The significant rise in ownership of pets due to an exponential increase in disposable income and modern lifestyles is propelling the growth of the US companion animal diagnostics market. The high percentage of urban population and separation from farm animals and nature is stimulating Americans to bring cats and dogs as domestic companions in their homes. Pet owners are becoming extra cautious about the health of their pets, which in turn, is leading to an increase in regular diagnostic check-ups and situational check-ups in the US market. The rising awareness among the owners about the availability of various diagnostic tests for diagnosis and treatment of diseases in cats and dogs is expected to increase in the US market over the next few years. The top companies are investing in technological advancements to meet the growing requirement for innovative animal diagnostic tools and platforms in the US market. The focus on the development of cost-effective, flexible treatment tools capable of delivering faster and accurate results will boost revenues in the market. The growing number of pet adoption among millennials, increasing pet healthcare expenditure, higher concentration of key players, and a high number of homes with pets are some of the major factors attributing to the growth of the US market. Obesity, dental diseases, arthritis, allergies, ear infections, skin infections, kidney diseases, bladder or UTIs, thyroid disorders, and diabetes are some of the most common ailments in the US companion animal diagnostics market.
The consumers are signing up for regular diagnosis and glucose monitoring that help them identify the disease at an early stage and begin appropriate therapy to reduce the risk of diabetic complications in their pets in the US market. The advent of miniaturization, microfluidics, and usage of software platforms supported the development and commercialization of in-vitro diagnostics devices, imaging systems, and point-of-care diagnostics will transform the market.
The rising number of new product approvals and launches is driving the demand in the US companion animal diagnostics market. Leading vendors are strategically developing commercial launches of their animal diagnostic devices and consumables or reagents for diagnosing various acute and chronic diseases in cats and dogs. The increasing investments in R&D activities will propel market growth and demand over the next few years. Multiple players are actively involved in launching innovative devices to penetrate and tap the enormous growth potential prevailing in the market. For instance, leading players such as IDEXX Laboratories and Abaxis are gaining a significant presence in the market owing to their continuous involvement in new product innovations and launches. The launch of a broad range of innovative and highly advanced products will boost revenues in the US companion animal diagnostics market. Companies such as Heska, OR Technology, and Rayence are also engaged in developing new products and are focusing to gain regulatory approvals for their products in the US market.
COMPANION ANIMAL DIAGNOSTICS MARKET SEGMENTATION
This market research report includes a detailed segmentation of the market by
- Animal type
Insights By Product
Availability of various reagents and test kits will boost the demand for consumables in the US companion animal diagnostics market
The US companion animal diagnostics market by product is segmented into diagnostic analyzers & imaging equipment, consumables, & software. Consumables segment dominated more than half of the market share in 2017, growing at a CAGR of over 8% during the forecast period. The extensive use of a wide array of various reagents and test kits for performing multiple diagnostic tests, catering to different requirements of veterinarians is propelling the growth of this segment in the US market. The consumables segment predominantly include substrates, enzymes, electrolytes, specific proteins, lipids, and other test kits, which are useful to obtain accurate results in diagnostic procedures. The growing demand for in-clinic diagnostic procedures across veterinary diagnostic labs in the US market will create lucrative opportunities for players operating in this region. The top companies are offering consumables such as reagents, assays, and biomarkers to gain a larger US companion animal diagnostics market share. The growing preference for automated analyzers and advanced imaging equipment in reference laboratories and other veterinary practices will boost the demand for diagnostic analyzers and imaging equipment in the global market. Moreover, the use of software for integration of various diagnostic platforms will increase the efficiency of veterinarians’ workflow in the US market.
Insights By Animal Type
Prevalence of various chronic diseases in dogs to drive the US companion animal diagnostics market during the forecast period
The animal type segment in the US companion animal diagnostics market is classified into dogs and cats. Dogs occupied close to 2/3rd of the total market share in 2017, growing at a CAGR of around 7% during the forecast period. The growing prevalence and incidence of various acute and chronic diseases in dogsare contributing to the growth of this segment in the US market. The rising awareness of the need for collaboration between the fields of veterinary and human medicine on preventing the spread of diseases from companion animals into humans will boost demand for innovative products in the US market. Blood tests, heartworm tests, fecal tests, urinalysis, and radiography are some of the essential diagnostic tests to be performed in dogs for analyzing body condition and diagnosing various diseases in the US. The development of highly advanced and automated hematology analyzers will contribute to the growth of this segment in the US companion animal diagnostics market. The growing number of US households with pet ownership and an increase in expenditure on pet care products will propel the growth of the cat segment in the US market. The rising incidences of obesity, dental diseases, arthritis, allergies, ear infections, skin infections, kidney diseases, bladder, UTIs, thyroid disorders, and diabetes is contributing to the demand in this segment in the US.
Insights By Technology
The launch of innovative imaging systems to contribute to the revenues in the US companion animal diagnostics market
The US companion animal diagnostics market by technology is categorized into diagnostic imaging, clinical chemistry, hematology, immunodiagnostics, microbiology & histopathology, & molecular diagnostics. Diagnostic imaging dominated more than 1/3rd of the total market share in 2017, growing at a CAGR of around 8% during the forecast period. The increasing technological innovations and their accuracy in diagnosing specific diseases in cats and dogs are primarily driving the growth of this segment in the US market. Top companies such as Esaote, Agfa-Gevaert Group, Carestream Health, Hallmarq Veterinary Imaging, GE Healthcare, Shenzhen Mindray Bio-Medical Electronics, and FUJIFILM are offering a diverse range of imaging systems to suit various requirements and needs of end-users in the US market. The launch of radiography systems that are optimized with advanced features including customized animal-image processing, a full suite of veterinary measurement tools, and vet-specific order entry and exam views will revolutionize the US companion animal diagnostics market. Players are launching portable, reliable, and cost-effective analyzer making urinalysis chemistry testing easier and more reproducible in the clinical chemistry segment in the US market.
Insights By End-User
Rising awareness about zoonotic and pet-related diseases to contribute to the demand for veterinary reference laboratory in the US companion animal diagnostics market
The end-user segment in the US companion animal diagnostics market is divided into veterinary reference laboratories, veterinary hospitals & clinics, and others (veterinary academic and research institutes and pet owners). The veterinary reference laboratories occupied more than half of the total market share in 2017, growing at a CAGR of around 6% during the forecast period. The increasing pet adoption and expenditure on pet care, increasing demand for pet insurance, increasing number of veterinary practitioners and their growing income levels, and rising awareness about zoonotic and pet-related diseases are some of the major factors attributing to the growth of this segment in the US market. The market is expected to benefit from the increase in the volume of hematology, immunodiagnostics, and clinical chemistry tests by veterinarians as they are widely used for diagnosing a broad range of diseases and ailments. The increase in the volume of diagnostic testing in these laboratories will attribute to the revenues in the US companion animal diagnostics market. The availability of better healthcare infrastructure for animals in hospitals and clinics will propel the development of the US market.
Insights by Vendors
The US companion animal diagnostics market characterized by the presence of several global, regional, and local players offering a diverse array of diagnostic analyzers, imaging equipment, and consumables. The top vendors are developing innovative products and expanding their product portfolios to sustain the competition levels in the market. Leading companies are adopting new technologies to improve their market presence in the US region. Several players are partnering with pet care companies and government organization to gain traction among pet owners in the US companion animal diagnostics market. Also, vendors are focusing on developing and commercializing innovative animal diagnostics systems to gain a competitive advantage in the US market.
The US Companion
Animal Diagnostics market research report includes industry analysis with revenue and forecast insights for the following segments:
- Diagnostic Analyzers & Imaging Equipment
By Animal Type
- Diagnostic Imaging
- Clinical Chemistry
- Microbiology & Histopathology
- Molecular Diagnostics
- Veterinary Reference Laboratories
- Veterinary Hospitals & Clinics
- Veterinary Academic & Research Institutes
- Pet Owners