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Companion Animal Diagnostics Market

Companion Animal Diagnostics Market by Manufacturers, Regions, Type and Application Forecast to 2032

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Companion Animal Diagnostics Market

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  1. Companion Animal Diagnostics Market: Industry Analysis, Trend, Growth, Opportunity, Forecast 2023-2032

  2. Industry Insights • The companion animal diagnostics market is set to witness notable growth by 2027 on account of growing research efforts and technological advancements in the field of animal diagnostics. Additionally, the increasing trend of pet adoption worldwide is anticipated to further boost market expansion over the forecast timeline. • Pet adoption has been on a constant rise and has seen a sharp increment following the COVID-19 outbreak as pandemic-induced isolation encouraged people to look for a companion amongst animals. • Animal diagnostics is a branch of science concerned with the identification of numerous animal diseases caused by external and internal sources, particularly microorganisms, such as bacteria, viruses, and fungus. • Rising incidences of zoonotic diseases, increased owner awareness, and rising expenditure on animal care are some key factors contributing to the companion animal diagnostics market growth across key regions.

  3. Notably, industry players are adopting various strategic initiatives to strengthen their market standing, which has been favorable for the global business landscape. • For instance, in July 2021, Virbac Corporation, a US-based manufacturer of pet-care products, announced the acquisition of iVet LLC, a specialty pet food company, to support the expansion of its products, logistics, and e-commerce. • In another instance, in June 2021, IDEXX Laboratories, Inc., a key player in the veterinary diagnostics industry, acquired ezyVet, a cloud-based software solution. With this acquisition, IDEXX planned to enhance its cloud software capabilities, provide technological solutions to improve patient care, and effectively communicate with pet owners. • Subsequently, implementation of lucrative expansion strategies by key industry players has played a vital role in fostering market growth.

  4. Regional Analysis • From the regional perspective, the Middle East and Africa companion animal diagnostics market is expected to expand at a CAGR of around 8.7% over the forecast period driven by the surging prevalence of zoonotic diseases across the region. • Competitive Analysis • Thermo Fischer Scientific Inc., Heska Corporation, Zoetis, IDEXX Laboratories, Virbac, Qiagen, and Neogen Corporation, among others, are some of the key participants involved in the companion animal diagnostics market. These companies are engaging in strategic acquisitions and collaborations to remain ahead in the market.

  5. Companion Animal Diagnostics Market @ https://www.gminsights.com/industry-analysis/companion-animal-diagnostic-market Request for sample of this research report @ https://www.gminsights.com/request-sample/detail/2927 Request for customization @ https://www.gminsights.com/roc/2927

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