03 December 2020
Visiongain has published a new report on Companion Animal Diagnostics Market Report 2021-2031: Forecasts by Technology (Clinical Chemistry Analysis, Glucose Monitoring, Blood Gas & Electrolyte Analysis, Immunodiagnostics, Hematology, Urinalysis, Molecular Diagnostics, and Others), by Application (Clinical Pathology, Bacteriology, Virology, Parasitology, Pregnancy testing, Genetic testing, and Toxicology testing), by Animal Type (Dogs, Cats, Horses, Rabbits, Birds, and Others), by End User (Veterinary Reference Laboratories, Veterinary Hospitals and Clinics, Point-of-care/In-house Testing, Research Institutes and Universities) by Distribution Channel (Direct Tender, and Retail Sales) PLUS Profiles of Leading Manufacturing Companies and Regional and Leading National Market Analysis. PLUS COVID-19 Recovery Scenarios.
Global Companion Animal Diagnostics market was valued at US$ xx Million in 2020 and is projected to reach at a market value of US$ xx Million by 2031. North America dominated the global Companion Animal Diagnostics market and is projected to witness CAGR of XX% during the first half of the forecast period i.e. 2021 to 2031.
COVID-19 Impact on Companion Animal Diagnostics Market
COVID-19 has impacted different recovery models such as V-shaped, U-shaped, W-shaped, and L-shaped; has been taken into consideration while estimating and forecasting the companion animal diagnostics market. Different recovery scenarios are also included in the report for all the segments and regions/nation. The recovery scenarios based on which market has been forecasted and analysed herein the report are mentioned below:
Growth in the Companion Animal Population
Population of companion animal has increased very fast around the world as use of animals and human companions has taken a heightened importance and rising numbers of families preferring for having pets. All regions are facing rapid growth in the companion animal population. Companion animal are at high risk of developing various diseases for which companion animal require timely diagnosis for the identification, detection and treatment for life causing diseases. Continuous increase in number of the companion animal around the world is also increase demand for companion animal diagnostics around the world. Due to which growth in the companion animal population around the world is working as a driver for the companion animal diagnostics market.
Growing Demand for Rapid Tests & Portable Instruments for Point-Of-Care (PoC) Diagnostic Services for Companion Animal
Demand for rapid tests & portable instruments for point-of-care (PoC) diagnostic services for companion animal is increasing due to increasing prevalence of life causing diseases in companion animal. Increasing prevalence of life causing diseases in companion animal is leading various veterinary reference laboratories, veterinary hospitals and clinics, point-of-care/in-house testing and research institutes and universities to conduct rapid tests for point-of-care (PoC) diagnostic in the order to get fast diagnostic outcome and to increase changes of saving companion animal. With increasing demand of rapid tests & portable instruments for point-of-care (PoC) diagnostic by veterinary reference laboratories, veterinary hospitals and clinics, point-of-care/in-house testing and research institutes and universities it is expected that demand of companion animal diagnostics will increase in the forecasted period.
Use of Advanced Technologies to Improve Disease Diagnosis Accuracy in Companion Animals
Usage of advanced technologies in the companion animal diagnostics especially is increasing as compared to previous years. Various veterinary reference laboratories, veterinary hospitals and clinics, point-of-care/in-house testing and research institutes and universities are using more and more advanced technologies in clinical chemistry analysis, glucose monitoring, blood gas & electrolyte analysis, immunodiagnostics, hematology, urinalysis and molecular diagnostics.
Top companies (IDEXX Laboratories, Inc., Zoetis Inc., Heska Corporation, and Thermo Fisher Scientific Inc.) constitute more than XX% share of the global Companion Animal Diagnostics market. Other companies profiled in the report include: AstraZeneca, Merck & Co, Kowa Company, Amgen and Bristol-Myers Squibb (BMS) among others Some of the key developments are listed below:
In 2019, IDEXX Laboratories, Inc. has launched ProCyte One, a Hematology Analyzer. The ProCyte One is a advanced hematology analyzer which helps to delivers breakthrough workflow consistent and simplicity, accurate result at the point_of_care. The new product launched is expected to help company in revenue generations from the market focus segments.
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