamic in order to ensure ease of reading and understanding, as well as presenting and maximizing leverage and use. According to Market Data Library analysis, the Companion Animal Diagnostics Market was US$ 2.5 Billion in 2022. Furthermore, the Companion Animal Diagnostics market to register a CAGR of 8.9 % which is expected to result in a market forecast value for 2031 of US$ 5.93 Billion. Comprehensive analysis and insights into the Global Companion Animal Diagnostics market provide valuable information for businesses in the industry. Clarity and understanding of market trends help companies tailor their products to meet customer demands more effectively.

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Companion Animal Diagnostics' market share and revenues are provided in detail for previous years in order to showcase the evidence upon which our estimations and forecasts are based. Sensor market growth rates and differences, as well as comparisons and relatable data, are provided to further support all findings. Data points are provided for each year – from historical to end of forecast period – and this format is followed for each segment region and respective countries, as well as sub-segments and others.

Vital details of major companies in the market are provided in the company profile section of the report. Cover includes financials, recent developments, strategies, product launches, agreements, expansion, mergers & acquisitions, and others. 

The global Companion Animal Diagnostics market report is segmented according to type, power source, industry vertical, and regions and countries. Regional segmentation includes North America (United States and Canada); Europe (Germany, United Kingdom, France, Italy, Spain, Russia, Poland, BENELUX, NORDIC, and Rest of Europe); Asia Pacific (China, India, Japan, South Korea, ASEAN, Australia & New Zealand, & Rest of Asia Pacific); Latin America (Brazil, Mexico, Argentina, & Rest of Latin America); Middle East & Africa (Saudi Arabia, South Africa, United Arab Emirates, Egypt, Israel, and Rest of MEA).

Companion Animal Diagnostics Market Trend Analysis and Insights:

• Rising need for Point of Care Diagnostics (POCD): Technology like POCD provides rapid results with accuracy and can be analyzed at the same moment thus saving a lot of time. Companies are heavily spending money tom improve the POCD techniques and other instruments leading to more revenue.
• Regulatory Guidelines: Governments are making the process easy to promote the care of animals worldwide by providing monetary support and other initiatives leading to an increase in the market size.
• Surge in Number of Pet-Insurance Claims: Rise in the number of people purchasing Health insurance and other stuff to take care of their loved ones. This trend shows the change in mindset of people towards the care of animals and is creating more demand for veterinary products and services in the market.
•  Adoption of Pets: The adoption of pet as a companion to mitigate loneliness are on the rise and the subsequent need for its livelihood has fueled up the market demand for veterinary devices.
• Prevalence of Zoonotic and Other Veterinary Ailments: The rising cases of animal infections or communicable zoonotic diseased has developed more need for more veterinary centers and doctors to get the right treatment.

What Factors Are Restraining Growth of Animal Diagnostics Market?   

• Rising Cost of Health and Food per Companion: Increasing expenditures on pets to meet the expenses from food, medicine, and diagnostics are proving to be very costly and tight for many consumers due to technological advancements of test and treatments and quality of food.
• Lack of Skilled Veterinary Practitioners: The shortage of skilled professionals in veterinary medicine is one of the major elements limiting the market growth and size.
• Limited Knowledge of Animal Healthcare: A lack of knowledge about the availability of pet insurance, services, and treatments options available in the market holds back the growth of this industry.
• Research and Development:   It is only in very large companies and in developed nations that research activities are conducted to improve companion life and treatments associated with it
• Additional Expenses: Additionally, overhead costs (including space, utilities, and administration) are included as part of laboratory supervision, maintenance, and insurance.

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What are the Opportunities for Leading Companion Animal Diagnostics Market Manufacturers?   

• Rising demand for Animal Healthcare: As people are becoming more aware of the facilities cater to animals.  The demand for these services and products will become multiple folds in the coming years.
• Advanced Diagnostic Techniques: Innovation in diagnostic instruments such as MRI, CT will provide more accurate and detail information about the diseased condition and will make it easy to cure.
• Collaboration and Partnerships: The development of more comprehensive treatment options and improved patient care is possible through collaborations between Pharma companies, veterinary centers, and academic institutions.
• Global Market Expansion: With an increasing number of regions around the world experiencing economic growth and urbanization, there will be an increase in demand for pet services such as diagnostics, providing more opportunities for expansion.

 Region-wise Analysis of Animal Companion Diagnostics Market 

What are the Factors Driving the Animal Companion Animal Diagnostics Demand in North America Region?

North America is the leading region for Companion Animal Diagnostics Market in the high disposable incomes and rapid economic expansion. Furthermore, the market is being stimulated by a number of notable players, established healthcare infrastructures, and increasing expenditures on veterinary medicine.

What Fuels Animal Companion Animal Diagnostics Demand in Europe?

European Companion Animal Diagnostics Market hold a substantial stake of the Global market and register a healthy CAGR over the projected horizon. Technological advancements in diagnostic techniques along with prevalence disease are driving the growth in Europe.

What are the Factors Contributing to the Significant of Asia Pacific Companion Animal Diagnostics Market?

China and India are two developing nations that are expected to expand rapidly in manufacturing facilities in the coming years, making the Asia Pacific region the most promising region.

What are the Aspects that are driving the Companion Animal Diagnostics in Latin America?   

Owing to the rising GDP share on healthcare expenditure and the growing requirement of better facilities sin the veterinary hospitals, clinics and centers, Latin America is projected to expand in the coming years.

What is the Stance on Companion Animal Diagnostics Market in Middle East and Africa?

Boom in the figures of rare diseases among animals is likely to thrust the companion animal diagnostics market in the Middle East and Africa.

Leading Companion Animal Diagnostics Manufacturers & Competitive Landscape:

The Companion Animal Diagnostics market is highly competitive, with several key players vying for market share and actively engaging in strategic initiatives. These companies focus on product innovation, technological advancements, and expanding their product portfolios to gain a competitive edge. These companies are continuously investing in research and development activities to enhance their product offerings and cater to the evolving needs of customers in terms of efficiency, performance, and sustainability.

Key Developments:

• April 2023: Heska, a global supplier for advanced diagnostic projects was bought by Mars for USD 120 per share as a measure to spread their business and to deliver quality diagnostic tests for animal’s community worldwide.

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Company List

• IDEXX Laboratories Inc
• Zoetis Inc
• Thermo Fisher Scientific Inc
• Virbac
• Heska Corporation
• Neogen Corporation

Randoz laboratories Ltd

• INDICAL Bioscience GmbH

Research Scope

Report Metric	Report Details
Market size available for the years	2021-2031
Base Year	2022
Forecast Period	2023-2031
Compound Annual Growth Rate (CAGR)	8.9%
Segment covered	Type, Application, Animal Type, End-user and Regions.
Regions Covered	North America:  The U.S. & Canada   Latin America: Brazil, Mexico, Argentina, & Rest of Latin America    Asia Pacific: China, India, Japan, Australia & New Zealand, ASEAN, & Rest of Asia Pacific    Europe: Germany, The U.K., France, Spain, Italy, Russia, Poland, BENELUX, NORDIC, & Rest of Europe   The Middle East & Africa:  Saudi Arabia, United Arab Emirates, South Africa, Egypt, Israel, and Rest of MEA
Fastest Growing Country in Europe	Germany
Largest Market	North America
Key Players	IDEXX Laboratories Inc, Zoetis Inc, Thermo Fisher Scientific Inc, Virbac, Heska Corporation, Neogen Corporation, Randoz laboratories Ltd, INDICAL Bioscience GmbH

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By Type

• Immunodiagnostic Horses
• Urinalysis
• Hematology
• Molecular Diagnostics
• Cytology
• Hispathology

By Animal type

• Dogs
• Cats
• Birds
• Horses
• Small Mammals
• Reptiles

By End-User

• Veterinary Hospitals
• Diagnostic Laboratories
• Research Institutes
• Home-use
• Clinical Pathology, Bacteriology, Parasitology, Virology, Mycology, Endocrinology

By Application

• Clinical Pathology
• Bacteriology
• Parasitology
• Virology
• Mycology
• Endocrinology

By Region

North America

• United States
• Canada

Europe

• Germany
• United Kingdom
• France
• Italy
• Spain
• Russia
• Poland
• BENELUX.
• NORDIC
• Rest of Europe

Asia Pacific

• China
• Japan
• India
• South Korea
• ASEAN
• Australia & New Zealand
• Rest of Asia Pacific

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Important Questions Answered in this Report:

Q: What are some key factors driving revenue growth of the global Companion Animal Diagnostics market?

A: Some key factors driving market revenue growth include Rising need for Point of Care Diagnostics (POCD), Rising claims of Pet insurance, prevalence of animal diseases etc.

Q: What are some major challenges faced by companies in the global Companion Animal Diagnostics market?

A: Companies face challenges such as low number of skilled professionals, High costs of Diagnostic test, Low expenditure on Research and Developments etc.

Q: How is the competitive landscape in the global Companion Animal Diagnostics market?

A: The market is competitive, with key players focusing on technological advancements, product innovation, and strategic partnerships. Factors such as product quality, reliability, after-sales services, and customization capabilities play a significant role in determining competitiveness.

Q: What are the potential opportunities for companies in the Companion Animal Diagnostics Market?

A: Companies can leverage opportunities such as global market expansion, Need for Advanced Diagnostic Techniques, Rising demand for Veterinary Healthcare etc.

Q: How is the Global Companion Animal Diagnostics Market segmented?

A: The market is segmented based on factors such as type, application, end-user, animal type and region wise.

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