Companion Animal Diagnostics Market worth over $4.5bn by 2027

Companion Animal Diagnostics Market size is set to surpass USD 4.5 billion by 2027, according to a new research report by Global Market Insights Inc.
 

Companion animals such as cats, dogs and horses among others offer companionship to humans. Several health concerns associated with companion animals have promoted the demand for diagnostics tests to detect the diseases at an early stage and provide effective therapeutics. Increasing demand for companion animal diagnostics services, growing expenditure on animal health and soaring adoption of pets is expected to spur the companion animal diagnostics market growth. Pet owners spend on an average around USD 235 per animal every year on companion animal products. Furthermore, these numbers are reported to be increasing gradually from the past few years and highlight the similar trend in the near future. Rising disposable income is another prime variable facilitating the animal care expenditure. As a result, market competitors are also investing in developing novel companion animal diagnostics tests, further facilitating the market expansion positively.

Rising incidence of zoonotic diseases and food borne will fuel the companion animal diagnostics market demand

The increasing prevalence of zoonotic and food borne diseases across the world is anticipated to expand the industry growth. Zoonotic diseases pose significant threat as they are transmitted from animals to humans. As per the National Center for Biotechnology Information, around 60% of known infectious diseases and over 75% of emerging infectious diseases are zoonotic in origin. Endemic zoonotic disorder poses a threat to both the health of animals and humans. The UK government has introduced control policies to decrease the prevalence of these pathogens in the food chain and other areas. There has been an increase in the incidence of zoonotic diseases such as rabies, SARS, and zoonotic influenza among others. These diseases are highly fatal, if left untreated it can harm animals as well as the humans that come in contact with these diseased animals.
 

In UK, various programs have been established to provide consistent funding that is useful for vaccination programs of animals. In many cases, the bacteria salmonella contaminates animal feed that causes human infection through derived food products. Parasites and fecal matter can contaminate animal eggs, milk, vegetables at the farm leading to food-borne zoonotic diseases. There has been a growing expenditure on pets to decrease the incidence of zoonotic disorders.
 

Zoonotic and food borne diseases further inflict economic burden on the healthcare system accounting for billions spent in therapeutics. For instance, bovine encephalopathy outbreak accounted for USD 6.3 billion; while foodborne zoonotic disease costs approximately USD 1.3 billion every year. Thus, the rising prevalence of zoonotic and food borne diseases along with surging costs related to therapeutics with these diseases is projected to facilitate the acceptance of companion animal diagnostics tests, thereby channelizing the industry expansion in the coming years.
 

Browse key industry insights spread across 180 pages with 237 market data tables & 14 figures & charts from the report, “Companion Animal Diagnostics Market Size By Technology (Immunodiagnostics {ELISA, Lateral Flow Assays, Immunoassay Analyzers}, Clinical Biochemistry, Haematology, Molecular Diagnostics {PCR, Microarrays}, Urinalysis), By Companion Animal (Dogs, Cats, Horses),  COVID-19 Impact Analysis, Regional Outlook Application Development Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/companion-animal-diagnostic-market   
 

Use of molecular diagnostics in detection of wide range of animal pathogens is estimated to foster the market progression

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The companion animal diagnostics market for molecular diagnostics segment held 13% of revenue share in 2020 and is expected to reach more than USD 657 million by 2027. This market share is pertaining to detection of comprehensive range of animal pathogens with the help of molecular techniques such as quantitative, real-time, conventional PCR and genetic sequencing among others. These advanced techniques enable quick and highly precise diagnosis of nucleic acids to assist in the detection of infectious diseases. The COVID-19 pandemic has further facilitated the demand for companion animal diagnostics services as the molecular diagnostics are used to diagnose the infected animals.
 

Significant cat population susceptible to wide range of diseases is poised to augment the demand for animal diagnostics

The companion animal diagnostics market for cats segment was valued at USD 943 million in 2020 led by the several factors including growing cat population, rising adoption of cats for companionship among millennials and old age generation and high prevalence of diseases affecting the cats globally. The increasing adoption of cats will to propel the demand for cats. As per the National Center for Biotechnology Information (NCBI), domestic cats are highly susceptible to a broad range of infectious diseases such as feline foamy virus (FFV), feline immunodeficiency virus (FIV), feline leukemia virus (FeLV) and feline calicivirus among others. In the U.S., approximately 74% of the domestic cats are infected by Toxoplasma gondii in their lifetimes accounting for a predicted total of 60 to 160 million free-roaming domestic cats in the U.S. Thus, the significant proportion of cat population susceptible to infectious diseases is forecasted to promote the demand for companion animal diagnostics.
 

Growing pet population and soaring pet care expenditure in China will stimulate the market value

China companion animal diagnostics market is anticipated to witness 11.3% growth rate through 2027 due to the increasing pet population, rising spending on animal healthcare and growing disposable income. As per the online pet forum Goumin.com, the expenditure on cat and dog was spent around USD 29 billion in 2019 that showcased 18.5% increase as compared to the previous year. Rise in spending by the Chinese pet owners on products and services in order to improve the health of companion animals is slated to create business opportunities in the Chinese market, thereby boosting the industry demand.
 

Companies are emphasizing on strategic initiatives and innovative product launch to expand business operations

Some of the major players operating in the companion animal diagnostics market are IDEXX Laboratories, Abaxis, Heska Corporation, Neogen, Zoetis, Thermo Fischer Scientific and Randox among others. Prominent participants implement several strategic formulations such as product commercialization, collaborations, partnerships and geographical expansions to channelize revenue growth.