New York City, NY, 10 March, 2020/ 24 Market Reports: It is estimated for the global companion animal diagnostics market to grow from USD 1.6 billion in 2020 and reach that of USD 3.2 billion by 2025, witnessing the growth at a CAGR of 9.7% during the forecast period of 2020 to 2025. Growth in companion animal population, rising demand for pet insurance and the increasing number of veterinary practitioners in developed economies are the factors that are driving the growth of the market during the forecast period. The growing demand for rapid tests and portable instruments for point-of-care services are also factors that are offering lucrative growth opportunities for market growth during the forecast period.
Molecular diagnostics to grow at the highest CAGR in the market during the forecast period
Clinical biochemistry, immunodiagnostics, haematology, urinalysis, molecular diagnostics and other companion animal diagnostic technologies are the segmentation for the market based on technology. During the forecast period, it is estimated for the molecular diagnostics to grow at the highest CAGR in the market. The need for reliable, specific, and faster methods to detect chronic diseases and genetic disorders in the early stages are the factors that are propelling the growth of the segment in the market during the forecast period.
Clinical pathology segment to hold the largest share in the market during the forecast period
Based on application, clinical pathology, bacteriology, virology, parasitology and other applications are the segmentation for the market. The clinical pathology segment is estimated to hold the largest share in the market during the forecast period. The clinical pathology provides an understanding of disease mechanism and progression, which is important for the development of new treatments and thus are considered as the first tool for the evaluation of disease patterns.
North America to lead the global market throughout the forecast period
North America, Europe, the Asia Pacific, Latin America and the Middle East and Africa are the segmentation for the market based on geography. North America led the market in the year 2019 and the trend is estimated to continue throughout the forecast period. The Asia Pacific region is expected to grow at the highest CAGR in the market during the forecast period. The growth in pet adoption, increasing awareness about animal health, and increasing per capita animal health expenditure, especially in India and China are the factors that are estimated to drive the growth of the market during the forecast period.
The following are the major objectives of the study:
- To define, describe, and forecast the global companion animal diagnostics market on the basis of product, application and region.
- To provide detailed information regarding major factors influencing growth of the market (drivers, restraints, and opportunities).
- To strategically analyze micromarkets with respect to individual growth trends, future prospects, and contributions to the overall market.
- To analyze the opportunities in the market for key stakeholders and provide details of the competitive landscape for leading market players.
- To forecast the size of the market segments with respect to four main regions, namely, North America, Europe, Asia-Pacific, and the Rest of the World (RoW).
- To strategically profile the key market players and comprehensively analyze their market shares and core competencies.
- To track and analyze competitive developments such as acquisitions, expansions, new product launches, agreements, and collaborations in the global companion animal diagnostics market.
Critical Questions which the report answers:
- What are the major vendor/manufacturers in the market? What is their growth potential during next decade?
- What are the key revenue generating pockets for global companion animal diagnostics market and their future potential during next decade?
- How competitive landscape is evolving in global companion animal diagnostics market?
Major Industry outlook Of Companion Animal Diagnostics Market
