The Companion Animal Diagnostics Market Revolution: Understanding the Market and Its Impact
The global companion animal diagnostics market size was USD 2.23 Billion in 2021 and is expected to register a revenue CAGR of 9.7% during the forecast period, according to latest analysis by Emergen Research. Rising demand for pet insurance, growing preference for rapid tests and portable equipment for point-of-care diagnostic testing for animals, as well as rising prevalence of multilateral and zoonotic infections are some of the key factors driving revenue growth of the market.
In addition, rising demand for pet insurance and surge in expenditure on pets and companion animals are other factors driving market growth. Companion animal expenses and spending have been rising steadily for a while and this trend is anticipated to continue in the future.
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As well as new entrants in the Companion Animal Diagnostics market. It focuses on the recent mergers & acquisitions, joint ventures, collaborations, partnerships, licensing agreements, brand promotions, and product launches, among others.
Some major companies in the global market report include Idexx Laboratories, Inc., Neogen Corporation, Zoetis, Inc., Heska Corporation, IDvet, Virbac, Shenzhen Mindray Animal Medical Technology Co. Ltd, Biomerieux SA, Bionote, Inc., and Randox Laboratories Ltd.
One of the report’s central components is the broad Companion Animal Diagnostics market segmentation that includes the product type gamut, application spectrum, end-user industry landscape, significant geographical regions, and the top market contenders. The report contains unbiased industry expert opinions on the current market scenario, past market performance, production & consumption rates, demand & supply ratio, and revenue generation forecasts over the estimated period. The key players’ financial positions, along with their gross profits, sales volumes, sales revenue, manufacturing costs, and other financial ratios, have been accurately gauged in the report.
- The veterinary hospitals segment accounted for largest revenue share in 2021. A veterinary hospital provides services such as animal diagnostics, treatment, and medication. A veterinary hospital concentrates on animal raising, husbandry, breeding, nutrition research, and product development in addition to treating wounds, illnesses, and issues. In addition, regular checkups, pet dental treatment, and grooming should all be a part of healthcare regimen for companion animals in such hospitals.
- Every pet owner wants to improve their four-legged companions health, happiness, and quality of life. These facilities enable this by providing animals with best preventative care, which significantly drives revenue growth of this segment.
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The global Companion Animal Diagnostics market is broadly segmented on the basis of different product types, application range, end-use industries, key regions, and an intensely competitive landscape. This section of the report is solely targeted at readers looking to select the most appropriate and lucrative segments of the Companion Animal Diagnostics sector in a strategic manner. The segmental analysis also helps companies interested in this sector make optimal business decisions and achieve their desired goals.
Emergen Research has segmented the global companion animal diagnostics market based on technology type, animal type, application, end-use, and region:
- Technology Type Outlook (Revenue, USD Billion; 2019-2030)
- Clinical Biochemistry
- Clinical Chemistry Analyzers
- Glucose Monitoring
- Molecular Diagnostics
- Clinical Biochemistry
- Animal Type Outlook (Revenue, USD Billion; 2019-2030)
- Application Outlook (Revenue, USD Billion; 2019-2030)
- Clinical Pathology
- End-Use Outlook (Revenue, USD Billion; 2019-2030)
- Veterinary Hospitals
- Veterinary Pet Clinics
- Diagnostic Laboratories
Regional Bifurcation of the Companion Animal Diagnostics Market Includes:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Radical Features of the Companion Animal Diagnostics Market Report:
- The report encompasses Companion Animal Diagnostics market overview along with market share, demand and supply ratio, production and consumption patterns, supply chain analysis, and other ley elements
- An in-depth analysis of the different approaches and procedures undertaken by the key players to conduct business efficiently
- Offers insights into production and manufacturing value, products and services offered in the market, and fruitful information about investment strategies
- Supply chain analysis along with technological advancements offered in the report
- The report covers extensive analysis of the trends, drivers, restraints, limitations, threats, and growth opportunities in the Companion Animal Diagnostics industry
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