Product ID: SQMG35D2042
Report ID: SQMG35D2042 | Region: Global | Published Date: November, 2022 | Pages: 165
Global Companion Animal Diagnostics Market was valued at USD 2.15 billion in 2021 and it is expected to reach at USD 3.65 billion by 2028, at a CAGR of 5.07% over the forecast period (2022-2028).
The rising frequency of chronic disorders necessitating accurate diagnostics in pets is expected to stimulate development. Canine diabetes soared by 40% and feline diabetes climbed by 24% between 2011 and 2021, according to the Banfield Pet Hospital's State of Pet Health Report. Furthermore, an increase in the number of pet owners, suggesting higher acceptance of companion animals, is expected to support total revenue growth. According to the Humane Society of the United States, over 63.2 million U.S. homes had at least one dog in 2021 and around 51.11 million had at least one cat.
Increased need for completely automated and semi-automated diagnostic testing is expected to drive demand for companion animal diagnostics even further. Automation in testing will result in more efficient sample handling and higher productivity. The tests are inexpensive and cover a wide spectrum of disorders. Furthermore, greater usage of glucose monitoring devices to identify diabetes at an early stage is expected to drive growth even further. The introduction of micro fluids and downsizing, among other things, aided in the marketing and development of in vitro diagnostic equipment and imaging systems, which is expected to accelerate the expansion of companion animal diagnostics even further. In 2020, the United States, for example, spent around, or more than USD 31.4 billion on veterinarian care and related product sales. This figure is predicted to rise to USD 32.3 billion by 2021. PetMD also revealed that low-to-medium pet care prices in veterinary offices had reached USD 250 to USD 4,500, with a high-end operation costing anywhere between USD 5,000 and USD 20,000.
The growing need for Point of Care Diagnostics (POCD) is projected to drive the companion animal diagnostics market even more. POCD gives rapid clinical test findings and may be examined promptly, saving time. Market participants are spending in R&D to create POCD equipment to increase their revenue share. for example, Idexx introduced Symmetrical Dimethylarginine (SDMA) test kits with artificial intelligence for kidney function in cats and dogs in February 2018. Zoetis also has a pipeline of point-of-care diagnostics solutions that will be released in the next years.
Various recommendations are being issued by government organisations throughout the world to encourage veterinary services, which is projected to contribute to market growth during the forecast period. For instance, The OIE International Standards, which is part of the WTO framework, established standards to enhance overall animal health by increasing overall veterinarian services and reducing animal illnesses.
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The Global Companion Animal Diagnostics market is segmented based on Technology, Application, Organizational Size, End-User, and Region. Based on Technology the market is segmented into Clinical Biochemistry, Immunodiagnostics, Molecular Diagnostics, Hematology, Urinalysis, Others, Based on Application the market is segmented into Clinical Pathology, Bacteriology, Virology, Parasitology, Other Applications, Based on Animal Type the market is segmented into Dogs, Cats, Others, Based on End-User the market is segmented into Diagnostic Labs, Veterinary Hospitals and Clinics, Point-Of-Care and In-House Testing, Research Institutes and Universities. Based on region the global Companion Animal Diagnostics market is segmented into North America, Europe, Asia-Pacific, South America, and MEA.
Analysis by Application
Clinical pathology was the market leader in 2021, mainly to the increasing amount of pathology tests conducted on pets. cytopathology, Hematology, clinical chemistry, immunohematology, urinalysis, coagulation, endocrinology, and general pathology are all included in the clinical pathology sector. The increased concern of pet owners about their pets' health has led in an increase in demand for novel diagnostic devices. For instance, Idexx debuted the Catalyst Dx and Catalyst One chemical analysers tests offering to expand its canine diagnostics offering.
Bacteriology is concerned with better diagnostic options for a wide range of bacterial illnesses and infections. Bacteriology includes examining aerobic and anaerobic cultures, as well as testing for bacterial infections in blood or serum samples. In addition, tests for mycoplasma, mycobacterium, leptospirosis, staphylococcal infection, actinomycosis, and reproductive testing for pet infertility are available. The most common parasite infection in pets is Giardia duodenalis. Hookworms, ascarids, and whipworms are among the other sorts. To detect parasite infection in animal faeces, techniques such as centrifuged intensity flotation, ELISA, wet mounds, and nematode culture are used. Serum tests, on the other hand, can detect heartworms, toxoplasma, and filaria, among other things. As a result, the availability of many improved diagnostic methods for various illnesses in companion animals is boosting overall market growth.
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North America accounted for the greatest revenue share in 2021, owing to advantageous healthcare structure and expanding government efforts. Major animal health and diagnostic firms are established in North America. The area has experienced an increase in veterinary healthcare expenditure, which has aided market expansion, making it the world's top revenue stakeholder in the veterinary diagnostic arena. According to the American Veterinary Medical Association (AVMA), pet owners in the United States spent over USD 16.42 billion on veterinary procedures in 2021. Rapid advancements in improved bioreactors, reagents, and supplies, and other biocatalytic equipment are expected to drive regional expansion. Increased R&D expenditure in numerous technologies, such as cultured cells engineering for companion animal diagnostics, is expected to boost the regional market even more.
The Asia Pacific region is expected to have the fastest CAGR over the estimated period, owing to the rapid growth of manufacturing facilities in rising economies such as China and India. Rising R&D expenditure by leading market participants in the creation of novel value-added products is expected to fuel companion animal diagnostics growth in the area over the projected period.
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Portable diagnostic tools for point-of-care (PoC) services have evolved as a significant component for detecting animal illnesses in recent years. The major manufacturers in the companion animal diagnostics market are concentrating on the release of portable tools for field veterinarians. Portable systems are often utilised in distant areas such as the patient's house or a shelter home, as well as during an emergency. The expanding need among veterinarians for on-the-spot diagnostics, as well as their simplicity of use in moving data from one department to the next within big veterinary hospitals and academic and research organisations, are driving the increased usage of such tools.
Rapid tests are becoming more popular among end users because to benefits such as simplicity of use, specificity, repeatability, and low cost. As a result, firms have increased their attention on delivering speedy tests onto the market that may provide definite answers in less than 24 hours or even during the initial inspection of the animal. The rising need for innovative technologies that can give quick results and real-time diagnostic convenience is likely to generate considerable potential prospects for market participants.
Spending on pet healthcare has risen dramatically in recent years, including the purchase of pet food, supplies/over-the-counter pharmaceuticals, veterinarian treatment, pet insurance coverage, and other services (such as companion animal diagnostic services). Because of the considerable increase in pet care spending in recent years, a large number of pet owners, particularly in major markets throughout North America and Europe, are acquiring pet insurance.
According to the North American Pet Health Insurance Association (NAPHIA), the pet health insurance business in the United States and Canada generated a total gross premium of USD 1.99 billion in 2020, up from USD 1.56 billion in 2019. The total number of pets insured in North America reached 3.45 million at the end of 2020, up from 2.82 million in 2019. In 2020, the total insurance paid for embedded wellness (including diagnostics), accidents, and diseases in dogs and cats in the United States was USD 1.855 billion.
Increasing pet care costs, as well as a lack of veterinarians in developing economies, will likely act as restraints for companion animal diagnostic market growth over the forecasted timeframe. Lack of animal healthcare awareness will be the most significant challenge to market growth.
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The market is consolidated in nature, with a variety of small and major enterprises present. Idexx and Zoetis accounted for more than half of the industry's revenue. IDvet, Heska Corporation, Virbac, and Neogen Corporation are among the other participants. To achieve a larger market share, market players regularly participate in strategic activities such as new product launches, geographical growth, technical developments, and mergers & acquisitions. For instance, In December 2021, NEOGEN acquired Genetic Veterinary Sciences, Inc., which enlarged NEOGEN Corporation's global genomics business. and In September 2021, Heska Corporation purchased Biotech Laboratories. This acquisition bolstered the company's Rapid Assay Point of Care Diagnostics portfolio.
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SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, we found that North America had the most revenue in 2021 due to its healthcare structure and government efforts. North America has several animal health and diagnostic enterprises. Increased veterinary healthcare spending has helped market expansion, making it the world's top veterinary diagnostic revenue stakeholder. Automated and semi-automated diagnostic testing will boost demand for companion animal diagnostics. Automation improves sample handling and testing productivity. The cheap tests cover many illnesses. Increased use of glucose monitoring devices to detect diabetes early should boost growth. Micro fluids and downsizing have helped market and develop in vitro diagnostic equipment and imaging systems, which will expedite the proliferation of companion animal diagnostics.
|Market size value in 2021||USD 2.15 billion|
|Market size value in 2028||USD 3.65 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Companion Animal Diagnostics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Companion Animal Diagnostics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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Product ID: SQMG35D2042