Companion Animal Diagnostics Market 2020 Growth Strategy |Global Industry Share, Future Trends, Historical Analysis, Competitive Landscape and Regional Forecast 2025
ReportsnReports.com added New Report “Companion Animal Diagnostics Market 2020: Global Industry Analysis, Market Growth and Opportunity Assessment, Segmentation and Regional Overview | Outlook to 2025” to its Database.
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Key Players: IDEXX Laboratories, Inc. (US), Zoetis, Inc. (US), Heska Corporation (US),Thermo Fisher Scientific, Inc. (US), Virbac (France), Neogen Corporation (US), bioMérieux SA (France), IDvet (France), INDICAL Bioscience GmbH (Germany) [QIAGEN N.V. (Netherlands)], and Randox Laboratories Ltd. (UK).
The companion, animal diagnostics market, is projected to reach USD 3.0 billion by 2025 from USD 1.8 billion in 2020, at a CAGR of 9.8%. The rising companion animal population, increasing demand for pet insurance, and the growth in the number of veterinary practitioners in developed economies are the major factors that are driving the growth of the global companion animal diagnostics market. The growing demand for rapid tests and portable instruments for point-of-care service is expected to offerpotential growth opportunities for market players in the coming years. However, increasing pet care costs are expected to restrain market growth to a certain extent.
Companion animal diagnostics market for dogs to growat the highest CAGR during the forecast period
Based on animal type, the companion animal diagnostics market is segmented intodogs, cats, horses, and other companion animals. The dog’s segment is expected to grow at the highest CAGR during the forecast period majorly due to the growing dog ownership, increasing prevalence of infectious and zoonotic diseases, increasing occurrence of skin allergies in dogs, rising healthcare expenditure for dogs, and the increasing penetration of pethealth insurance.
Home-care testing segment to witness the highest growth during the forecast period
Based on end-user, the companion animal diagnostics market is segmented into diagnostic laboratories, veterinary hospitals & clinics, home-care settings, and research institutes and universities. The home-care testing segment is estimated to grow at the highest CAGR during the forecast period owing to the advantages of POC/diagnostics in such settings, including ease of use and accurate, real-time results.
Asia Pacific market to witness the highest growth during the forecast period
The Asia Pacific market is estimated to grow at the highest CAGR during the forecast period majorly due to the growing adoption of companion animals, increasing awareness about pet healthcare and zoonotic diseases, and the increasing number of veterinary hospitals and clinics in several APAC countries.
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This report analyzes the companion animal diagnostics market and aims at estimating the size and future growth potential of this market based on various segments, namely, technology, application, animal type, end-user, and region. The report also includes a product portfolio matrix of the companion animal diagnostic products available in the market. The competitive leadership mapping provided in this report helps analyze the position of market players as visionary leaders, innovators, dynamic players, and emerging players. A comprehensive competitive analysis of key players in this market, along with their company profiles, product offerings, recent developments, and key growth strategies, has also been provided in this report.
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