Dublin, Aug. 05, 2021 (GLOBE NEWSWIRE) -- The "Companion Animal Diagnostic Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The Companion Animal Diagnostic Market was valued at USD 2.20 billion in 2020 and it is expected to reach USD 3.53 billion by 2026, registering a CAGR of 8.14 % during the forecast period.
The COVID-19 pandemic has also caused drastic changes to a normal routine with social distancing and lockdowns in place across the world. Understandably, many people suffering from loneliness and have experienced a negative impact on their mental health. Therefore, many of them had bought companion animals during the lockdown period. For example, a 2020 survey conducted by the Japan Pet Food Association found a 15% increase in dog and cat ownership compared with the previous year due to COVID-19. There were an estimated 8.49 million dogs and 9.64 million cats being kept as pets in Japan as of October 2020.
Rising demand for pet insurance coupled with a growing companion animal population, and an increasing number of veterinary practitioners in developed economies are the major factor propelling the growth of the market. For instance, the North American Pet Health Insurance Association (NAPHIA), in 2019, reported that the adoption rates of pet health insurance is increased over the years in this region. In 2019, in the United States pet insurance rate was about 2.3% in dogs compared to 1.7% in 2017, whereas the cat insurance rate was 0.4% in cats compared to 0.3% in the year 2017. This indicates the rising adoption of pet health insurance among people which is expected to impact positively on the market studied.
As per the report ''Pets in Australia: A national survey of pets and people'' 2019 the expenditure on pet has increased tremendously owing to the increasing pet adoption. The report estimated that over AUD 13 billion per year is spent by people to keep the pets fed, healthy and well-accessorised with food and veterinary services continuing to account for half of all ongoing expenditure. Out of this nearly 2.6 billion were spent on veterinary services in the country.
Also, according to the data published by Healthy Paws Pet Insurance and Foundation in 2018, it receives more than 200,000 claims for insurance each year, out of which stomach issues and skin conditions are among the most common ailments for both cats and dogs.
Moreover, the increasing prevalence of chronic diseases among animals, such as canine diabetes and feline diabetes, results in high demand for diagnosis and further propels the market.
Furthermore, automation in a diagnostic test associated with companion animals results in ineffective handling of bulk samples and improved productivity. The increasing demand for semi-automated and fully automated diagnostic tests associated with companions may also boost the market studied.
Key Market Trends
Clinical Pathology is Estimated to Witness a Healthy Growth in Future
Clinical pathology is estimated to witness healthy growth in the future attributed to an increasing number of pet pathology tests. These tests encompass cytopathology, hematology, and general pathology.
An increasing number of pet owners and their concern regarding pet health led o the adoption of new innovative diagnostic products for diagnosing purposes. Some of the products are Catalyst Dx and Catalyst One chemistry analyzers.
Moreover, as clinical pathology tests are the mainstay or first step toward detecting companion animal diseases, the rising in the disease among companion animals boosts the segment growth. Instruments for the diagnosis of infectious diseases are also being introduced in the market. In 2018, Zoetis launched CarystaTM HVC (High Volume Chemistry), which is a stand-alone, chemistry diagnostic instrument designed to bring reference-lab quality testing to high-volume veterinary practices. Also, In August 2018, Zoetis, Inc. acquired Abaxis, Inc. to expand its veterinary point of care (POC) and diagnostic instrument portfolios. Hence, all these factors have helped in boosting the market growth.
North America is Expected to Hold a Significant Share in the Market
North America may hold a significant market share in the global companion animal diagnostic market. This is due to the increasing healthcare expenditure, the presence of major players, and well-established healthcare infrastructures coupled with increasing adoption of companion animals and the rise in veterinary healthcare expenditure, fueling the overall growth of the overall regional market to a large extent.
According to the 2019-2020 National Pet Owners Survey conducted by the American Pet Products Association (APPA), around 67% of US households, or about 84.9 million families, own a pet. Along with pets, the adoption of livestock is also rising in the United States. As per the US Department of Agriculture, the United States is home to 94.8 million cattle and calves as of 2019, up from 93.3 million cattle and calves in 2017. Also, according to the Animal Cancer Foundation 2018 report, 65 million dogs and 32 million cats in the United States are diagnosed with cancer. Moreover, approximately 6 million new cancer diagnoses are made in pets every year.
In recent years, the healthcare expenditure on pet has also increased to certain extent in this region. For instance, in 2018, the data published by APPA stated that the total pet healthcare expenditure was USD 75.38 billion by 2019, while the expenditure in 2017 was USD 69.51 billion in America. This increase has helped in driving the overall market for the companion animal diagnostics market.
Moreover, rise in product innovation and launch of novel products are also supporting the market growth in this region. For instance, in December 2020, VolitionRx Limited introduced '' Nu.Q Vet Cancer Screening Test'' in the United States. It is a simple and low-cost blood test designed primarily for large dogs. Hence, the geographic presence of major market players coupled with increasing market development activities by these players are the factors anticipated to offer lucrative growth in this region.
The companion animal diagnostic market is moderately competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market studied. Some of the companies currently dominating the market are Heska Corporation, Agrolabo SpA, Zoetis Inc., IDEXX Laboratories Inc., IDvet, Neogen Corporation, Thermo Fisher Scientific Inc., Randox Laboratories Ltd, and Virbac.
Reasons to Purchase this report:
The market estimate (ME) sheet in Excel format
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Key Topics Covered:
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rising Demand for Pet Insurance
4.2.2 Growth in the Companion Animal Population
4.2.3 Increasing Number of Veterinary Practitioners in Developed Economies
4.3 Market Restraints
4.3.1 Rising Burden of the Pet Care Cost
4.4 Industry Attractiveness - Porter's Five Forces Analysis
5 MARKET SEGMENTATION
5.1 By Animals
5.1.3 Other Animals
5.2 By Application
5.2.3 Clinical Pathology
5.2.4 Other Applications
5.3 By Technology
5.3.1 Immunodiagnostic Tests
5.3.2 Molecular Diagnostics
5.3.3 Diagnostic Imaging
5.3.4 Other Diagnostics
5.4.1 North America
188.8.131.52 United States
184.108.40.206 United Kingdom
220.127.116.11 Rest of Europe
18.104.22.168 South Korea
22.214.171.124 Rest of Asia-Pacific
5.4.4 Middle East and Africa
126.96.36.199 South Africa
188.8.131.52 Rest of Middle-East and Africa
5.4.5 South America
184.108.40.206 Rest of South America
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Agrolabo SpA
6.1.2 BioChek BV
6.1.3 bioMerieux SA
6.1.4 Chembio Diagnostic Systems, Inc
6.1.5 Creative Diagnostics
6.1.6 Heska Corporation
6.1.7 IDEXX Laboratories Inc.
6.1.9 Indical Bioscience GmbH
6.1.10 Neogen Corporation
6.1.11 Randox Laboratories Ltd
6.1.12 Thermo Fisher Scientific Inc.
6.1.14 Zoetis Inc.
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
For more information about this report visit https://www.researchandmarkets.com/r/jrl7w6
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