Wilmington, Delaware, United States: Companion animals are used for extrovert display, psychological support, and amusement support. Companion animals include dogs and cats. Companion animal diagnostics is an integral part of management as well as prevention of outbreaks of diseases among companion animals.

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Companion animal diagnostics include clinical biochemistry products, immunodiagnostics, hematology, and others. These are used in the treatment of diseases associated with the immunological system, digestive system, reproductive system, respiratory system, and urinary system of companion animals.

Increase in obesity and various diseases in companion animals, globally, has fueled the need for new diagnostic options. In developed countries such as the U.S., governments strongly emphasize on pet insurance. Clinical biochemistry technology is widely utilized in the diagnosis of veterinary diseases with the help of blood and urine analysis. Companion animal diagnostic products are mostly used in clinical pathology due to increasing demand for diagnostic products in pathology labs and rising number of pathology tests performed on pets. In terms of companion animals, dog are a highly popular companion animals. In terms of competition, IDEXX Laboratories, Inc. and Zoetis, Inc. are major manufacturers of companion animal diagnostic products.

Increase in the demand for advanced products for veterinary disease diagnosis boosts the global companion animal diagnostics market.

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Companion Animal Diagnostics Market: Overview

Increase in companion animal ownership is a major trend being witnessed in the animal healthcare market. Spending capacity on companion animals is also on the rise.

According to the National Pet Owners Survey conducted by the American Pet Products Association (APPA) in 2018, around 68% of households in the U.S own a companion animal or pet.

According to a report published by the Federal Trade Commission (FTC), the U.S. government spent around US$ 72.5 Bn on its pet industry in 2018, which includes food, veterinary care, prescription and OTC medications, and other pet services and products.

Pet obesity is a major issue in the U.S. According to a report by the Association for Pet Obesity Prevention (APOP), in 2018, obesity affected around 55.8% of dogs and 59.5% of cats in the U.S.

Increased longevity of companion animals due to improvements in diagnostics, greater emphasis on wellness and prevention by veterinarians as well as owners, and better nutrition have expanded the use of companion animal diagnostics.

Due to all these factors, the global companion animal diagnostics market is set to expand at a high CAGR of ~9%, to be valued at ~US$ 5 Bn by the year 2027.

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Global Companion Animal Diagnostics Market: Key Segments

In terms of technology, clinical biochemistry is the leading segment in the global companion animal diagnostics market. This is due to major focus of manufacturers on launching new diagnostic products such as chemistry analyzers and glucose monitors. Additionally, extensive application of this technology and increase in the preference for point of care glucose monitoring devices is likely to fuel the segment in the global companion animal diagnostics market.

Clinical pathology is projected to be a highly attractive segment in the global companion animal diagnostics market during the forecast period. Clinical pathology is highly preferred for diagnosis over various companion animal diagnoses, and an increase in the prevalence of various chronic diseases associated with companion animals has led to an increase in the number of diagnosis tests. These factors boost the clinical pathology segment in the global companion animal diagnostics market.

Dogs are extremely popular companion animals all around the world as compared to any other animal. Increasing dog population and high incidence rate of obesity in dogs are projected to boost the segment in the global companion animal diagnostics market during the forecast period. Moreover, increasing pet ownership across the globe is also a major factor driving the segment in the overall companion animal diagnostics market.

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Veterinary Reference Laboratories is a highly preferred end user in the global companion animal diagnostics market. Increase in the number of veterinary reference laboratories across the globe and availability of new diagnostic products in veterinary reference laboratories are expected to propel the retail pharmacies segment in the global companion animal diagnostics market.

Global Companion Animal Diagnostics Market: Major Players

Leading players analyzed in the report on the global companion animal diagnostics market include

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Companion Animal Diagnostics Market: Competitive Landscape Analysis with Forecast by 2027 - BioSpace