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2021
Companion Animal Diagnostics Market

Companion Animal Diagnostics Market: Global Opportunity Analysis and Industry Forecast, 2019–2027

A11127
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Dec 2021 | 287 Views
   
Author(s) : Onkar Sumant
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COVID-19

Pandemic disrupted the entire world and affected many industries.

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A pet, or companion animal, is an animal which are used generally for a person's company or entertainment. The popular pets are often considered to have better attractive appearances, higher intelligence and relatable personalities, whereas some pets may be taken on altruistic basis (such as a stray animal) and can be accepted by the owner regardless of these ideal characteristics. The animals include, rabbits, cats, dogs, rodents, which are taken as companion animals and the health is also considered to be crucial. The various issues affecting the animal health include the food borne diseases, infections, wounds, and improper sanitization of the shelter. The animal health is to be identified using various devices and techniques which are a necessity due to the strict government regulations and also the inclination of people towards maintaining better animal health.

Market scope and structure analysis:

Report Metric

Details

  Market size available for years

  2020–2027

  Base year considered

  2019

  Forecast period 

  2021–2027

  Forecast units

  Value (USD)

  Segments covered

  Technology, Applications, Animal Type, End User and Region

  Regions covered

North America (U.S. and Canada), Europe (Germany, UK, France, and the Rest of Europe), Asia-Pacific (China, Japan, India, and the Rest of Asia-Pacific), Latin America (Brazil, Mexico, and the Rest of LATAM) and The Middle East and Africa

  Companies covered

Major players analyzed include Heska Corporation , Virbac, Thermo Fisher Scientific, Inc., IDEXX Laboratories, Inc., Zoetis, Inc., Neogen Corporation, bioMérieux SA, INDICAL Bioscience GmbH, IDvet, and Randox Laboratories Ltd.


COVID-19 scenario analysis:

The coronavirus pandemic has negatively impacted on businesses and has already caused an unprecedented collapse of economic activities. The COVID-19 pandemic cases are because of direct or indirect contact between humans. The myth that animals are spreading the coronavirus disease-2 has led to increase in the abandoning of the pets.  The pandemic has weakened the supply chain of the products which can be used as the nutritional supplements and other medications. A huge reduction in the workforce has been observed, which led to the adverse impact on the animal health industry. Also, stringent government policies such as restrictions of import of raw materials from China is expected to hamper the animal health market. Healthcare facilities are supplying up the animal related health products, considering the high demand. This is predictable to further create financial strain on the market due to procurement inefficiencies and wasted speeding. As pandemic situation has affected, many hospitals and veterinary clinics are overstocking the products.

Top impacting factors: Market Scenario Analysis, Trends, Drivers and Impact Analysis

The major factor affecting the market includes the increase in demand of the pet insurances would help the industry grow. The increase in demand for portable instruments and surge in demand for rapid tests is anticipated to help the market grow. The rise in population of animal companion is anticipated to boost the industry. The surge in the veterinary practitioners in the developed economies would propel the industry.

New product advancements to flourish the market

IDEXX launched SNAP Feline proBNP Test, which can be used to assess cats with cardiac risk factors. SNAP tests provide reference laboratory quality technology for superior diagnostic accuracy at the point of care.

In January 2018, IDEXX Laboratories, Inc. announced that the IDEXX Catalyst SDMA Test will be commercially available to all North American customers, enabling IDEXX’s point-of-care customers to add SDMA as an essential element of the routine chemistry panel.

Surge in mergers and acquisitions to boost the market

In April 2020, Heska Corporation, a provider of advanced veterinary diagnostic and specialty products, announced the completion of the acquisition of Scil Animal Care Company GmbH ("Scil") from Covetrus, Inc. for $110 million in cash, subject to customary closing adjustments.

In May 2018, Zoetis and Abaxis announced a merger agreement in which Zoetis acquired Abaxis, a developer of diagnostic instruments for veterinary point-of-care services, for $83 per share in cash, or about $2 billion total. The acquisition is expected to enhance Zoetis' presence in veterinary diagnostics, an animal health category that's seen compound annual growth of about 10% over the last three years, according to a media release from both companies.

Key segments covered:

Segments

Sub-segments

  Technology

  • Clinical Biochemistry
  • Glucose Monitoring
  • Urine Glucose Strips
  • Blood Glucose Strips
  • Glucose Monitors
  • Clinical Chemistry Analysis
  • Clinical Chemistry Reagent Clips and Cartridges
  • Clinical Chemistry Analyzers
  • Blood Gas & Electrolyte Analysis
  • Reagent Clips and Cartridges
  • Analyzers
  • Hematology
  • Hematology Analyzers
  • Hematology Cartridges
  • Immunodiagnostics
  • Allergen-specific Immunodiagnostic Tests
  • Lateral Flow Assays
  • Immunoassay Analyzers
  • ELISA Tests
  • Other Immunodiagnostic Products
  • Urinalysis
  • Urine Test Strips
  • Urinalysis Clips & Cartridges/Panels
  • Urine Analyzers
  • Molecular Diagnostics
  • Polymer Chain Reaction Tests
  • Microarrays
  • Other Molecular Diagnostic Products
  • Others

  Application

  • Parasitology
  • Clinical Pathology
  • Bacteriology
  • Virology
  • Other Applications

  Animal types

  • Cats
  • Horses
  • Dogs
  • Others

  End User

 

  • Veterinary Hospitals and Clinics
  • Point-of-care/In-house Testing
  • Veterinary Reference Laboratories
  • Research Institutes and Universities


Key benefits of the report:

  • This study presents the analytical depiction of the global companion animal diagnostics industry along with the current trends and future estimations to determine the imminent investment pockets.
  • The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global companion animal diagnostics market share.
  • The current market is quantitatively analyzed from 2020 to 2027 to highlight the global companion animal diagnostics market growth scenario.
  • Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
  • The report provides a detailed global companion animal diagnostics market analysis based on competitive intensity and how the competition will take shape in coming years.

Questions answered in the companion animal diagnostics market research report:

  • Who are the leading market players active in the companion animal diagnostics market?
  • What are the current trends that will influence the market in the next few years?
  • What are the driving factors, restraints, and opportunities in the market?
  • What are the projections for the future that would help in tasking further strategic steps?
 
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