The growth in this market is driven by the rising companion animal population, increasing demand for pet insurance, and the growth in the number of veterinary practitioners in developed countries. The growing demand for rapid tests and portable instruments for point-of-care services is expected to offer potential growth opportunities for market players in the coming years.
The companion animal diagnostics market is projected to reach USD 2.7 billion by 2024 from USD 1.7 billion in 2019, at a CAGR of 9.8%.
Key Market Players
IDEXX Laboratories, Inc. (US) and Zoetis, Inc. (US) are the major players operating in the companion animal diagnostics market. Some of the other players operating 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).
IDEXX Laboratories dominated the companion animal diagnostics market in 2018. The company is engaged in the development, manufacture, marketing, and distribution of a variety of diagnostic products and services for companion animals and livestock. In 2018, the Companion Animal Group accounted for a share of 87.8% of the company’s total revenue. This segment reported an increase in revenue owing to the significant sale of analyzers, consumables, and rapid kits. For instance, the global sale of chemistry analyzers increased from 40,000 units in 2015 to 50,800 units in 2018.
To sustain its leading position in the market, the company focuses on launching new and innovative products. IDEXX has launched various diagnostic products and rapid kits between January 2014 and February 2019. The company has a strong presence across the globe, and around 66–68% of its revenue is generated from the North American region. Emerging markets such as the Asia Pacific and Latin America are expected to offer lucrative growth opportunities for the company in the coming years.
Recent Developments
- In January 2019, IDEXX launched the Canine Progesterone Test for Catalyst Dx and Catalyst One analyzers
- Zoetis launched the Carysta HVC Chemistry Diagnostic Instrument in February 2018
- In January 2018, IDEXX launched the IDEXX Catalyst SDMA Test
- Zoetis acquired Abaxis, a pioneer in the veterinary point-of-care diagnostics field, for USD 2.0 billion in July 2018
- Virbac, in May 2017, held a partnership with KC Animal Health Corridor (US). Under this partnership, KC Animal Health will be the North American distributor for Virbac’s product portfolio
- In April 2016, Virbac inaugurated its new production facility in Missouri, US. This expansion will help the company to extend its business in the US and Canada
Key Questions Addressed in the Report
- Who are the top 10 players operating in the companion animal diagnostics market?
- What are the drivers, restraints, opportunities, and challenges in the companion animal diagnostics market?
- What are the industry trends as well as the current scenario in the companion animal diagnostics market?
- What are the growth trends in the companion animal diagnostics market at the segmental and overall market levels?
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