Global Companion Animal Diagnostics Market by Technology (Molecular Diagnostics, Clinical Biochemistry) and Region (North America, Latin America, Europe, Asia Pacific and Middle East & Africa), Forecast To 2028

Summary of the Report

Global companion animal diagnostics market was worth USD 2.1 billion in 2018. It is projected to grow at an 8.4% compound annual growth rate (CAGR), from 2019 to 2026. The growth is expected to be driven by the increasing prevalence of chronic diseases that require effective diagnosis in pets. According to the Banfield Pet Hospital’s State of Pet Health Report, feline diabetes has increased by 20% and canine diabetes by 40% between 2011 and 2017. The overall revenue growth is expected to be driven by a growing number of pet owners, which indicates increased adoption of companion animals. A report from the Humane Society of the United States states that 60.2 million households in the United States had at least 1 dog and 47.1 million had at most one cat.

The demand for companion animal diagnostics will continue to rise due to the increasing demand for semi-automatic and fully automated diagnostic tests. The automation of the tests will allow for efficient handling of large volumes of samples and increase productivity. These tests are affordable and cover a broad range of diseases. The growth is expected to be further accelerated by the increased use of glucose monitoring equipment to detect diabetes early. Micro fluids, miniaturization, and other innovations have supported the commercialization of and development of in vitro diagnostic systems and imaging systems. This will help propel the growth and adoption of companion animal diagnostics.

The market for companion animal diagnostics is set to grow with an increasing demand for Point of Care Diagnostics (POCD). POCD allows for quick results from clinical tests. It can also be used to assess companion animals directly, which is a time-saver. To increase their revenue share, market players invest in R&D to create POCD equipment. In February 2018, Idexx launched Symmetrical dimethylarginine (SDMA), test kits that use artificial Intelligence to assess kidney function in dogs and cats. Zoetis has a pipeline for products in point-of-care diagnostics that will be launched over the next few years.

To promote global veterinary services, government organizations have issued various guidelines. This is expected to increase market growth over the forecast period. The OIE International Standards, which is part of the WTO framework issued standards in May 2018 to improve animal health and control diseases.

Pet insurance claims are expected to rise due to increasing concern for pet owners. In the United States, for example, 57,000 pet insurance claims related to chronic diseases like arthritis were filed in 2017. In addition, advances in pet insurance such as Vet Direct Payment by Trupanion directly to the vet hospitals instantly are revolutionizing medical insurance for dogs and cats by eliminating after-treatment claims and the reimbursement model. The North American Pet Health Insurance Association members represent nearly 20 pet insurance brands that are marketed in the U.S. This is expected to further boost companion animal diagnostics.

Information on Animal Types

The largest market share for 2018 was held by dogs. This is due to the increasing prevalence of obesity, diabetes and cancer among dogs. According to the Association for Pet Obesity Prevention's (APOP) report in 2017, 56% of American dogs were obese. Obesity can increase the risk of developing joint problems, cancer, diabetes, and other chronic diseases. The growth is also being driven by an increase in animal healthcare spending, especially in developed countries. The demand for glucose monitors has increased due to pet owners being more aware of their pets' glucose levels.

The forecast period sees the equine market growing at a steady rate of CAGR. This is due to the decline in preference for horses as companion animals, and the increased maintenance and expense. Advanced diagnostic tests for diseases like West Nile Virus, influenza, and anemia are available. Companies such as IDEXX, Heska and Heska offer in-house analyzers that can be used to diagnose hematology, immunology and blood gas issues for multiple species.

Application Insights

The market leader in 2018 was clinical pathology, owing to the increasing number of pathology tests that are performed in pets. The clinical pathology segment includes hematology and cytopathology as well as clinical chemistry, coagulation and immunohematology. It also includes urinalysis and general pathology. There is a growing need for innovative diagnostic products due to pet owners' increasing concern about their pets' health. In January 2019, Idexx introduced Catalyst Dx chemistry analyzers tests to expand its canine diagnostics product line.

Bacteriology is a branch of medicine that provides advanced diagnostic tools for various bacterial diseases. Bateriology includes the testing of an anaerobic and aerobic culture, as well as testing for bacterial pathogens in blood or serum samples. There are also tests for mycoplasma and mycobacterium as well as leptospirosis.

Giardia duodenalis parasitic infection is the most common in pets. Hookworms, ascarids and whipworms are all common parasitic infections in pets. To identify parasitic infections in animal feces, tests like ELISA, wet mounds and nematode cultivation, such as centrifugation concentration flotation, wet mounds and nematode culture, are performed. Tests using serum include heartworm tests, filaria, toxoplasma and toxoplasma. The overall market is growing because of the availability of advanced diagnostic options for various diseases in companion animals.

Technology Insights

In 2018, the clinical biochemistry segment accounted for the largest market share. This is due to an increase in companion animal clinical testing. This growth is expected to be further fueled by the introduction of micro-methods and an increased demand for advanced veterinarian care. The demand for advanced clinical biochemistry will rise due to the rising incidence of chronic diseases such as diabetes in pets and liver disease among other things. The pet owners' increasing concern about diabetes is driving the demand for advanced clinical biochemistry.

The section of molecular diagnostics is expected to show the fastest CAGR during the forecast period. Some of the most common molecular diagnostic tests include DNA sequencing, genetic assays and mass spectrometry. DNA sequencing can be used to identify changes in the structure and expression of animal genetic DNA. It helps to identify the factors that influence certain diseases and determine the best treatment.

The segment of immunoodiagnostics is expected to experience significant growth during the forecast period. This segment is experiencing rapid growth due to the frequent introduction of new diagnostic tests and increased healthcare spending. These tests are often used to diagnose various diseases such as taenia, echinococcus multlocularis and wuchereria banchi. The segment is expected to grow due to favorable pet insurance policies, rising concern from pet owners, and other factors.

End-Use Information

Due to an increase in the number of veterinarian diagnostic labs over recent years, the laboratories held the largest market share at over 30% in 2018. The laboratory provides testing for various diseases, toxic agents and infections in specimens submitted by veterinary professionals. These laboratories offer veterinary diagnostics for pet owners as well as research collaborations or programs that are related to government.

Hospitals and clinics that specialize in veterinary medicine offer a wide range of veterinary diagnosis services to pet owners. This includes 4D diagnostic imaging systems and software. It ensures the best possible therapeutics including novel therapies, nuclear and regeneration medicines, laser diagnosis and specialized surgeries. Advanced veterinary diagnostics allows for early diagnosis of different diseases and treatment.

Regional Insights

The largest revenue share was held by North America in 2018, thanks to its favorable healthcare system and growing government initiatives. North America is home to major diagnostic and animal health companies. This region has experienced a significant increase in veterinary healthcare spending, which has helped to facilitate the market growth and made it the largest revenue shareholder within the veterinary diagnostic space. According to the American Veterinary Medical Association's (AVMA), pet owners in the United States spent approximately USD 15.42 billion on veterinary surgery in 2017.

Regional growth will be fueled by rapid developments in advanced bioreactors, consumables, and reagents. The regional market will be accelerated by increasing R&D investments in various technologies, such as cell line engineering for companion animal diagnostics.

Asia Pacific is expected to experience the fastest CAGR over the forecasted time. This is due to the rapid expansion of manufacturing facilities within emerging economies like India and China. The forecast period will see a rise in R&D investments by key market players to develop innovative value-added product.

Applikon Biotechnology, for example, signed a distribution deal with Spinco Biotech, an Indian company, to export its products into India in November 2015. It is a country that is well-known as a destination for animal diagnostic outsourcing and a major supplier API. This will encourage investment by key market players who want to expand their reach in the region. This is expected to be a positive factor for regional market growth.

Market Share Insights & Key Companies

Markets are consolidated by large and small companies. Idexx and Zoetis accounted for over 50% of the total market's revenue. Heska Corporation and IDvet are the other market players. Market players engage in strategic initiatives such as product launches, regional expansions, technological advances, mergers and acquisitions to increase market share. To improve its companion diagnostics portfolio, Zoetis bought Abaxis, a global leader in veterinary point of care diagnostics. Idexx introduced Catalyst Dx chemistry analyzers test and Catalyst 1 chemistry analyzers tests in January 2019 to expand its canine diagnostics offerings. The following are some of the major players in companion animal diagnostics:

• Zoetis Inc.

• Idexx Laboratories Inc.

• Heska Corporation

• Thermo Fisher Scientific

• Neogen

Up Market Research published a new report titled “Companion Animal Diagnostics Market research report which is segmented by Technology (Molecular Diagnostics, Clinical Biochemistry), By Players/Companies Thermo Fisher Scientific, Idexx Laboratories Inc, Heska Corporation, Zoetis Inc, Neogen”. As per the study the market is expected to grow at a CAGR of XX% in the forecast period.

Report Scope

The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.

Global Companion Animal Diagnostics Market Report Segments:

The market is segmented by Technology (Molecular Diagnostics, Clinical Biochemistry).

Companion Animal Diagnostics Market research report delivers a close watch on leading competitors with strategic analysis, micro and macro market trend and scenarios, pricing analysis and a holistic overview of the market situations in the forecast period. It is a professional and a detailed report focusing on primary and secondary drivers, market share, leading segments and geographical analysis. Further, key players, major collaborations, merger & acquisitions along with trending innovation and business policies are reviewed in the report.

Key Benefits for Industry Participants & Stakeholders:

• Industry drivers, restraints, and opportunities covered in the study
• Neutral perspective on the market performance
• Recent industry trends and developments
• Competitive landscape & strategies of key players
• Potential & niche segments and regions exhibiting promising growth covered
• Historical, current, and projected market size, in terms of value
• In-depth analysis of the Companion Animal Diagnostics Market

Overview of the regional outlook of the Companion Animal Diagnostics Market:

Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa (MEA). North America region is further bifurcated into countries such as U.S., and Canada. The Europe region is further categorized into U.K., France, Germany, Italy, Spain, Russia, and Rest of Europe. Asia Pacific is further segmented into China, Japan, South Korea, India, Australia, South East Asia, and Rest of Asia Pacific. Latin America region is further segmented into Brazil, Mexico, and Rest of Latin America, and the MEA region is further divided into GCC, Turkey, South Africa, and Rest of MEA.

Highlights of The Companion Animal Diagnostics Market Report:

1. The market structure and projections for the coming years.
2. Drivers, restraints, opportunities, and current trends of Companion Animal Diagnostics Market.
3. Historical data and forecast.
4. Estimations for the forecast period 2028.
5. Developments and trends in the market.

                1. Molecular Diagnostics

                2. Clinical Biochemistry

7. Market scenario by region, sub-region, and country.
8. Market share of the market players, company profiles, product specifications, SWOT analysis, and competitive landscape.
9. Analysis regarding upstream raw materials, downstream demand, and current market dynamics.
10. Government Policies, Macro & Micro economic factors are also included in the report.

We have studied the Companion Animal Diagnostics Market in 360 degrees via. both primary & secondary research methodologies. This helped us in building an understanding of the current market dynamics, supply-demand gap, pricing trends, product preferences, consumer patterns & so on. The findings were further validated through primary research with industry experts & opinion leaders across countries. The data is further compiled & validated through various market estimation & data validation methodologies. Further, we also have our in-house data forecasting model to predict market growth up to 2028.

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Reasons to Purchase the Companion Animal Diagnostics Market Report:

• The report includes a plethora of information such as market dynamics scenario and opportunities during the forecast period
• Segments and sub-segments include quantitative, qualitative, value (USD Million,) and volume (Units Million) data.
• Regional, sub-regional, and country level data includes the demand and supply forces along with their influence on the market.
• The competitive landscape comprises share of key players, new developments, and strategies in the last three years.
• Comprehensive companies offering products, relevant financial information, recent developments, SWOT analysis, and strategies by these players.