Impact Assessment of COVID-19 Outbreak on Companion Animal Drugs Market
Companion Animal Diagnostics Market: In-house Disease Testing of Pets to Gain Popularity
With increasing number of animals being adopted as pets, globally, rising awareness regarding veterinary issues and improved quality of treatment & therapy for animals have contributed significantly to the expansion of the companion animal diagnostics market. Within the larger companion animal diagnostics market, point-of-care testing is a rapidly growing sector, the popularity of which can be attributed to the lab-like facilities that are offered at these centers, designed to enhance the quality of care offered to pets. This segment, which was valued at ~US$ 515 Mn in 2018, is expected to double by the end of the forecast period ending 2027.
However, retaining its place at the top of the table with the largest share of ~35% in 2018 is the veterinary reference laboratories segment. While it is expected to yield 2% of its market share by the end of the forecast period, it is set to expand at a robust pace from 2019 to 2027. The growth and popularity of this segment can be attributed to the increase in the number of laboratories for the diagnosis and effective testing of veterinary diseases, especially in developed countries, which has had a positive impact on the growth of the companion animal diagnostics market.
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Veterinary Clinical Biochemistry – The First Basic Test for Diagnosis of Several Diseases
Veterinary clinical biochemistry, as a segment, accounted for around one-third of the global market for companion animal diagnostics in 2018. There has been increase in the usage of clinical biochemistry tests as the first and basic tool for the diagnosis of several illnesses. Products such as chemistry analyzers, glucose monitoring devices, and blood & gas analyzers are used for the diagnosis of a variety of diseases, the increasing incidence of which, has been a key factor driving the growth of this segment. The clinical biochemistry segment was valued at ~US$ 675 Mn in 2018, is expected to grow at a steady pace during the forecast period to double by the end of 2027.
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However, the fastest-growing technology in the companion animal diagnostics market is urine analysis, which had a market value of ~US$ 200 Mn in 2018, and is expected to grow at a robust value CAGR of ~10% over the forecast period. This procedure is not necessarily favored as a basic test, but is extensively used in point-of-care centers, which contributes to the growth of the companion animal diagnostics market.
North America Continues To Provide Lucrative Opportunities, as Animal Healthcare Becomes Structured
In 2018, North America accounted for two-fifth of the share of the global companion animal diagnostics market, making it the most significant region in the landscape. Revenue from North America is expected double in value by the end of 2027, as it continues to hold its place at the head of the table during the forecast period. This can be attributed to the fact that, North America has been an early adopter of new technologies, which is opening up lucrative opportunities for players in the region to diversify their product range to improve the quality of products used in companion animal diagnostics and care.
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However, due to the remarkable rise in the adoption of pets in APAC, and the consequent increase in the demand for companion animal diagnostic products in the region, the market in the region is anticipated to expand the fastest at a CAGR of ~10% over the forecast period.
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