Companion Animal Diagnostics Market is expected to reach US$ 2,684.86 Mn with CAGR of 4.1% during 2020-2027 | idvet, IDEXX Laboratories, Inc, Heska Corporation, Fujifilm Corporation, and Skyla Corporation

iCrowd Newswire
09 Jun 2021, 16:40 GMT+10

According to the latest study on "Companion Animal Diagnostics Market Forecast to 2027 - Covid-19 Impact and Global Analysis by Technology, Application, Animal Type, and End User", the global companion animal diagnostics market was valued at US$ 2,031.62 million in 2019 and is projected to reach US$ 2,684.86 million by 2027; it is expected to grow at a CAGR of 4.1% during 2020-2027. The report highlights trends prevailing in the global companion animal diagnostics market and the factors driving market along with those that act as hindrances.

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Based on technology, the global companion animal diagnostics market is segmented into immunodiagnostics, clinical biochemistry, hematology, urinalysis, molecular diagnostics, and others. The immunodiagnostics segment is further sub-segmented into lateral flow assays, Elisa tests, allergen-specific immunodiagnostic tests, and immunoassay analyzers. Whereas the clinical biochemistry is sub-segmented into clinical chemistry analysis, glucose monitoring, and blood gas electrolyte analysis. The immunodiagnostics segment held a largest share of the market in 2019. However, the clinical biochemistry segment is estimated to register a higher CAGR during the forecast period owing to increasing adoption of clinical chemistry analysis, glucose monitoring, and blood gas electrolyte analysis products.

The companion animal diagnostics market is expected to grow owing to factors such as growing prevalence of chronic diseases in pet animals and increasing adoption of pets for companionship. However, increasing pet care costs and extended pet lifespan are likely to restrain the growth of the market during the forecast period.

Zoetis Inc., IDEXX laboratories, Inc, Thermo Fisher Scientific Inc, Virbac, Randox Laboratories Ltd, idvet, IDEXX Laboratories, Inc, Heska Corporation, Fujifilm Corporation, and Skyla Corporation are among the leading companies operating in the companion animal diagnostics market.

Market Insights

Growing Prevalence of ChronicDiseases in Pet Animals

Similar to humans, animals too suffer from chronic diseases. Arthritis and other orthopedic conditions, chronic kidney disease, cancer, hepatitis and other liver diseases, skin allergies, diabetes mellitus, inflammatory bowel disease, and thyroid disorders are among the common chronic diseases in pets. Cancer is widespread in animals and affects pet as well as wild animals. Animals have been diagnosed with various types of cancer till date, which have symptoms similar to humans, including weight loss, abnormal swelling, and lethargy. As per the veterinary cancer society, cancer is a leading cause of death in 47% of dogs, especially in dogs of age >10 years, and 32% of cats. Further, FETCH a Cure, a nonprofit organization, has estimated that over 6 million dogs and ~6 million cats would be diagnosed with cancer in 2020. Furthermore, as per the Pet Cancer Facts and Figures, one in four dogs and one in five cats develop cancer in their lifetime. According to the association for pet obesity prevention (APOP), in 2018, ~55.8% of dogs and 59.5% of cats in the US were overweight or obese.

The report segments global companion animal diagnostics Market as follows:

By Technology