Companion Animal Diagnostic Industry
PORTLAND, Oregon, USA, May 23, 2023 /einpresswire.com / — According to reports, the global pet diagnostics industry is worth an estimated $2.99 billion by 2021 and is expected to reach $6.88 billion by 2031. which registered a CAGR of 8.6% between 2022 and 2031, a key strategy analysis study. Key drivers, competition, market dynamics, size and investment regions
Important points:
Growing Pet Ownership: The Companion Animal Diagnostics market is driven by the growing number of pet households worldwide. Pets are considered family members. As a result, there is a greater demand for diagnostic services for health and well-being.
Rising pet health care costs: Pet owners are more willing to spend on health services for their pets. This trend has contributed to the growth of the pet diagnostics market. Because owners need advanced diagnostics to detect and prevent disease in the early stages.
Technological Advancements: The market has seen significant technological advances in diagnostic tools and techniques. This includes molecular diagnostics, point-of-care testing, and advanced imaging models. This allows the diagnosis of various conditions. in pets accurately and quickly
Increasing Awareness and Importance of Preventive Care: There is growing awareness among pet owners about the importance of preventative health care for their pets. Regular health checks and early detection Through diagnostic testing is becoming increasingly important. causing the need for pet diagnosis
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Market drivers:
Rising Pet Ownership: The increasing number of households owning pets is a key driver for the pet diagnostics market. This is because many people regard their pets as members of the family. There is a growing need for advanced diagnostic services to ensure the health and well-being of their pets.
Increased awareness of pet health: Pet owners are increasingly recognizing the importance of proactive health care for their pets. They understand the need for health screenings. preventive measure and early detection of disease This awareness has led to an increasing need for diagnostic tests to monitor and manage the health of pets.
Technological Advancements: Advances in diagnostic technology have contributed significantly to the growth of the pet diagnostics market. Innovative tools and techniques such as molecular diagnostics Advanced imaging formats and point-of-care testing deliver accurate and fast results. Help make better diagnosis and treatment decisions.
Market Segmentation:
Product type:
a. Immunosorbent Tests: Including ELISA (enzyme-linked immunosorbent assay), lateral flow assay. and other tests that use antibodies.
b. Molecular diagnostics: involves tests using DNA/RNA, polymerase chain reaction (PCR), and other molecular techniques.
C. Clinical Chemistry: Consists of a blood chemistry analyzer. electrolyte analyzer and other biochemical tests
D. Hematology Analyzer: An instrument used for complete blood count (CBC) and blood cell analysis.
Animal type:
a. dog
b. cat
c. horse
D. Others (birds, rabbits, reptiles, etc.)
User:
a. Animal hospital/clinic
b. Research laboratories
C. Point of Care/In-House Testing
D. Diagnostic reference laboratories
Applications:
a. Infectious Diseases: Tests to detect viral, bacterial and parasitic infections.
b. Genetic Disorders: Diagnosis of inherited diseases and genetic predispositions.
C. Cancer Diagnosis: Tests to Detect and Monitor Cancer in Pets
D. Heart Disease: Diagnosis of Heart-Related Conditions
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Regional growth dynamics:
North America took the lead in 2021, making up nearly half of the total Animal Diagnostics market. As the prevalence of chronic diseases in these animals increases at the same time Asia-Pacific to grow at fastest CAGR of 10.2% by 2031 due to growing number of pets Growing demand for diagnostic services from the livestock industry and increased costs to restore animal health.
Competition landscape:
IDEXX Laboratories Inc.
Zoetis Inc.
Hesca Corporation
Virbac
Neogen Corporation
Abaxis, Inc. (acquired by Zoetis)
Thermo Fisher Scientific Inc.
Randox Laboratories Company Limited
Bio-Rad Laboratories Inc.
VCA, Inc. (acquired by Mars, Incorporated)
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