The companion animal diagnostics market was valued at US$ 2,031.62 Mn in 2019 and is projected to reach US$ 2,684.86 Mnby 2027; it is expected to grow at a CAGR of 4.1% from 2020 to 2027.
Growing prevalence of chronic diseases in pet animals and increasing adoption of pets for companionship are the major factors driving the growth of the companion animal diagnostics market. However, increasing pet care costs and extended pet lifespanare expected to restrain the growth of the market during the forecast period.
The companion animal diagnostics market offerings deal with the epidemiology and pathogenesis of domestic animals and facilitate the prevention of further complications with the health of pets and their owners.
The global companion animal diagnosticsmarket is segmented intotechnology, animal type, application, and end user.Based on technology,the companion animal diagnosticsmarketis further segmented intoimmunodiagnostics, clinical biochemistry, hematology, urinalysis, molecular diagnostics, and others. The immunodiagnosticssegment held alargestshare of the market in 2019. However, the clinical biochemistrysegment is anticipated to register ahigherCAGR in the market during the forecast period. Based on application, the market is subsegmented into bacteriology, clinical pathology, virology, parasitology, and others. The clinical pathology segment held the largest share of the market in 2019,and also is estimated to register the highest CAGR in the market during the forecast period.
Based on animal type, the market is segmented into dogs, cats, horses, and others. The dogs segment held the largest share of the market in 2019,and also is estimated to register the highest CAGR in the market during the forecast period.
Based on end user, the companion animal diagnostics market is further segmented intodiagnostic laboratories, veterinary hospitals and clinics, and research institutes and universities. The diagnostic laboratoriessegment held the largest share of the market in 2019and is also projected to registerthe fastest growth during the forecast period.
A few essential primary and secondary sources included in the report areAnimal & Plant Health Agency,American Veterinary Medical Association, and Canadian Centre for Veterinary Biologics.