With 7.9% CAGR Companion Animal Diagnostic Market to cross $3.2 bn by 2024

Global Companion Animal Diagnostic Market size is set to exceed USD 3.2 billion by 2024; according to a new research study published by Global Market Insights, Inc. Local government bodies and animal health workers are involved in setting up strategies to manage interactions between human, animal and environmental health issues. Growing government initiatives such as campaigns undertaken by various organizations and domestic government to encourage growth of animal sector will favor animal diagnostics market growth.

Reduction in meat prices with delivery of sufficient nutrients by animal food has stimulated the demand for animal products including meat and animal protein. Moreover, dog and cat meat is being considered as the desired food in majority of Asian countries due to its nutritional value and taste. Increase in demand for companion animal products in developing countries of Asia Pacific region will spur the business growth in forthcoming years. Low out of pocket expenditure on companion animals’ healthcare will be one of the major market impeding factor. Low out of pocket expenditure have severe consequences on healthcare admittance and consumption leading to decline in demand for diagnostic products, hampering the growth of companion animal diagnostic market.

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Immunodiagnostic companion animal diagnostic market accounted for USD 428.5 million in the year 2017. The immunodiagnostic tests have been used frequently in diagnosis of various diseases such as Echinococcus multilocularis, Taenia solium and Wuchereria bancrofti. Frequent introduction of new diagnostic tests in the market along with rising spending on pet care will drive immunodiagnostic segment growth in the forthcoming years.

Hematology companion animal diagnostic market will witness robust growth at a CAGR of 8.0% during the forecast timeframe. Several hematology techniques are used to access and diagnose common hematological disturbances in veterinary animals. Hematology consists of complete blood count (CBC), one of the most common blood test performed on pets. CBC gives results for hydration status, clotting ability of blood, anemia infection and ability of immune system to respond will stimulate demand, thereby fueling industry growth.

Dog diagnostic market was valued over USD 722.7 million in the year 2017. Growing trend of pet adoption and humanization, increasing urbanization and rising affluence in emerging economies propels industry growth. Furthermore, increasing research and development for quicker launch of first-in-line drugs thus contributing to significant growth in animal diagnostics market.

Cat diagnostic market will show considerable amount of growth at a CAGR of 7.9% during the projection period. The population of traditional companion animals, especially cats, has increased due to the willingness of owners to care more for their animals’ health and ability of veterinarians to cure diseases are major aspects fueling animal diagnostics market growth.

France dominated the European companion animal diagnostic market in the year 2017 and was valued over USD 92.7 million. France accounts for high adoption of pet population, thereby stimulating demand for companion animal diagnostics to control prevalence of zoonotic diseases. According to IFAH Europe, every one out of two houses in France has at least one companion animal. Continuous innovation and frequent introduction of new biologics positively impacts market growth.

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China companion animal diagnostic market is estimated to grow at substantial rate at 11.1% over the forecast timeframe. Escalating demand for animal products in China along with high demand for animal source food drives China’s companion animal diagnostics market. Growing trend of adopting pet further fuels the demand for animal diagnosis. According to the World Veterinary Association report 2015, in China pet ownership is growing fast thus it is anticipated to boost companion animal diagnostics market growth.

Some of the leading players in the companion animal diagnostic market Abaxis, Heska Corporation, Randox, Virbac, Qiagen, IDEXX Laboratories, Thermo Fisher Scientific, Neogen, Zoetis. These companies focus on strategic decisions to increase the research and development investment in order manufacture superior quality medicines. Merger and acquisitions have also increased the capabilities of the companies and increased their efficiency to sustain in the market by providing better diagnostic solutions.

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