NEWARK, New Castle, USA, July 04, 2023 (GLOBE NEWSWIRE) — In the most recent analysis by Growth Plus Reports, the global Friend animal testing market Price is given $2.51 billion by 2022. Forecasts indicate a strong upward trend with expected earnings CAGR 9.3% In the year By 2031, the market is expected to reach a significant level 5.59 billion dollars
The global veterinary diagnostic market has been analyzed and is expected to increase significantly during the forecast period. Companion animals are not kept for companionship or entertainment, such as pets, laboratory animals, working animals or sports animals, i.e. not for commercial or economic gain.
Key Takeaways:
- Increasing prevalence of companion animal diseases is driving the market revenue share.
- Increasing use of glucose monitoring technology to diagnose diabetes in animals is driving the market demand.
- Several collaborations between market players are boosting the revenue growth of the market.
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Scope of the companion animal testing market
| Report behavior | Details |
| Market size in 2022 | 2.51 billion dollars |
| Market Size in 2031 | 5.59 billion dollars |
| growth rate | 9.3% CAGR from 2023 to 2031 |
| Base year to estimate | 2022 |
| Forecast time | From 2023 to 2031 |
| Historical year | 2021 |
| Covered parts | Animals, technology, application and region |
| Regional scope | North America, Europe, Asia Pacific, Latin America and the Middle East and Africa |
Recent Developments in Global Companion Animal Testing Market:
- The IDEXX 4Dx Plus test, the VetConnectPLUS mobile app, the SediVue Dx Urine Sediment Analyzer, and the new Catalyst SDMA test are just a few of the product and service enhancements Idexx Laboratories, Inc. will be launching in January 2022 to help veterinarians. Be more efficient when managing increased patient load. The improvements provide doctors with richer, more useful information and personalized guidance, faster and with more assurance.
Competitive landscape
A list of market players operating in the global market for companion animal testing includes:
- Idexx Laboratories Inc.
- IDEXX Laboratories Inc.
- Heska Corporation
- Zoetis Inc.
- AgroLabo S.p.A
Market Drivers and Restraints:
The primary driver for the expansion of companion animal diagnostics market revenue is the increase in the number of companion animals, rising costs of animal healthcare, and increasing demand for pet insurance.
However, high cost of veterinary treatment and high breeding and housing costs are expected to restrain the revenue growth of the global companion animal diagnostics market.
Market segmentation:
Classification by animals
Based on animal, the global companion animal diagnostic market is segmented into cats, dogs, and others. The dog segment accounts for the largest market revenue share. Growing incidences of zoonotic disease worldwide, increasing dog adoption rates, and expanding dog populations all increase the need for canine veterinary examination and consultation.
Divide by technology
Based on technology, the global companion animal diagnostics market is segmented into clinical biochemistry, clinical chemistry analyzers, glucose monitoring, disease diagnostics, hematology, molecular diagnostics, urinalysis, and others. The clinical biochemistry segment accounts for the largest revenue share due to testing for liver disorders, diabetes, renal failure, and testing for hypoadrenocorticism or hypokalemia, hypoglycemia, or hyperglycemia.
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Division by applications
Based on applications, the global companion animal diagnostics market is segmented into bacteriology, parasitology, clinical pathology, and others. The clinical pathology segment accounts for the largest market revenue share due to recent diagnostic tools and new diagnostic tools based on clinical tests.
Regional growth dynamics
On the basis of region, the global companion animal testing market is segmented into North America, Asia Pacific, Latin America, Europe, and the Middle East & Africa. North America accounts for the largest revenue share in the global market due to the increasing number of people offering pets and various veterinary services.
Report coverage
Growth Plus reports have deeply studied the global market for companion animal testing. Basic market characteristics, important investment areas, regional growth analyses, revenue forecasts, competitive market participants, and mergers and acquisitions are all examined.
Table of contents
- Introduction
-
- Market ecology
- Time line under consideration
- Historical years – 2021
- Foundation year – 2022
- Forecast years – 2023 to 2031
- Currency used in the report
- Research methods
-
- Research approach
- Data collection method
- Data sources
- Secondary sources
- Main sources
- Market estimation approach
- From below
- from top to bottom
- Market forecasting model
- Limitations and assumptions
- Premium impressions
-
- Current Market Trends (Covid-19 Perspective)
- Key Players and Competitive Position (2022)
- Regulatory landscape
- Market dynamics
-
- Drivers
- Limitations/Challenges
- Opportunities
- Global Companion Animal Diagnostics Market – Analysis and Forecast, by Animal
-
- Cats
- Dogs
- others
- Global Companion Animal Diagnostics Market – Analysis and Forecast, by Technology
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- Clinical biochemistry
- Clinical chemistry analysts
- Glucose monitoring
- Immunodiagnostics
- Hematology
- Molecular tests
- Urine test
- others
- Global Companion Animal Diagnostics Market – Analysis and Forecast, by Application
-
- Bacteriology
- Parasitology
- Clinical pathology
- Other applications
TOC of the companion animal diagnostic market
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