“Global Companion Animal Diagnostics Market Drivers and Restraints, Trends, Opportunities, Product Types, Applications, End Users, Growth Rate and Market Forecast 2020 to 2029” is a report provided by MarketResearch.biz. It gives in-depth data information and insights such as R&D activities, investments, revenue details and companies that are leading the market globally, etc. This report also explains insights that are important i.e. external threats to the market targeted, potential opportunities, restraints and drivers, and current trends.
Apart from all these, this report offers preset and historical insight into the revenues projected. It also presents profiles of some top current players in the global market in the chapter of company profile or the report’s section such as CEO, date of establishment, location and headquarters, joint ventures, future strategies, employee strength, important recent developments, key innovations in technology, revenues, mergers and acquisition, and footprint in the global market.
For providing detailed information on the global companion animal diagnostics market, the report is divided into categories named animal type, region, end-user, technology, and application.
Companion Animal Diagnostics – Overview
Pets or companion animals are kept and bred in homes or in the surroundings of the home. Of course, they are not domesticated for using them to support a disabled person. Companionship, emotional/physical support, enjoyment or relaxation are the requirements that are fulfilled by animals that are domestically-bred. In the case of children, companion animals are a source of enjoyment, amusement and fun, especially dogs and cats.
However, just like other animals, companion animals also attract various infectious diseases, lice, disorders, or ticks. For preventing companion animals from getting these diseases, companion animal diagnostics plays a huge and important role. Because along with pets, pet owners are at risk too as these diseases and infections can be transmitted to people as well.
Companion Animal Diagnostics Market – Restraining and Driving Factors
The market growth rate of companion animals’ adoption is influenced by the increased adoption of animals in order to cope up with loneliness and emotional disorders, for the amusement of kids or support, and most of the time for security, along with the prevalence of several infectious diseases.
For example, according to a study that involved testing dogs for Lyme disease in the United States, the number of dogs that were tested positive was 310,206 out of the total number of 5,997,019 dogs i.e. 5.17 percent or one out of twenty dogs. Additionally, according to a report that was published by the American Veterinary Medical Association, in the year 2016, 57 percent of the US citizens owned a kind of pet.
Moreover, pet owners are now more concerned about the health of pets and thus they focus on regular health checkups which results in rising expenditure on the healthcare of companion animals to keep them from viruses and infectious diseases. Pet parents are now increasingly using vet on demand apps where veterinary experts are available 24/7/365.
The increased demand for automated diagnostics is another factor that is expected to lead to increased demand for companion animal diagnostics. Automation of medical tests is expected to maximize efficiency when handling big data or samples which will automatically increase productivity. A wide range of disorders and diseases are covered by these tests at prices that at cost-effective.
Segment Analysis – Companion Animal Diagnostics Market
In the previous year, the highest share of revenue is recorded by the clinical biochemistry segment and it is projected to maintain its contribution of a major share in the future. This is because of the increased adoption of the clinical tests of pets or companion animals, micro methods implementation, and the rise of certain chronic diseases including diabetes and liver disease among companion animals.
In the global market, the largest revenue is expected to be recorded by the dog’s segment owing to an increased prevalence of chronic diseases including cancer and obesity among dogs. For example, an AVMA article showed that about one out of four dogs is likely, at certain life stages, to develop neoplasia.
Additionally, half of the population of dogs that are above ten years of age are likely to develop cancer. Dogs develop cancer just like humans, at almost the same rate.
The registration of higher growth rates is anticipated to be made by cats segment, because of an increase in adoption rates of cats and increasing incidence of diseases that are life-threatening. According to the AVMA report, some types of cancers such as lymphoma, are more common in cats as compared to dogs.
The market of North America is estimated to register the largest share of revenue in the market, because of the increased rate of adoption of pets or companion animals in countries such as Canada and the US, increasing the rate of chronic diseases, finely established infrastructure of veterinary healthcare.
Additionally, North America has many companies that have a prominent presence and are engaged in companion R&D of innovative therapeutics and animal diagnostics. High expenditures on maintaining the health of pets is another factor that is driving the market growth of North America.
Global Companion Animal Diagnostics Market Segmentation
- Clinical Biochemistry
- Clinical Chemistry Analysis
- Glucose Monitoring
- Electrolyte Analysis and Blood Gas
- Others (Histopathology Tests and Microbiology Tests)
- Clinical Pathology
- Others (Genetic Testing, Toxicology Testing, and Pregnancy Testing)
By Animal Type
- Other Animals (Birds, Pet Fish, Reptiles, and Rabbits)
- Veterinary Reference Laboratories.
- Veterinary Clinics and Hospitals.
- In-house Testing/Point-of-care.
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