The worldwide Companion Animal Diagnostic Market is poised to exceed USD 3.2 billion by 2024; as per a new research report published by Global Market Insights, Inc. Rapid technological advancements in the field of companion animal diagnostics will enhance the market growth in the near future. Technologies such as Polymerase chain reaction (PCR) technology is widely being used for genome sequencing of pathogens to generate vital elements further used in parasite control, disease diagnosis and biological research. Application of DNA biotechnology have significantly impacted animal disease control program stimulating demand for companion animal diagnostic solutions.
Local government bodies and animal health workers are involved in setting up strategies to manage interactions between human, animal and environmental health issues. Growing government initiatives such as campaigns undertaken by various organizations and domestic government to encourage growth of animal sector will favor animal diagnostics market growth.
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High cost associated with the companion animal tests will be one of the major market impeding factor. The exorbitant costs related with testing of animals is a factor that makes it difficult for supervisors to effectively evaluate effects of over 100,000 potential chemicals presently in commerce worldwide. Though substantial human and financial collateral costs do persist, the core costs are incurred by animals that are subjected to research thus hindering companion animal diagnostics market.
Reduction in meat prices with delivery of sufficient nutrients by animal food has stimulated the demand for animal products including meat and animal protein. Moreover, dog and cat meat is being considered as the desired food in majority of Asian countries due to its nutritional value and taste. Increase in demand for companion animal products in developing countries of Asia Pacific region will spur the business growth in forthcoming years.
Browse key industry insights spread across 140 pages with 135 market data tables & 10 figures & charts from the report, “Companion Animal Diagnostics Market” in detail along with the table of contents:
Immunodiagnostic companion animal diagnostic market accounted for USD 428.5 million in the year 2017. The immunodiagnostic tests have been used frequently in diagnosis of various diseases such as Echinococcus multilocularis, Taenia solium and Wuchereria bancrofti. Frequent introduction of new diagnostic tests in the market along with rising spending on pet care will drive immunodiagnostic segment growth in the forthcoming years.
Dog diagnostic market was valued over USD 722.7 million in the year 2017. Growing trend of pet adoption and humanization, increasing urbanization and rising affluence in emerging economies propels industry growth. Furthermore, increasing research and development for quicker launch of first-in-line drugs thus contributing to significant growth in animal diagnostics market.
UK companion animal diagnostics market is estimated to grow at a CAGR of 8.1% during the projection period. Increasing pet adoption along with rise in disposable income resulting in growing pet healthcare expenditure will act as the key driver that will boost the UK companion animal diagnostics market. As per the Pet Food Manufacturers Association 2018 statistics, nearly 13 million households in the country have pets.
Brazil dominated the Latin America companion animal diagnostic market and was valued ove USD 25.3 million in the year 2017. Pets are generally considered as family member in Brazil. According to Brazilian Association of the Industry of Products for Pets (Abinpet) there are around 52 million dogs, 22 million cats, 38 million birds and 18 million fish in Brazil. Thus, rising pet adoption and significant spending towards companion animal healthcare will drive country market growth.
Some of the leading players in the companion animal diagnostic market include Abaxis, Heska Corporation, Randox, Virbac, Qiagen, IDEXX Laboratories,Thermo Fisher Scientific, Neogen, Zoetis. These companies focus on strategic decisions to increase the research and development investment to develop superior quality products. Merger and acquisitions have increased the capabilities of the companies and increase their efficiency to sustain in the market by providing better diagnostic solutions.
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