New York, NY, Dec. 27, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Companion Animal Diagnostic Market by Companion Animal (Dogs, Cats, Equine, and Others) and by Technology (Immunodiagnostics [ELISA, Lateral Flow Assays, Immunoassay Analyzers, and Others], Clinical Biochemistry, Hematology, Molecular Diagnostics [PCR, Microarrays and Others], Urinalysis, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018—2024”. According to the report, the global companion animal diagnostic market was valued at approximately USD 1,713 million in 2017 and is expected to generate revenue of around USD 2,833 million by 2024, growing at a CAGR of around 7.45% between 2018 and 2024.
Since the past decade, there has been a rising trend in pet adoption across the globe. The reputable animal healthcare companies are taking efforts in developing veterinary diagnostic and imaging systems that are cost-effective and efficient. As per the APP (American Pet Products Association), the number of pets owned in the U.S. households has increased by 2.1%, which is significantly higher than it was twenty years ago. Moreover, the rise in the number of nuclear families is triggering the increase in pet ownership. Thus, intensive animal farming and increased expenditure on pet care by owners, especially in advanced countries, are likely to positively impact the companion animal diagnostic market in the estimated time period.
Browse through 37 Tables & 26 Figures spread over 110 Pages and in-depth TOC on “Global Companion Animal Diagnostic Market: By Type, Industry Size, Share, Growth, Analysis and Forecast 2018—2024”.
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The companion animal diagnostic market is segmented on the basis of companion animal and technology. By companion animal, the market is segmented into dogs, cats, equine, and others. Cats are likely to hold a large market share in the forecast time period. Around 80 million dogs and 85 million cats are owned alone in the U.S. and this number is likely to increase in the future. Urine screening is the most widely used diagnostic screening test to detect cat diseases. Dogs are expected to display a high growth rate in the upcoming period, owing to the availability of fast and affordable DNA tests to detect dog diseases.
By technology, the market is segmented into immunodiagnostics, clinical biochemistry, hematology, molecular diagnostics, urinalysis, and others. The immunodiagnostics is further segmented into ELISA, lateral flow assays, immunoassay analyzers, and others. The molecular diagnostics market is further segmented into PCR, microarrays, and others. Clinical biochemistry held a major share in the companion animal diagnostic market globally. Scientists and clinical vets use most of the therapeutic and diagnostic tools to treat diseases, the introduction of micro methods, and advanced veterinary care in clinical laboratories are propelling the clinical biochemistry segment. The molecular diagnostic is anticipated to register the highest CAGR in the forecast time period, owing to its major focus on pathogens detection, identification, and genotyping. Furthermore, it is also widely used in livestock and veterinary research for vaccine development, host-pathogen interactions, and micro biome.
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North America is anticipated to lead the companion animal diagnostic market globally. In 2017, it occupied a major market share, i.e., nearly 32%. With the growing disposable income and technological advancements related to companion animal diagnostics and the rising pet adoption in the U.S. and Canada has led to the development of the companion animal diagnostic market. The U.S has the largest pet population for companion animals globally. Thus, these factors are likely to augment this regional market in the future.
Europe is the second largest market in terms of patent registration for both animal therapeutics and animal diagnostics. It also has a large population of companion animals. As per the statistics provided by the Pet Food Manufacturers Association, in 2017, nearly 13 million households in the UK had pets. As per the IFAH Europe, every one out of two houses in France has at least one companion animal. Additionally, the frequent introduction of new biologics and continuous innovation are likely to positively impact the European market in the future.
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Asia Pacific is projected to demonstrate huge growth in the companion animal diagnostic market and likely to grow at a higher CAGR in the projected years. Growing awareness related to animal health and the increasing prevalence of foodborne diseases are prime factors responsible for companion animal diagnosis products demand. Moreover, there are various initiatives taken up by manufacturers to prevent zoonotic diseases through animal vaccination programs, which is likely to further strengthen the general healthcare practices and the use of medicated feed additives for keeping pets healthy.
The Middle Eastern and African and Latin American regions are likely to be the most potential markets in the future. Substantial progress in research on diagnostic instruments and therapeutic drugs has led to rapid developments in the companion animal diagnostic market in these regions. Furthermore, increased investments by major companies have also improved the production of innovative drugs and diagnostic instruments, especially in the Middle Eastern countries. Thus, these factors are expected to propel the companion animal diagnostic market in both regions.
Browse the full “Companion Animal Diagnostic Market by Companion Animal (Dogs, Cats, Equine, and Others) and by Technology (Immunodiagnostics [ELISA, Lateral Flow Assays, Immunoassay Analyzers, and Others], Clinical Biochemistry, Hematology, Molecular Diagnostics [PCR, Microarrays and Others], Urinalysis, and Others): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018—2024” Report at https://www.zionmarketresearch.com/report/companion-animal-diagnostic-market
Some of the leading players in the companion animal diagnostic market are Thermo Fisher Scientific, Heska Corporation, QIAGEN, Randox Laboratories, Abaxis, Inc., IDEXX Laboratories, Inc., Neogen Corp., Virbac, and Zoetis Inc., among others.
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This report segments the global companion animal diagnostic market into:
Global Companion Animal Diagnostic Market: Companion Animal Analysis
- Dogs
- Cats
- Equine
- Others
Global Companion Animal Diagnostic Market: Technology Analysis
- Immunodiagnostics
- ELISA
- Lateral Flow Assays
- Immunoassay Analyzers
- Others
- Clinical Biochemistry
- Hematology
- Molecular Diagnostics
- PCR
- Microarrays
- Others
- Urinalysis
- Others
Global Companion Animal Diagnostic Market: Regional Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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