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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. Growth in Companion Animal Diagnostics Market The  global companion animal diagnostics market  is projected to reach $2.7 billion by 2024 from $1.7 billion in 2019, at a  CAGR  of 9.8%. Technology  –  Companion Animal Diagnostics Based on technology, the companion animal diagnostics market is segmented into clinical biochemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and other companion animal diagnostic technologies. The clinical biochemistry segment is expected to grow at the highest CAGR during the forecast period. The higher preference for various advanced ...

Factors such as the rising companion animal population, increasing demand for pet insurance, and the growth in the number of veterinary practitioners in developed countries are driving the growth of this market. Also, 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. However, the increasing pet care costs are expected to restrain market growth to a certain extent. Clinical biochemistry segment to account for the largest share of the  companion animal diagnostics market  in 2019 On the basis of technology, the companion animal diagnostics market is segmented into clinical biochemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and other companion animal diagnostic technologies. In 2019, the clinical biochemistry segment is expected to account for the largest share of the companion animal diagnostics market. The higher preferenc...

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 positio...

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 compani...