Pet diagnostics market will reach USD 5.25
Newark, Nov. 17, 2022 (GLOBE NEWSWIRE) — Brainy Insights estimates that the $2.77 billion pet diagnostics market in 2022 will grow to $5.25 billion by 2030. In just eight years, the number Ever-growing number of pets, the demand for pet insurance and the increase in the number of veterinary professionals are also helping to drive the growth of the market. Additionally, growing demand for animal diagnostic products and increased technological advancements in molecular biology are also expected to drive the market growth over the forecast period.
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Key insights into the companion animal diagnostics market
North America will account for the largest market size during the forecast period
North America is expected to hold the largest market share in the pet diagnostics market. Major factors promoting the growth of the North America pet diagnostics market include growing number of pet owners, favorable government initiatives, and growing trend towards humanization of pets. Furthermore, early adoption of new technologies, increase in investments from various key players, and increase in awareness and developments in healthcare infrastructure are expected to boost the market growth in this region.
The dog segment is expected to grow the pet diagnostics market over the forecast period.
The dog segment held the largest market share in 2022 and is expected to continue during the forecast period owing to the growing demand for animal-derived food products. Moreover, by 2030, the cat segment is likely to dominate the market owing to the growing adoption of cats and rising incidence of life-threatening diseases.
The market size of immunodiagnostic testing segment of 0.88 billion in 2022
The immunodiagnostic testing segment is expected to dominate the market over the forecast period owing to the increase in demand for immunodiagnostic testing and scientific growth in diagnostic kits, tests and analyzers. Additionally, the increasing demand for technically advanced immunodiagnostic tests and the adoption of generic products by veterinarians for companion animals are adding to the specificity and sensitivity of tests like ELISA tests, allergen-specific immunodiagnostic tests and immunoassays.
The diagnostic laboratory segment is expected to lead the market by 39.04% in 2030
The diagnostic laboratory segment is expected to dominate the market in the coming years, owing to the growing adoption of animal diagnostic products and growing demand for genetic testing.
The clinical pathology segment accounted for the largest market share of 42.06% in 2022
The clinical pathology segment held the largest share of the global companion animal diagnostics market, owing to the increasing penetration of digital imaging in emerging economies.
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In September 2021, Heska Company acquired Biotech Laboratories Company. This acquisition strengthened the company’s Rapid Assay Point of Care (POC) diagnostics portfolio.
Pilot: increased adoption of pets
The growing adoption of pets, coupled with the growing demand for animal-derived food products, is driving the growth of the market. Additionally, increasing number of multiple veterinary practitioners and increasing their income levels in developed economies are driving factors for the growth of the market. Additionally, the growing emphasis on animal health and vaccination and the demand for animal health products are helping to drive the growth of the market. However, the development of new and innovative microbiological technologies such as targeted polymerase chain reactions (PCR) to increase cost effectiveness and improve clinical outcomes is also driving the market growth.
Constraint: Lack of veterinarians in developing economies
The high cost of veterinary services and shortage of qualified personnel is expected to restrain the market growth. Also, lack of awareness in underdeveloped or developing economies is expected to hamper the market growth. Additionally, stringent regulations established by government bodies for the approval of molecular diagnostic products are restraining the growth of the market. Additionally, lack of investment in veterinary diagnostics, which has led to decrease in R&D activities in this field, is hampering the growth of the market over the forecast period.
Opportunity: The growing number of practicing veterinarians in developed countries
Growing awareness among physicians and patients about the benefits of companion animal diagnostics is expected to provide opportunities for market growth. Additionally, rising animal health awareness and increasing incidence of transboundary and zoonotic diseases in animals are driving the market growth. Additionally, growing initiatives by government agencies to standardize pet health codes to devise easy payment techniques are expected to propel the market growth over the forecast period. Additionally, the use of PCR testing panels to rule out the COVID-19 virus in animals is also helping to drive the market growth over the forecast period. An increase in funding by government bodies and private authorities to develop molecular diagnostic products is expected to propel the market growth over the forecast period. Furthermore, increasing adoption of key strategies such as acquisitions and partnerships and increasing investments are expected to drive the market growth over the forecast period.
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Some of the major players operating in the pet diagnostics market are:
• Thermo Fisher Scientific, Inc.
• Spa Agrolabo
• Zoetis, Inc.
• BioNote Inc.
• Fujifilm Holdings Corporation
• Biomerieux SA
• Randox Laboratories Ltd
• Heska Company
• Idexx Laboratories Inc.
• Indic Bioscience Gmbh
• Creative diagnostics
• Neogen Corporation
• HyTest Ltd.
• Shenzhen Mindray Animal Medical Technology Co. Ltd.
Coverage of key segments in the market:
By animal type:
• Molecular diagnostics
• Immunodiagnostic tests
• Diagnostic imaging
By end use:
• Hospitals and veterinary clinics
• Diagnostic laboratories
• Research institutes and universities
• Point-of-care and in-house testing
• Clinical pathology
• North America (United States, Canada, Mexico)
• Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, rest of APAC)
• South America (Brazil and rest of South America)
• The Middle East and Africa (UAE, South Africa, Rest of MEA)
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About the report:
The market is analyzed on the basis of value (USD billion). All segments have been analyzed at global, regional and country level. The study includes analysis of more than 30 countries for each part. The report analyzes the drivers, opportunities, restraints and challenges to gain a critical overview of the market. The study includes Porter’s five forces model, attractiveness analysis, product analysis, supply and demand analysis, competitor position grid analysis, distribution and marketing channel analysis.
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