Companion Animal Diagnostics Market Size
Market Outlook:
Base Year Value (2023)
USD 2.17 Billion
CAGR (2024-2032)
8%
Forecast Year Value (2032)
USD 4.34 Billion
Historical Data Period
2019-2023
Largest Region
North America
Forecast Period
2024-2032
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Market Dynamics:
Growth Drivers & Opportunity:1. Increase in pet ownership and humanization of pets, leading to higher spending on pet healthcare and diagnostics.
2. Advancements in veterinary diagnostics technology, leading to the development of more accurate and efficient diagnostic tests for companion animals.
3. Rising prevalence of zoonotic diseases and increase in awareness about the importance of early disease detection in pets.
4. Growing demand for point-of-care testing and in-house diagnostic services for companion animals, driving the market for portable and rapid diagnostic solutions.
Industry
Report Scope
| Report Coverage | Details |
|---|---|
| Segments Covered | Technology, Animals, Application |
| Regions Covered | • North America (United States, Canada, Mexico) • Europe (Germany, United Kingdom, France, Italy, Spain, Rest of Europe) • Asia Pacific (China, Japan, South Korea, Singapore, India, Australia, Rest of APAC) • Latin America (Argentina, Brazil, Rest of South America) • Middle East & Africa (GCC, South Africa, Rest of MEA) |
| Company Profiled | Idexx Laboratories, INC., Zoetis, INC., Heska, Thermo Fisher Scientific, INC., Biomérieux SA, Virbac, Neogen, Fujifilm Holdings, Indical Bioscience, Idvet, Randox Laboratories, LTD., Shenzhen Mindray Animal Medical Technology, Honeywell International Inc, and BioNote, |
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1. High costs associated with advanced diagnostic procedures and equipment, limiting accessibility to certain pet owners and veterinary clinics.
2. Stringent regulations and approval processes for companion animal diagnostic products, leading to longer lead times for product launches and market entry.
3. Limited adoption of companion animal diagnostics in emerging markets, due to lack of awareness, access to veterinary services, and affordability.
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