The global companion animal diagnostics market is projected to showcase considerable growth during the forecast period owing to the rising adoption of companion animals and need to prevent them from zoonotic disorders. The factor driving the companion animal diagnostic industry includes growing companion animal population, rising demand for pet insurance, and the growing number of veterinary practitioners in emerging economies. Data from the American Pet Products Association depicts that the number of households with a companion animal has increased from 79.7 million to 84.6 million from the 2016 to 2018. According to the report published by Humane Society of the US, in 2017, around 60.2 million of the US households had at least one dog.
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In developed and emerging economies companion animals have become members of the family and due to this, a wide range of products and services for these animals to live longer and healthy lives is highly in demand. There are several diagnostic tests that are available and can be performed to determine the cause of a pet’s disorder. The diagnostic test including immunodiagnostics, hematology, diagnostic imaging, clinical chemistry, serology, cytology, and molecular diagnostics are among the major diagnostics tests. The diagnostic test kits that can be used on a regular basis to test for diseases such as heartworm disease, feline leukemia virus infection, Lyme disease, and many others are commercially available across the globe.
According to the report of the Banfield Pet Hospital’s State of Pet Health Report, in the US pets canine diabetes had increased by 40% and feline diabetes had increased by 20% from 2011 to 2017. Therefore, increasing population of companion animal is increasing the demand for companion animal diagnostics for the diagnosis of various acute and chronic diseases in the companion animals. Increasing demand for Point of Care Diagnostics (POCD) is anticipated to further propel the growth of the companion animal diagnostics market as it offers fast results of the clinical tests and can be accessed directly to reduce the diagnosis tests.
Market players including Zoetis Inc., Heska Corp., Randox Laboratories, Ltd., Virbac Corp., Biovet, Inc., Aquila Diagnostics Systems, Inc., and IDEXX Laboratories, Inc. are focusing on new product launches to gain more revenue share. For instance in February 2018, Idexx developed the Canine Progesterone Test for Catalyst One and Catalyst Dx analyzers. In 2018, Zoetis Inc. introduced a new diagnostic device called CarystaHVC, designed to perform a number of diagnostic tests. Such product launch is expected to contribute to the growth of the market in the near future.
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Companion Animal Diagnostic Market Segmentation
By Test
- Diagnostic Imaging
- Hematology
- Serology
- Cytology
- Clinical Chemistry
- Immunodiagnostics
- Molecular Diagnostics
- Other
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