Global Companion Animal Diagnostic Market Forecast and Trends The Global Companion Animal Diagnostic Market is projected to raise at a significant rate during the forecast period. Increasing the prevalence of chronic diseases and the demand for efficient diagnostics in pet animals is projected to fuel the growth. Growing demand for fully automated and semi-automated diagnostic tests is expected to propel the demand for companion animal diagnostics further. Automation in the tests will result in inefficient handling of large volumes of samples and increased productivity. The arrival of micro fluids and miniaturization, among others, supported commercialization and improvement of in vitro diagnostic devices and imaging systems, which is projected to propel the growth of companion animal diagnostics further. Growing demand for Point of Care Diagnostics (POCD) is expected further to drive the growth of the companion animal diagnostics market. POCD provides fast results of the clinical tests and can be evaluated directly, which saves time. Market players are investing in R&D to develop POCD equipment to gain more revenue share. Global Companion Animal Diagnostic Market: Overview Diagnostic tests are essential tools for checking the health status of animals and in identifying pathogens. These diagnostics tests assist in the management, early detection, and prevention & control of animal diseases. The increasing number of pet owners and increased adoption of companion animals is expected to drive the overall market. The tests are cost-effective and also cover a broad range of diseases. Furthermore, increased use of glucose monitoring devices to diagnose diabetes at an early stage is projected to propel the growth further. Growth Drivers Increasing adoption of pet animals Growing adoption of companion animals, especially in developed countries, to cope up with emotional disorders and loneliness, or for support, amusement for kids, and sometimes security, are some of the key factors driving the market growth. Moreover, increasing focus of pet-owners towards preventive healthcare, regular health checkup, and increasing expenditure on companion animal healthcare to protect them from different infectious and other diseases such as zoonotic diseases is propelling the market growth. Moreover, the increasing demand for rapid tests and portable instruments for point-of-care services and the use of sophisticated technologies like machine learning is presumed to offer potential growth opportunities for market players in the forthcoming years. Restraint Increasing pet care cost The pet care cost is increasing due to the increasing adoption of companion animals. The initial cost of adoption and the whole expenses of the pet owner during the year is high, which is restricting the growth of the market. Global Companion Animal Diagnostic Market: Technology On the basis of technology, the market is segmented into Clinical Biochemistry, Molecular Diagnostics, Immunodiagnostics, Urinalysis, Hematology, and Other. The clinical biochemistry is expected to account for the largest share of the global market for companion animal diagnostics during the forecast period. There has been a rise in the usage of clinical biochemistry tests as the first and primary tool for the diagnosis of several illnesses. Products such as glucose monitoring devices, chemistry analyzers, and blood & gas analyzers are used for the diagnosis of a category of diseases, the increasing proportion of which, has been an important factor driving the growth of this segment. Global Companion Animal Diagnostic Market: Animal Type Based on its animal type, the market is categorized as Dogs, Cats, Horses, and Others. The dogs segment is anticipated to hold the largest revenue share in the global market due to increasing prevalence of obesity, and other chronic diseases such as cancer among dogs. Dogs can get cancer at approximately the equivalent rate as human beings. This leads to the growth of companion animal diagnostic market. Global Companion Animal Diagnostic Market: Application The global companion animal diagnostic market is categorized as Bacteriology, Parasitology, Virology, Clinical Pathology, Others, based on application. The clinical pathology segment is projected to account for the largest share of the companion animal diagnostics market. Clinical pathology encompasses hematology, cytopathology, urinalysis, coagulation, immunohematology, clinical chemistry, endocrinology, and general pathology. In the case of chronic diseases, veterinarians suggest routine blood and urine check-ups where clinical pathologists work accompanying with veterinarians to examine the cause of the disease. Global Companion Animal Diagnostic Market: Regional Insights Geographically, the global Companion Animal Diagnostic market is segregated into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America is estimated to register the largest revenue share in the target market, owing to higher adoption of companion animals in nations such as the US and Canada in the region, high pervasiveness of chronic diseases, increasing initiative by the government, well-established veterinary healthcare infrastructure. Additionally, North America has strong existence of prominent companies involved in companion R&D of innovative therapeutics and animal diagnostics. Higher spending on pet healthcare is a major factor growth driving factor. Competitive Landscape The companies that hold the major share of global Companion Animal Diagnostic market are Scil Animal Care Company GmbH Bionote Inc., Skyla Mindray Medical International Limited, Randox Laboratories, Ltd., IDvet, Fujifilm Holdings Corporation, INDICAL Bioscience GmbH Corporation, Biomrieux SA, Neogen, Virbac, Thermo Fisher Scientific Inc., Heska Corporation IDEXX Laboratories, Inc., Zoetis Inc., Abnova Corporation, Guardant Health, Inc., Illumina Inc. QIAGEN N.V., and other prominent players. Recent Development - In February 2020, Zeotic Inc. declared the acquisition of Ethos Diagnostic Science, a veterinary reference lab business devoted to serving leading specialty animal hospitals, the larger veterinary community, and researchers with accurate, honest results. Scope of the Report: Historical data - 2016-2019 Base Year - 2019 Forecast - 2020 - 2026 Market Coverage: United States, Canada, Germany, United Kingdom, France, Italy, Spain, Brazil, Mexico, Argentina, Japan, South Korea, China, India, UAE, South Africa, Saudi Arabia. Key Players: Scil Animal Care Company GmbH Bionote Inc., Skyla Mindray Medical International Limited, Randox Laboratories, Ltd., IDvet, Fujifilm Holdings Corporation, INDICAL Bioscience GmbH Corporation, Biomrieux SA, Neogen, Virbac, Thermo Fisher Scientific Inc., Heska Corporation IDEXX Laboratories, Inc., Zoetis Inc., Abnova Corporation, Guardant Health, Inc., Illumina Inc. QIAGEN N.V., and other prominent players. By Technology - Clinical Biochemistry - Molecular Diagnostics - Immunodiagnostics - Urinalysis - Hematology - Others By Animal Type - Dogs - Cats - Horses - Others By End-User - Hospitals & Clinics - Nursing Homes - Others By Application - Bacteriology - Parasitology - Virology - Clinical Pathology - Others By Region: - North America - Europe - Asia Pacific - Latin America - Middle East & Africa The objective of the Study: - To analyze and forecast the Global Market size of the market in terms of value. - To examine the careful market segmentation and forecast the market size, in terms of value, based on the region by segmenting. - The Global Market segmented into five regions, namely, North America, Europe, Asia Pacific, Middle East & Africa, Latin America. - To outline, categorized, and forecast the Global Market based on the Technology, Animal Type, End-User, and Application. - To examine competitive developments like technological advancement, services, and regulative framework within the Global Market. - To highlight the impact analysis of the factors affecting the market dynamics such as drivers, restraints, opportunities, and challenges. - To strategically profile the key players and comprehensively analyze their market shares along with detailing the competitive landscape for market leaders.