Animal Diagnostics Market 2020 by industry trends, statistics, key companies growth and regional forecast
Category: #business  By Ronak Bora  Date: 2021-03-30
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Animal Diagnostics Market 2020 by industry trends, statistics, key companies growth and regional forecast

Animal Diagnostics Market report offers in-depth analysis of the industry size, share, major segments, and different geographic regions, forecast for the next five years, key market players, and premium industry trends. It also focuses on the key drivers, restraints, opportunities and industry challenges.

Growing adoption of pets for companionship, rising disposable incomes coupled with increase animal healthcare spending is poised to drive global animal diagnostics market trends. Diagnostic tests are essential for determining the health status of animals thereby identifying pathogens and bacteria. This enables early detection, management as well as control of animal diseases, facilitating safe trade in animals, animal products along with ensuring good health of pet animals.

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The pet care sector is increasingly expanding across the world. As per the Indian Pet Trade Fair data, Indian pet care sector accounted for more than USD 1 billion of expenditure in 2014. In 2018, over 470 million dogs were kept as pets worldwide and there were roughly 370 million pet cats in the world in the same year.

Escalating trend of adopting pets and maintaining their well-being may favor business growth over the coming years. A report suggests that global animal diagnostics market size will cross USD 5.5 billion valuation by 2025 annually.

Technological development in diagnostic tools for animal diseases powered by advancements in molecular biology are  playing a crucial role in overall growth of the market. For instance, isothermal technology is one of the prominent techniques which offers point-of-care testing with reduced cost and complexity. Moreover, it also performs reactions at a fixed temperature using isothermal chemistries which eliminates the need of thermal regulation as needed in other traditional methods.

Another example of technological advancement in the industry is polymerase chain reaction (PCR) which is extensively used for genome sequencing of pathogens for producing elements required for diagnosis of disease, parasite control and biological research.

Companion animal segment had registered a significant revenue share in 2018 and is expected to witness a CAGR of more than 7.5% over the forecast timeframe. This can be credited to increasing adoption of pets for companionship, which in turn is impelling the demand for veterinary care. Besides, ease of availability of various diagnostic methods for detection of companion animal diseases and pet health insurance are some of the prominent factors contributing to the segment growth.

Clinical biochemistry segment had dominated the market in 2018 by recording a valuation of USD 1.0 billion owing to the increasing demand for value-based veterinary care and initiatives for preserving endangered species. Moreover, the segment is also expected to observe a significant growth due to rising demand for enhanced products for veterinary care and deployment of advanced techniques in clinical laboratories.

For instance, in 2019, IDEXX Laboratories, Inc. announced the launch of Catalyst® Progesterone Test aimed at helping veterinarians determine the appropriate breeding window for dogs by delivering a quantitative, reliable and point-of-care measure of progesterone levels to comprehend the ovulation status. Apparently, the product launch helped the company strengthen its product offering and its presence in the overall market.

U.S. animal diagnostics market was valued at USD 1.6 billion in 2018 and is projected to grow significantly over the coming years. The growth can be attributed to advancements in veterinary diagnostics along with increasing adoption of advanced molecular diagnostic techniques across several laboratories. Further, several initiatives undertaken by governing bodies for promoting the growth of animal healthcare sector coupled with controlling the prevalence of animal diseases are some of the crucial factors anticipated to support the growth of animal diagnostics market in the country.

Referring to supportive regulatory measures, in 2020, Zoetis  announced that its Simparica TrioTM (moxidectin, sarolaner and pyrantel chewable tablets) had received approval from   the U.S. Food and Drug Administration (FDA). According to the company, the product offers all-in-one protection from ticks and fleas, heartworm disease, hookworms and roundworms in dogs.

Animal diagnostics market in India is estimated to register a substantial growth rate of 12.4% over the analysis timeline owing to rising awareness regarding animal healthcare along with profound initiatives by prominent organizations such as People for Animals and The Tata Trust. Citing an instance, in 2017, Tata Trust in collaboration with People for Animals announced building a state-of-art, multispecialty veterinary hospital and emergency clinic in Mumbai to cater to the needs of domestic as well as farm animals at affordable rates.

Major industry players operating in animal diagnostics market are such as Thermo Fisher Scientific, IDEXX Laboratories, Zoetis, Abaxis, Qiagen, Heska Corporation, Virbac, Randox and Neogen are focused on adopting several strategies such as joint ventures, mergers, acquisitions and geographic expansion in order to gain a strong foothold in the market. 

Browse full table of contents (TOC) of this report @ https://www.decresearch.com/toc/detail/animal-diagnostics-market

Partial Chapter of the Table of Content 

Chapter 3. Animal Diagnostics Industry Insights

3.1. Industry segmentation

3.2. Industry landscape, 2014 – 2025

3.3. Industry impact forces

3.3.1.Growth drivers

3.3.1.1.Growing trend of adopting pet animals

3.3.1.2.Rising prevalence of food borne and zoonotic diseases

3.3.1.3.Favorable government initiatives

3.3.1.4.Rapidly increasing demand for animal products

3.3.1.5.Advancements in veterinary diagnostics

3.3.2.Industry pitfalls & challenges

3.3.2.1.Prohibitive cost associated with animal tests

3.3.2.2.Low out of pocket expenditure on pet healthcare in developing countries

3.4. Growth potential analysis

3.4.1.By technology

3.4.2.By animal type

3.5. Regulatory landscape

3.5.1.U.S

3.5.2.Europe

3.6. Porter’s analysis

3.7. Competitive landscape, 2018

3.7.1.Business overview

3.7.2.Revenue analysis

3.7.3.Product landscape

3.7.4.Strategy dashboard

3.8. PESTEL analysis

Chapter 4. Animal Diagnostics Market, By Technology

4.1. Key segment trends

4.2. Immunodiagnostics

4.2.1. Market size, by region, 2014 – 2025 (USD Million)

4.2.2.ELISA

4.2.2.1. Market size, by region, 2014 – 2025 (USD Million)

4.2.3.Lateral flow assays

4.2.3.1. Market size, by region, 2014 – 2025 (USD Million)

4.2.4.Immunoassay analyzers

4.2.4.1. Market size, by region, 2014 – 2025 (USD Million)

4.2.5.Others

4.2.5.1. Market size, by region, 2014 – 2025 (USD Million)

4.3. Clinical biochemistry

4.3.1. Market size, by region, 2014 - 2025 (USD Million)

4.4. Hematology

4.4.1. Market size, by region, 2014 - 2025 (USD Million)

4.5. Molecular diagnostics

4.5.1. Market size, by region, 2014 – 2025 (USD Million)

4.5.2.PCR

4.5.2.1. Market size, by region, 2014 – 2025 (USD Million)

4.5.3.Microarrays

4.5.3.1. Market size, by region, 2014 – 2025 (USD Million)

4.5.4.Others

4.5.4.1. Market size, by region, 2014 – 2025 (USD Million)

4.6. Urinalysis

4.6.1. Market size, by region, 2014 - 2025 (USD Million)

4.7. Others

4.7.1. Market size, by region, 2014 - 2025 (USD Million)

 

About Author

Ronak Bora    

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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