Selbyville, Delaware, July 29, 2021 (GLOBE NEWSWIRE) —
The companion animal diagnostics market size is anticipated to record a valuation of USD 4.5 billion by 2027, according to the most recent study by Global Market Insights Inc. The industry share is poised to witness commendable growth over the coming years owing to the rising prevalence of infectious and parasitic diseases in animals, and the development of clinical biochemistry-based advanced products.
Clinical biochemistry diagnostic tests are highly preferred by veterinarians for the purpose of conducting the diagnosis of parasitic diseases in animals. In addition, major companion animal diagnostics companies are focusing on new product developments and partnerships with private players as well as public organizations for consolidating their position in the market.
For instance, in February 2020, RenalTech was voted as the Best New Companion Animal Product for 2019 by Animal Pharm, an animal health news outlet. The product is a diagnostic tool that enables the early prediction of CKD (chronic kidney disease) in cats.
Given below are some major trends that are set to transform the market outlook:
Increasing prevalence of infectious disorders in Brazil
Brazil accounted for a dominating share of the Latin America companion animal diagnostics market in 2020 and is set to reach a valuation of more than USD 73 million through 2027. This growth is mainly on account of the escalating prevalence of parasitic and infectious disorders, and the increasing companion animal population across the country.
Furthermore, the increasing incidences of disorders comprising West Nile virus, Salmonellosis, and Zoonotic influenza among pet animals is encouraging market players to proceed with the development of innovative companion animal diagnostic technologies for enhancing their quality of life.
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Rising population of horses
The horses segment in the companion animal diagnostics market held nearly 19% of revenue share in 2020. The segment is set to expand at a considerable rate over the forecast period. This rise is attributed to the increasing population of horses for companionship, mental, and physical fitness, and the escalating awareness with regards to animal health.
The segment growth is further anticipated to be driven by the rising prevalence of equine disorder in domestic horses. In addition, there has been a growing expenditure on horses for decreasing the incidence of numerous infectious disorders. For instance, in 2021, RDDL (Regional Disease Diagnostic Laboratory) began conducting screening tests for glanders and the equine disease in horses. The surging prevalence of zoonotic disorders in horses has stimulated the demand for animal diagnostics centers through the projected span.
Rising number of favorable government initiatives
The adoption of favorable government initiatives and the implementation of policies that promote animal care and diagnostics is likely to boost companion animal diagnostics market growth over the ensuing years.
Citing an instance, India’s Ministry of Science & Technology has come up with a host of policies under the Animal Biotechnology program that emphasize on enhancements in animal health via the development of therapeutics and novel diagnostics. The program encompasses numerous initiatives that also comprise the One Health program that concentrates on the development of effective diagnostics for multiple transboundary diseases and zoonoses.
In a nutshell, the escalating trend of adopting pet animals will augment companion animal diagnostics market expansion during the forecast timeframe.
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.