This press release was orginally distributed by SBWire

Albany, NY -- (SBWIRE) -- 01/22/2020 -- Transparency Market Research (TMR) has published a new report on the companion animal diagnostics market for the forecast period of 20192027. According to the report, the global companion animal diagnostics market was valued at ~US$ 2.3 Bn in 2018 and is projected to expand at a CAGR of ~9% from 2019 to 2027.

Global Companion Animal Diagnostics Market: Overview

Expansion of the global companion animal diagnostics market can be attributed to a rise in the incidence of obesity and other diseases in companion animals and increasing pet ownership.

North America dominated the global companion animal diagnostics market in 2018, and the trend is anticipated to continue during the forecast period. Highly structured healthcare industry, early new product adoption, and presence of major market players are expected to drive the market in North America.

Asia Pacific is expected to be a highly lucrative market for companion animal diagnostics, expanding at a high CAGR during the forecast period.

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Clinical biochemistry to Dominate Companion Animal Diagnostics Market

The clinical biochemistry segment dominated the global companion animal diagnostics market in 2018, and the trend is likely to continue during the forecast period. Clinical biochemistry tests refer to blood tests or lab tests that help gain information about the health of the companion animal. Clinical biochemistry also includes glucose analysis, electrolyte analysis and others. Increasing demand and popularity of chemistry analyzers and glucose monitoring devices in disease diagnosis drives the segment. Moreover, the high preference for various advanced clinical diagnostic products by veterinarians, pet owners, and laboratory technicians is likely to fuel the clinical biochemistry segment in the next few years.

Companion Animal Diagnostics Market: Clinical Pathology to Offer Lucrative Opportunities

In terms of application, the global companion animal diagnostics market is divided into clinical pathology, bacteriology, parasitology, and others.

The clinical pathology segment includes cytopathology, hematology, clinical chemistry, immunohematology, coagulation, urinalysis, endocrinology, and general pathology. The clinical pathology segment dominated the global companion animal diagnostics market due to a rise in the demand for diagnostic products and consumables needed to be used during pathology testing, and an increase the number of pathology tests performed on pets.

Bacteriology is estimated to be a highly lucrative segment of the companion animal diagnostics market during the forecast period. Bacteriology refers to the diagnosis of various bacterial diseases and infection in companion animals. Bacteriology tests include bacterial pathogens testing in blood or serum samples, and aerobic and anaerobic culture testing.

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Veterinary Reference Laboratories Account for Major Market Share

The veterinary reference laboratories segment dominated the global companion animal diagnostics market, in terms of revenue, in 2018. The trend is projected to continue during the forecast period. Increase in the number of veterinary reference laboratories across globe and availability of new advanced tests are likely to propel the segment. Furthermore, veterinary reference laboratories provide veterinary diagnostics to pet owners, and government-related programs or research collaborations are likely to boost the veterinary reference laboratories segment in the companion animal diagnostics market during the forecast period.

Veterinary hospitals and clinics is projected to be the second-most lucrative segment of the global companion animal diagnostics market during the forecast period. The segment is expected to expand at a significant CAGR from 2019 to 2027, as veterinary hospitals and clinics provide diverse veterinary diagnostic services for companion animals, and also provide advanced diagnosis testing.

North America to Dominate Global Companion Animal Diagnostics Market

North America accounted for a major share of the global companion animal diagnostics market in 2018, owing to an increase in pet ownership, pet insurance, and presence of major manufacturers in the region. According to North American Pet Health Insurance Association (NAPHIA) reports, the total number of pets insured in the U.S. and Canada reached 2.43 million at year-end 2018, an increase of 17% from 2017.

The companion animal diagnostics market in Asia Pacific is likely to expand at a high CAGR from 2019 to 2027. This can be attributed to an increase in the number of companion animals in countries such as China and Japan, improvement of healthcare infrastructure in terms of better facilities, and a rise in the demand for advanced products in the region.

Global Companion Animal Diagnostics Market: Competitive Landscape

The global companion animal diagnostics market is fragmented in terms of number of players. Key players operating in the global companion animal diagnostics market include Heska Corporation, IDEXX Laboratories, Inc., Thermo Fisher Scientific, Inc., QIAGEN N.V., Zoetis, Inc., Neogen Corporation, bioMerieux SA, Randox Laboratories Ltd., and Virbac.

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Companion Animal Diagnostics Market to Witness Robust Expansion Throughout the Forecast 2019 to 2027 - Press Release - Digital Journal