Companion Animal Diagnostics | Market Outlook for 2019 to 2026 | Industry Forecast Report
The global companion animal diagnostics market size is expected to reach USD xx billion by 2026, according to a new report by Grand View Research, Inc. It is projected to register a CAGR of xx% during the forecast period. The anticipated rise in companion animal population would increase the demand for veterinary healthcare facilities. According to a 2018 report by the American Pet Products Association (APPA), the overall spending in the U.S. pet industry has increased by 4.1% from 2016 to 2017. Moreover, veterinary care spending has increased by 7% from USD 15.95 billion in 2016 to USD 17.07 billion in 2017.
The demand for advanced diagnostic facilities for rapid and accurate testing of sample is propelling the growth of companion animal diagnostics over the forecasted period. The approvals and the new product launches by the key industry players to deal with the rising demand are driving the market. The companies are constantly trying to develop innovative devices to tap the enormous growth potential of the market. For instance, Idexx Laboratories gained a significant presence in the market by launching the new chemistry analyzer. Zoetis increased their penetration by acquiring one of the top veterinary diagnostics company Abaxis in July 2018.
Moreover, the rising concern of people for their pets leads to an increase in insurance claims. Most of the pet insurance covers major chronic conditions except any pre-existing one. The millennials are considered an attractive target population for the companies playing in this space. Millennials around the world consider pets and presence of animals good for their emotional and physical health. The demand for easy to administer and rapid diagnosis is anticipated to further boost the revenue.
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Companion Animal Diagnostics Market Report Highlights
- In 2018, clinical pathology held the largest revenue share of the companion animal diagnostics market in terms of application owing to its wide usage for multiple disease diagnosis
- Clinical biochemistry acquired major market share in 2018 within the technology segment and is expected to expand at the fastest CAGR by 2026. The growth can be attributed to the increased use of clinical chemistry analyzers and glucose monitors for rapid diagnosis of some chronic diseases in pets
- On the basis of animal type, cats was the fastest growing segment in 2018 and is expected to register a CAGR of over 8.00% by 2026, majorly owing to increasing prevalence of chronic diseases such as arthritis and diabetes among others
- The point of care/in house testing segment is expected to showcase lucrative growth over the forecast period, attributed to the rapidity, efficiency, and convenience of these tests
- Asia Pacific is expected to emerge as the fastest growing region over the forecast period. North America held the largest revenue share in 2018 due to the presence of major industry players in the region
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Grand View Research has segmented the global companion animal diagnostics market based on technology, animal type, application, end use, and region