TMR’s report on the global companion animal diagnostics market studies the past as well as current growth trends and opportunities, to gain valuable insights of the indicators for the said market for the forecast period of 2019 to 2027. The report provides overall market revenue of the global companion animal diagnostics market for the period of 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR %) of the global companion animal diagnostics market from 2019 to 2027.
The report is prepared after extensive research. Primary research involved bulk of the research efforts, wherein, analysts carried out interviews with key opinion leaders, industry leaders, and opinion makers. Extensive secondary research involved reaching out to key players’ product literature, annual reports, press releases, and relevant documents to understand the companion animal diagnostics market.
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Global Companion Animal Diagnostics market Witness Most Promising Rise in Demand:
With increasing number of animals being adopted as pets, globally, rising awareness regarding veterinary issues and improved quality of treatment & therapy for animals have contributed significantly to the expansion of the companion animal diagnostics market. Within the larger companion animal diagnostics market, point-of-care testing is a rapidly growing sector, the popularity of which can be attributed to the lab-like facilities that are offered at these centers, designed to enhance the quality of care offered to pets. This segment, which was valued at ~US$ 515 Mn in 2018, is expected to double by the end of the forecast period ending 2027.
However, retaining its place at the top of the table with the largest share of ~35% in 2018 is the veterinary reference laboratories segment. While it is expected to yield 2% of its market share by the end of the forecast period, it is set to expand at a robust pace from 2019 to 2027. The growth and popularity of this segment can be attributed to the increase in the number of laboratories for the diagnosis and effective testing of veterinary diseases, especially in developed countries, which has had a positive impact on the growth of the companion animal diagnostics market.
Veterinary clinical biochemistry, as a segment, accounted for around one-third of the global market for companion animal diagnostics in 2018. There has been increase in the usage of clinical biochemistry tests as the first and basic tool for the diagnosis of several illnesses. Products such as chemistry analyzers, glucose monitoring devices, and blood & gas analyzers are used for the diagnosis of a variety of diseases, the increasing incidence of which, has been a key factor driving the growth of this segment. The clinical biochemistry segment was valued at ~US$ 675 Mn in 2018, is expected to grow at a steady pace during the forecast period to double by the end of 2027.
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The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
Key Players of Companion Animal Diagnostics Market Report:
Leading players analyzed in the report on the global companion animal diagnostics market include
- Heska Corporation
- IDEXX Laboratories, Inc.
- Thermo Fisher Scientific, Inc.
- QIAGEN N.V.
- Zoetis, Inc.
- Neogen Corporation
- bioMérieux SA
- Randox Laboratories Ltd.
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