Dublin, Dec. 19, 2018 (GLOBE NEWSWIRE) -- The "Companion Animal Diagnostics Market in US - Industry Outlook and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.
The US companion animal diagnostics market is estimated to reach values of more than $2.5 billion by 2023, growing at a CAGR approximately 7% during 2017-2023.
The consumers are signing up for regular diagnosis and glucose monitoring that help them identify the disease at an early stage and begin appropriate therapy to reduce the risk of diabetic complications in their pets in the US market. The advent of miniaturization, microfluidics, and usage of software platforms supported the development and commercialization of in-vitro diagnostics devices, imaging systems, and point-of-care diagnostics will transform the market.
The US companion animal diagnostics market is driving the development of advanced technological platforms, analyzers, and imaging modalities. The entry of advanced POC devices, digital radiography platforms, benchtop diagnostic analyzers, and hand-held imaging devices will transform the US market during the forecast period. The market research report provides in-depth market analysis and segmental analysis of the US companion animal diagnostics market by product, animal type, technology, and end-users.
Companion Animal Diagnostics Market in US - Dynamics
The increasing demand for semi-automated and fully automated diagnostic tests in veterinary laboratories and hospitals is driving the growth of the companion animal diagnostics market in US. The automation of diagnostic tests will result in increased productivity and efficient handling of large volumes of tests in the US market. Dipstick or lateral flow immunoassays are the most commonly available test in the US market. These tests area cost-effective and decentralized diagnosis of a wide range of diseases especially infectious and public health-related threats such as zoonotic diseases.
Also, several leading vendors are focusing on developing a broad range of rapid tests for diagnosing various acute and chronic diseases in cats and dogs and attracting maximum consumers in the companion animal diagnostics market in US. With new technological advancements and improvements, the companion animal diagnostics market in US is witnessing the development and launch of digital radiography. Digital radiography is an advanced imaging technique which has become increasingly popular in the veterinary care industry.
Companion Animal Diagnostics Market in US - Segmentation
This market research report includes a detailed segmentation of the market by product, animal type, technology, and end-users. The US companion animal diagnostics market by technology is segmented into diagnostic imaging, clinical chemistry, hematology, immunodiagnostics, microbiology & histopathology, & molecular diagnostics. Molecular diagnostics segment dominated 1/6th of the total market share in 2017, growing at a CAGR of over 7% during the forecast period.
The increasing availability of highly advanced diagnostic procedures such as DNA sequencing and PCR procedures is propelling the growth of this segment in the US market. Veterinary hospitals & clinics segment occupied over 1/3rd of the total market share in 2017, growing at a CAGR of more than 8% during the forecast period. The veterinary hospitals and clinics are offering a diverse array of veterinary care services to cats and dogs, which is driving the growth of this segment in the US market. Some of the primary services include diagnosis, vaccination, pet grooming, pet wellness, trauma or emergency services, and pet care education for consumers in the US companion animal diagnostics market.
Cats dominated around 1/3rd of the market share in 2017, growing at a CAGR of approximately 7% during the forecast period. The growing prevalence and incidence of various acute and chronic diseases in cats are driving the growth of this segment in the US companion animal diagnostics market. The US companion animal diagnostics market by product is segmented into diagnostic analyzers & imaging equipment, consumables, & software. Consumables segment dominated more than half of the market share in 2017, growing at a CAGR of over 8% during the forecast period. The extensive use of a wide array of various reagents and test kits for performing multiple diagnostic tests, catering to different requirements of veterinarians is propelling the growth of this segment in the US market.
Key Vendor Analysis
The US companion animal diagnostics market characterized by the presence of several global, regional, and local players offering a diverse array of diagnostic analyzers, imaging equipment, and consumables. The top vendors are developing innovative products and expanding their product portfolios to sustain the competition levels in the market.
Leading companies are adopting new technologies to improve their market presence in the US region. Several players are partnering with pet care companies and government organization to gain traction among pet owners in the US companion animal diagnostics market. Also, vendors are focusing on developing and commercializing innovative animal diagnostics systems to gain a competitive advantage in the US market.
Key Topics Covered:
1 Research Methodology
2 Research Objectives
3 Research Process
4 Report Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of Study
4.3.1 Market Segmentation by Product Type
4.3.2 Market Segmentation by Technology Type
4.3.3 Market Segmentation by Animal Type
4.3.4 Market Segmentation by End-user Type
5 Report Assumptions & Caveats
5.1 Key Caveats
5.2 Inclusions
5.3 Exclusions
5.4 Currency Conversion
5.5 Market Derivation
6 Market at a Glance
7 Introduction
7.1 Overview
7.2 Market Snapshot
8 Market Dynamics
8.1 Market Growth Enablers
8.1.1 Increase in number of companion animals with acute and chronic diseases
8.1.2 Increase in pet adoption and expenditure among Americans
8.1.3 Growing demand for automated analyzers and integration of various diagnostic platforms
8.1.4 Focus on diagnostic consumables sales and recurring revenue by vendors
8.2 Market Growth Restraints
8.2.1 Low penetration of pet insurance in US
8.2.2 High cost of companion animal diagnostic procedures and equipment
8.2.3 Limitations and risks associated with companion animal diagnostic procedures
8.3 Market Opportunities & Trends
8.3.1 Growing demand for rapid and POC diagnostic tests
8.3.2 Technological advancements/improvements in diagnostic analyzers and imaging equipment
8.3.3 Growing demand for digital radiography
8.3.4 New product approvals/launches
9 Companion Animal Diagnostics Market in US
9.1 Market Overview
9.2 Market Size & Forecast
9.3 Porter's Five Forces Analysis
10 By Product
10.1 Market Overview
10.2 Consumables
10.3 Diagnostic Analyzers and Imaging Equipment
10.4 Software
11 By Technology
11.1 Market Overview
11.2 Diagnostic Imaging
11.3 Clinical Chemistry
11.4 Hematology
11.5 Immunodiagnostics
11.6 Microbiology and Histopathology
11.7 Molecular Diagnostics
12 By End - User
12.1 Market Overview
12.2 Veterinary Reference Laboratories
12.3 Veterinary Hospitals and Clinics
12.4 Other End-users
13 By Companion Animal Type
13.1 Market Overview
13.2 DOGS Diagnostics Market in US
13.3 Cats Diagnostics Market in US
14 Competitive Landscape
14.1 Competition Overview
14.2 Market Vendor Share/Ranking Analysis
15 Key Company Profiles
- Abaxis
- Carestream Health
- Esaote
- Fujifilm
- Heska
- IDEXX Laboratories
- Zoetis
16 Other Prominent Vendors
- Accuplex Diagnostics
- Agfa-Gevaert NV
- Alvedia
- Aquila Diagnostics Systems
- BioMrieux
- Boule Diagnostics
- CLINDIAG SYSTEMS
- Diagnostic Imaging Systems
- Erba Diagnostics
- Hallmarq Veterinary Imaging
- Hytest ltd
- IDvet
- Petnostics
- Randox Laboratories
- Rayence
- ScheBo Biotech
- Siemens Healthcare
- Shenzhen Mindray Bio-Medical Electronics
- Thermo Fisher Scientific
- Woodley Equipment Company
- Zoologix
For more information about this report visit https://www.researchandmarkets.com/research/93w927/united_states?w=12
Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.