The companion animal diagnostics market is valued at an estimated USD 1.7 billion in 2019 and is projected to grow at a CAGR of 9.8% to reach USD 2.7 billion by 2024. The growing companion animal ownership, rising demand for pet insurance, and the growth in the number of veterinary practitioners in developed countries are the major factors driving the growth of the companion animal diagnostics market. Key players, such as IDEXX Laboratories, Inc. (US) and Zoetis Inc. (US), will continue to dominate this market during the forecast period. The companies adopted new product launches and acquisitions as their major growth strategies to maintain their position in the market.
To know about the assumptions considered for the study download the pdf brochure
IDEXX Laboratories, Inc. (US) dominated the companion animal diagnostics market in 2018. The company has a diversified product portfolio, which includes a wide range of companion animal diagnostic products. IDEXX’s strong position in the market is attributed to its active R&D activities and wide distribution footprint across the world, which enables the company to serve customers in more than 100 countries. To garner a larger share in the companion animal diagnostics market, the company continuously focuses on product launches. For instance, in January 2019, the company launched the Canine Progesterone Test for Catalyst Dx and Catalyst One analyzers. Similarly, in January 2018, the company launched the IDEXX catalyst SDMA test to analyze kidney function in companion animals.
Zoetis Inc. (US) accounted for the second-largest share of the companion animal diagnostics market (after the acquisition of US-based Abaxis, Inc., a pioneer in the veterinary point-of-care diagnostics industry, for USD 2.0 billion) in 2018. Zoetis offers a wide range of products and has a strong geographical footprint through strategic acquisitions and partnerships. The company also focuses on R&D activities to develop its animal health solutions that meet customer demands. In this regard, the company invested USD 376 million, USD 382 million, and USD 432 million in R&D activities for the discovery and development of new point-of-care diagnostics, chemical & biological entities, and product lifecycle development in 2016, 2017, and 2018, respectively.
Some of the other players competing in this market are Thermo Fisher Scientific, Inc. (US), Virbac (France), Heska Corporation (US), Neogen Corporation (US), bioMérieux SA (France), IDvet (France), INDICAL Bioscience GmbH (Germany) [QIAGEN N.V. (Netherlands)], and Randox Laboratories Ltd. (UK).
Related Reports:
Companion Animal Diagnostics Market by Technology (Clinical Biochemistry, Urinalysis, Immunodiagnostic, Hematology, Molecular Diagnostics), Application (Clinical Pathology, Bacteriology, Parasitology), Animal (Dog, Cat), End User – Global Forecast to 2024
