Companion Animal Diagnostics Market worth $3.8 billion by 2027 -...

Companion Animal Diagnostics Market worth $3.8 billion by 2027 - Exclusive Report by MarketsandMarkets™

Posted 2023-04-27 09:29:03

The global companion animal diagnostics market in terms of revenue was estimated to be worth $2.4 billion in 2022 and is poised to reach $3.8 billion by 2027, growing at a CAGR of 9.6% from 2022 to 2027. The new research study consists of an industry trend analysis of the market.

The new research study consists of industry trends, pricing analysis, patent analysis, conference and webinar materials, key stakeholders, and buying behaviour in the market. The global market offers significant growth opportunities for market players. Market growth can largely be attributed to the increasing companion animal population, increasing incidence of transboundary and zoonotic diseases, rising demand for pet insurance, growing animal health expenditure, and rising number of veterinary practitioners and income levels in developed economies.

On the other hand, increasing pet care costs are expected to restrain the growth of this market to a certain extent. The growing demand for rapid tests and portable instruments for point-of-care (POC) services alongside the use of advanced technologies, such as machine learning, in improving disease diagnosis offer growth opportunities for players in the companion animal diagnostics market.

On the other hand, a lack of animal health awareness and a shortage of veterinarians in emerging markets pose significant challenges in the market.

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In this report, the companion animal diagnostics market has been segmented on the basis of technology, application, animal type, end user, and region.

"Molecular diagnostics is expected to witness the fastest growth companion animal diagnostics market during the forecast period."

Based on technology, the companion animal diagnostic market is segmented into clinical biochemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and other companion animal diagnostic technologies. The molecular diagnostics segment is projected to register the highest CAGR during the forecast period. The high growth rate of this segment can be attributed to the results of the quick and reliable diagnostics.

"Clinical Pathology segment is expected to witness the fastest growth in the forecast period."

Based on application, the companion animal diagnostics market is segmented into clinical pathology, bacteriology, virology, parasitology, and other applications. Clinical pathology includes all primary diagnostic tests that utilize blood and other body fluids for efficient and accurate disease diagnosis and screening of animal health. In 2021, clinical pathology was the largest application segment in this market. One of the major factors driving the growth of this application segment is the high volume of clinical pathology tests performed on companion animals. This is because clinical pathology tests are recommended by veterinarians to evaluate the cause of diseases (in the case of chronic conditions) in companion animals.