Ocean View, DE -- (SBWIRE) -- 05/05/2020 -- Companion Animal Diagnostic Market will exceed USD 3.2 billion by 2024; as per a new research report.

Increase in adoption of pets in developed countries such as U.S. and Europe majorly by elderly people for companionship will drive the industry growth. Furthermore, there has been shift in trend from pet owners to pet parents indicating pets are considered as family member. According to European Pet Food Industry Statistics, there were around 75 million pet owning homes in Europe in the year 2014. Thus, increasing adoption of pets will accelerate the demand for advanced pet products thereby fueling the market growth.

Rapid technological advancements in the field of companion animal diagnostics will enhance the market growth in the near future. Technologies such as Polymerase chain reaction (PCR) technology is widely being used for genome sequencing of pathogens to generate vital elements further used in parasite control, disease diagnosis and biological research. Application of DNA biotechnology have significantly impacted animal disease control program stimulating demand for companion animal diagnostic solutions.

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High cost associated with the companion animal tests will be one of the major market impeding factor. The exorbitant costs related with testing of animals is a factor that makes it difficult for supervisors to effectively evaluate effects of over 100,000 potential chemicals presently in commerce worldwide. Though substantial human and financial collateral costs do persist, the core costs are incurred by animals that are subjected to research thus hindering companion animal diagnostics market.

Clinical biochemistry animal diagnostic market will witness significant amount of growth at a CAGR of 7.8% during the forecast timeframe. Growing demand for veterinary care with high economic value and efforts to conserve endangered species will drive industry growth. Introduction of micro methods in clinical laboratories and public demand for advanced veterinary care will further drive industry.

Horse diagnostic market was valued over USD 370.9 million in the year 2017. Outcome and course of disease process is dependent on many factors such as defense mechanisms of host, genetic resistance of breed affected or species, disease-causing agent, cell tropism, as well as the hormonal levels, age, and nutritional status of affected animal. Need for diagnosis of skin disorders in horses and digestive diseases in horses are factors propelling business growth.

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UK companion animal diagnostic market is estimated to grow at a CAGR of 8.1% during the projection period. Increasing pet adoption along with rise in disposable income resulting in growing pet healthcare expenditure will act as the key driver that will boost the UK companion animal diagnostics market. As per the Pet Food Manufacturers Association 2018 statistics, nearly 13 million households in the country have pets.

Brazil dominated the Latin America companion animal diagnostic market and was valued ove USD 25.3 million in the year 2017. Pets are generally considered as family member in Brazil. According to Brazilian Association of the Industry of Products for Pets (Abinpet) there are around 52 million dogs, 22 million cats, 38 million birds and 18 million fish in Brazil. Thus, rising pet adoption and significant spending towards companion animal healthcare will drive country market growth.

Some of the leading players in the companion animal diagnostic market include Abaxis, Heska Corporation, Randox, Virbac, Qiagen, IDEXX Laboratories,Thermo Fisher Scientific, Neogen, Zoetis. These companies focus on strategic decisions to increase the research and development investment to develop superior quality products. Merger and acquisitions have increased the capabilities of the companies and increase their efficiency to sustain in the market by providing better diagnostic solutions.