Companion Animal Diagnostics Market: Overview
According to the United States Department of Agriculture Rural Development (USDA), a companion animal is an animal with no special training in helping an individual cope with disability. Companion animals are used for amusement, company, extrovert display, psychological support, and all of the other functions that humans require for sharing with animals of other species. These can also provide a bridge for transmission of emerging bacterial diseases which are zoonotic in nature. Having a pet provides a major support to the owner, and the risk of zoonoses can be reduced by good animal care and appropriate preventive measures. However, there are risks such as transmission of diseases carried by companion animals to high-risk group persons. Better diagnostic tools such as polymerase chain reaction (PCR) for the detection of infection and serology for indication of the onset or presence of an antibody-based immune response to diseases have increased the understanding of zoonotic or potentially zoonotic pathogens present in the direct environment. Pets represent excellent sentinels for identifying pathogens which can infect humans where they live or the place where people travel along with them.
Companion Animal Diagnostics Market: Key Trends
Surge in adoption of companion animals, rise in expenditure on pet health care, and increase in incidence of zoonotic diseases in pets are projected to drive demand for animal health diagnosis. According to a 2017–2018 National Pet Owners Survey conducted by the American Pet Products Association (APPA), around 68% of the households in the U.S., or approximately 85 million families, own a pet. Moreover, rise in focus toward regular health monitoring and preventive health care for protecting pets from various diseases is anticipated to propel the market. Furthermore, increase in adoption of imaging systems and diagnostic devices, and point-of-care diagnostics by veterinarians to offer better pet care are the factors boosting the global companion animal diagnostics market. However, high cost related to the animal tests are expected to hamper the growth of the global market
Companion Animal Diagnostics Market: Segmentation
In terms of companion animal, the global companion animal diagnostics market can be classified into canine, feline, equine, and others. Based on technology, the market can be categorized into immunodiagnostics, hematology, clinical biochemistry, molecular diagnostics, and others. The molecular diagnostics segment can be divided into polymerase chain reaction (PCR), microarrays, and others. The clinical biochemistry segment is likely to dominate the global companion animal diagnostics market during the forecast period.
Companion Animal Diagnostics Market: Regional Analysis
Based on region, the global companion animal diagnostics market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America is projected to dominate the global market due to high research and development investment and presence of key players. Moreover, increase in technological advancements in veterinary diagnostics and rise in pet adoption fuel the growth of the market in the region. The market in Asia Pacific is anticipated to witness rapid growth during the forecast period due to rise in awareness about animal health and incidence of zoonotic diseases & food borne diseases leading to high demand for companion animal diagnosis. Furthermore, various initiatives taken by the government for animal health care, including vaccination programs and rise in awareness about technological advancements in animal health care drive demand for companion animal diagnostics.
Companion Animal Diagnostics Market: Competitive Landscape
Key players in the global companion animal diagnostics market include Heska Corporation, QIAGEN, Randox Laboratories Ltd., IDEXX Laboratories, Inc., Zoetis, Abaxis, Virbac, Merck & Co., Inc., Nutreco N.V., and Elanco. These players have adopted strategies such as partnerships, new product development, agreements, and collaborations to gain competitive advantage in the global companion animal diagnostics market.
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
- Technological breakthroughs
- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
The report has been compiled through extensive primary research (through interviews, surveys, and observations of seasoned analysts) and secondary research (which entails reputable paid sources, trade journals, and industry body databases). The report also features a complete qualitative and quantitative assessment by analyzing data gathered from industry analysts and market participants across key points in the industry’s value chain.
A separate analysis of prevailing trends in the parent market, macro- and micro-economic indicators, and regulations and mandates is included under the purview of the study. By doing so, the report projects the attractiveness of each major segment over the forecast period.
Highlights of the report:
- A complete backdrop analysis, which includes an assessment of the parent market
- Important changes in market dynamics
- Market segmentation up to the second or third level
- Historical, current, and projected size of the market from the standpoint of both value and volume
- Reporting and evaluation of recent industry developments
- Market shares and strategies of key players
- Emerging niche segments and regional markets
- An objective assessment of the trajectory of the market
- Recommendations to companies for strengthening their foothold in the market
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.