According to Stratistics MRC, the companion animal diagnostics market is accounted for $1,018 million in 2015 and is expected to reach $1,842 million by 2022 growing at a CAGR of 8.84%. Global companion animal diagnostics market is mainly driven by factors such as increasing expenditure on animal healthcare, rising demand for pet insurance, rising pet adoption in emerging nations, growing income levels in developed regions and rising awareness about zoonotic diseases. However factors such as scarcity of arable land & water and cost effective production are the factors hampering the market growth.
In 2015, immunodiagnostic tests segment held the largest share in global market, the growth is attributed to the advantages such as accuracy, rapid diagnosis easy handling and high sensitivity. However Clinical Chemistry segment is expected to grow at the highest CAGR during the forecast period. Among animal type, dogs segment accounted for approximately 70% of the overall market share, whereas cats segment is expected to witness high growth rate.
Europe dominated the global companion animal diagnostics market and Asia Pacific is expected to grow at the highest CAGR during the forecast period owing to rising pet adoption and increasing demand for animal derived food products in India and China.
Some of the key players in the global market include ABAXIS, Inc., Abbott Laboratories, Boehringer Ingelheim, Danaher Corporation, Elanco, GE Healthcare, IDEXX Laboratories, Inc., IDVET, Merck, Neogen Corporation, Roche Diagnostics, Siemens, Thermo Fisher Scientific Inc, Virbac SA and Zoetis, Inc.
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Other Clinical Chemistry Tests
Other Immunodiagnostic Tests
Molecular Diagnostic Tests
Polymerase Chain Reaction (PCR)
Other Molecular Diagnostic Tests
Other Diagnostic Imaging Technologies
Animal Types Covered:
Rest of Europe
Rest of Asia Pacific
Rest of the World
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