Companion Animal IVD Market Size To Hit USD US$ 4.94 Billion by 2031 | Growth Plus Reports

Newark, New Castle, USA, May 07, 2023 (GLOBE NEWSWIRE) — Growth Plus Reports have analyzed the global market for companion animal IVD estimated to be worth US$ 2.1 billion in the year 2022 and is expected to reach US$ 4.94 billion, registering a revenue CAGR of 8.1% by 2031.

The global market for companion animal IVD was analyzed, and it is expected to rise in terms of revenue share significantly during the forecast period. Companion animal IVD tests can assist veterinarians in promptly and reliably diagnosing a wide range of disorders, including infectious diseases and chronic conditions like diabetes and kidney disease.

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                                         Companion Animal IVD Market Scope

Key Takeaways: 

The choice of keeping a companion animal by a large number of populations is driving the market revenue share. Lifestyle changes and rising disposable incomes are propelling the market revenue growth.

The recent launch of Covid-19 testing technology has contributed to market revenue share.

Recent Development in the Global Companion Animal IVD Market: 

In December 2022, International in vitro diagnostics company EKF Diagnostics recently developed the most recent version of the Lactate Scout analyzer specifically for veterinary settings. Using the same tried-and-true technology that was first developed to provide coaches and athletes in professional sports with a precise and user-friendly handheld lactate test.

Competitive Landscape

Following is a list of the prominent players operating in the global market for companion animal IVD: 

• Neogen Corporation
• Zoetis Inc.
• IDEXX Laboratories Inc
• Heska Corporation
• Agrolabo Spa

Market Drivers and Restraints: 

The global companion animal IVD market revenue is driven by the increased pet adoption and animal healthcare costs, rising prevalence of zoonotic disease, an increase in veterinary professionals, and disposable income in developing regions are the main drivers of market expansion in the study.

However, the high price of current diagnostic procedures is expected to restrain revenue growth of the global companion animal IVD market. 

Market Segmentation: 

Segmentation By Product 

Based on the product, the global companion animal IVD market is segmented into consumables and instruments. Due to the prevalence of infectious diseases like the SARS-CoV-2 virus, the consumables segment, due to its rapid test abilities, accounts for the largest market revenue share. 

Segmentation By Technology

Based on the technology, the global companion animal IVD market is segmented into immunodiagnostics, clinical biochemistry, hematology, molecular diagnostics, and urinalysis. The clinical biochemistry segment, the largest revenue share, dominates the global market due to the advent of micro methods and rising demand for novel treatment.

Segmentation By Animal Type

Based on the animal type, the global companion animal IVD market is segmented into dogs, cats, and horses. The dog segment with the largest revenue share dominates the global market, owing to the rising number of dog adoptions and severe illnesses, such as canine cancer, diabetes, and obesity.

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Regional Growth Dynamics

Based on the region, the global companion animal IVD market is segmented into North America, Europe, Latin America, Asia Pacific, and the Middle East & Africa. Due to the rising number of pet adoption, growing disposable income, and lifestyle changes, North America, with the largest revenue share, dominates the global market.

Report Coverage 

Growth Plus Reports analyzed the global market for companion animal IVD in-depth. Basic market features, important investment areas, analyses of regional growth, revenue forecast, market participants, and mergers and acquisitions were all examined.

Table of Content

1. INTRODUCTION
   1. Market Ecosystem
   2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
   3. Currency Used in the Report
2. RESEARCH METHODOLOGY 
   1. Research Approach
   2. Data Collection Methodology
   3. Data Sources
      1. Secondary Sources 
      2. Primary Sources 
   4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
   5. Market Forecasting Model
   6. Limitations and Assumptions
3. PREMIUM INSIGHTS
   1. Current Market Trends (COVID-19 Perspective)
   2. Key Players & Competitive Positioning (2022)
   3. Regulatory Landscape
4. MARKET DYNAMICS
   1. Drivers
   2. Restraints/Challenges
   3. Opportunities
5. GLOBAL COMPANION ANIMAL IVD MARKET – ANALYSIS & FORECAST, BY PRODUCT 
   1. Consumables
   2. Instruments
6. GLOBAL COMPANION ANIMAL IVD MARKET – ANALYSIS & FORECAST, BY TECHNOLOGY
   1. Immunodiagnostics
      1. ELISA Tests
      2. Lateral Flow Assay
      3. Immunoassay Analyzers
   2. Clinical Biochemistry
      1. Glucose Monitoring
      2. Clinical Chemistry Analysis
   3. Molecular Diagnostics
      1. Micro Assay
      2. PCR Tests
      3. Others
   4. Hematology
   5. Urinalysis
7. GLOBAL COMPANION ANIMAL IVD MARKET – ANALYSIS & FORECAST, BY ANIMAL TYPE
   1. Cats
   2. Dogs
   3. Horse

COMPANION ANIMAL IVD MARKET TOC

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VALUE PROPOSITIONS RELATED TO THE REPORT:

• Powered with Complimentary Analyst Hours and Expert Interviews with Each Report
• Comprehensive quantitative and qualitative insights at segment and sub-segment level
• Covid 19 impact trends and perspective
• Granular insights at global/regional/country level
• Deep-rooted insights on market dynamics (drivers, restraints, opportunities) and business environment
• Blanket coverage on competitive landscape
• Winning imperatives
• Exhaustive coverage on ‘Strategic Developments’ registered by leading players of the market

CUSTOMIZATION OPTIONS:

• Distributor Landscape Assessment
• Pricing Intelligence
• Customer Base Assessment
• Investment & Initiatives Analysis
• ‘Business Profile’ of Key Players

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