Companion Animal Diagnostics Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis and Forecast 2020-2027

According to Vision Research Reports, the global companion animal diagnostics market size surpassed at US$ 2.4 Bn in 2019 and to reach US$ 5.2 billion by 2027 with a CAGR of 9.2% from 2020 to 2027.

Expansion of the global companion animal diagnostics market can be attributed to a rise in the incidence of obesity and other diseases in companion animals and increasing pet ownership.

North America dominated the global companion animal diagnostics market in 2019, and the trend is anticipated to continue during the forecast period. Highly structured healthcare industry, early new product adoption, and presence of major market players are expected to drive the market in North America.

Asia Pacific is expected to be a highly lucrative market for companion animal diagnostics, expanding at a high CAGR during the forecast period.

Clinical biochemistry to Dominate Companion Animal Diagnostics Market

• The clinical biochemistry segment dominated the global companion animal diagnostics market in 2019, and the trend is likely to continue during the forecast period. Clinical biochemistry tests refer to blood tests or lab tests that help gain information about the health of the companion animal. Clinical biochemistry also includes glucose analysis, electrolyte analysis and others. Increasing demand and popularity of chemistry analyzers and glucose monitoring devices in disease diagnosis drives the segment. Moreover, the high preference for various advanced clinical diagnostic products by veterinarians, pet owners, and laboratory technicians is likely to fuel the clinical biochemistry segment in the next few years.

Clinical Pathology to Offer Lucrative Opportunities

• In terms of application, the global companion animal diagnostics market is divided into clinical pathology, bacteriology, parasitology, and others.
• The clinical pathology segment includes cytopathology, hematology, clinical chemistry, immunohematology, coagulation, urinalysis, endocrinology, and general pathology. The clinical pathology segment dominated the global companion animal diagnostics market due to a rise in the demand for diagnostic products and consumables needed to be used during pathology testing, and an increase the number of pathology tests performed on pets.
• Bacteriology is estimated to be a highly lucrative segment of the companion animal diagnostics market during the forecast period. Bacteriology refers to the diagnosis of various bacterial diseases and infection in companion animals. Bacteriology tests include bacterial pathogens testing in blood or serum samples, and aerobic and anaerobic culture testing.

Veterinary Reference Laboratories Account for Major Market Share

• The veterinary reference laboratories segment dominated the global companion animal diagnostics market, in terms of revenue, in 2019. The trend is projected to continue during the forecast period. Increase in the number of veterinary reference laboratories across globe and availability of new advanced tests are likely to propel the segment. Furthermore, veterinary reference laboratories provide veterinary diagnostics to pet owners, and government-related programs or research collaborations are likely to boost the veterinary reference laboratories segment in the companion animal diagnostics market during the forecast period.
• Veterinary hospitals and clinics is projected to be the second-most lucrative segment of the global companion animal diagnostics market during the forecast period. The segment is expected to expand at a significant CAGR from 2019 to 2027, as veterinary hospitals and clinics provide diverse veterinary diagnostic services for companion animals, and also provide advanced diagnosis testing.

North America to Dominate Global Companion Animal Diagnostics Market

• North America accounted for a major share of the global companion animal diagnostics market in 2019, owing to an increase in pet ownership, pet insurance, and presence of major manufacturers in the region. According to North American Pet Health Insurance Association (NAPHIA) reports, the total number of pets insured in the U.S. and Canada reached 2.43 million at year-end 2019, an increase of 17% from 2017.
• The companion animal diagnostics market in Asia Pacific is likely to expand at a high CAGR from 2019 to 2027. This can be attributed to an increase in the number of companion animals in countries such as China and Japan, improvement of healthcare infrastructure in terms of better facilities, and a rise in the demand for advanced products in the region.

Leading players analyzed in the report on the global companion animal diagnostics market include

• Heska Corporation
• IDEXX Laboratories, Inc.
• Thermo Fisher Scientific, Inc.
• QIAGEN N.V.
• Zoetis, Inc.
• Neogen Corporation
• bioMérieux SA
• Randox Laboratories Ltd.
• Virbac.

Market Segmentation

By Technology

• • Clinical Biochemistry
    • Clinical Chemistry Analysis
    • Glucose Monitoring
    • Blood Gas & Electrolyte Analysis
  • Molecular Diagnostics
    • Polymer Chain Reaction Tests
    • Microarrays
    • Others
  • Immunodiagnostics
  • Hematology
  • Urinalysis
  • Other 

By Application

• • Clinical Pathology
  • Bacteriology
  • Parasitology
  • Other

By Animal

• • Dog
  • Cat
  • Other

By End User

• • Veterinary Reference Laboratories
  • Veterinary Hospitals and Clinics
  • Point-of-care/In-house Testing
  • Research Institutes and Universities

By Region

• • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific           
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

Scope of the Report

VRR’s report on the global companion animal diagnostics market studies the past as well as current growth trends and opportunities, to gain valuable insights of the indicators for the said market for the forecast period of 2019 to 2027. The report provides overall market revenue of the global companion animal diagnostics market for the period of 2017–2027, considering 2020 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR %) of the global companion animal diagnostics market from 2020 to 2027.

The report is prepared after extensive research. Primary research involved bulk of the research efforts, wherein, analysts carried out interviews with key opinion leaders, industry leaders, and opinion makers. Extensive secondary research involved reaching out to key players’ product literature, annual reports, press releases, and relevant documents to understand the companion animal diagnostics market.

Secondary research also includes Internet sources, statistical data from government agencies, websites, and trade associations. Analysts employed a combination of the top-down and bottom-up approach to study various attributes of the companion animal diagnostics market.

The report includes an elaborate executive summary along with a snapshot of the growth behavior of various segments and sub-segments included in the scope of the study. Moreover, the report throws light on the changing competitive dynamics in the global companion animal diagnostics market. These serve as valuable tools for existing market players as well as for entities interested in participating in the global companion animal diagnostics market.

The report delves into the competitive landscape of the global companion animal diagnostics market. Key players operating in the global companion animal diagnostics market are identified and each one of them is profiled in terms of various attributes. Company overview, financial standings, recent developments, and SWOT are the attributes of players in the global companion animal diagnostics market that are profiled in this report.

Key Questions Answered

• What is the sales/revenue expected to be generated by companion animal diagnostics across all regions during the forecast period?
• What are the opportunities in the companion animal diagnostics market?
• What are the major drivers, restraints, opportunities, and threats in the companion animal diagnostics market?
• Which region is set to expand at the fastest CAGR during the forecast period?
• Which product segment is expected to generate the highest revenue, globally, in 2027? Which segment is projected to expand at the highest CAGR in the global companion animal diagnostics market during the forecast period?
• What are the market positions of different companies operating in the global market?

Research Objectives and Research Approach

The comprehensive report on the global companion animal diagnostics market begins with an overview, followed by the scope and objectives of the study. Following this, the report provides detailed explanation of the objectives behind this study, key vendors and distributors operating in the market, and regulatory scenario for the approval of products.

For reading comprehensibility, the report has been compiled in a chapter-wise layout, with each section divided into smaller sections. The report comprises an exhaustive collection of graphs and tables that are appropriately interspersed. Pictorial representation of actual and projected values of key segments is visually appealing to readers. This also allows comparison of the market shares of key segments in the past and at the end of the forecast period.