The global companion animal diagnostics market offers significant growth opportunities for market players. Market growth can largely be attributed to the increasing companion animal population, increasing incidence of transboundary and zoonotic diseases, rising demand for pet insurance, growing animal health expenditure, and rising number of veterinary practitioners and income levels in developed economies.
The growing demand for rapid tests and portable instruments for point-of-care (POC) services alongside the use of advanced technologies, such as machine learning, in improving disease diagnosis offer growth opportunities for players in the companion animal diagnostics market.
In other words, a person with COVID-19 might transmit the virus that causes this disease to pet cats and dogs (and perhaps pet ferrets) in the same way a human might transmit it to another person. Since the initial outbreak of COVID-19, multiple countries have reported infections of SARS-CoV-2 in non-human animals.
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Spending on pet healthcare, which includes the purchase of pet food, supplies/over-the-counter medications, veterinary care, pet insurance policies, and other services (such as companion animal diagnostic services), has increased significantly in recent years.
In the last ten years, pet care costs have increased significantly. According to the APPA 2020 report, veterinary care is the second-highest source of spending in the pet care community. The US, for example, spent over USD 31.4 billion on veterinary care and related products sales in 2020.
Currently, the lack of skilled veterinarians and diagnostic infrastructure, especially in developing countries, is one of the major factors limiting the uptake of advanced diagnostic solutions among veterinarians. The high cost of advanced diagnostic tests is another major barrier to its widespread adoption.
The companion animal diagnostics market is segmented into clinical biochemistry, immunodiagnostics, hematology, urinalysis, molecular diagnostics, and other companion animal diagnostic technologies on the basis of technologies.