A companion animal, also known as a pet, is an animal that’s stored primarily for a person’s firm, enjoyment, and emotional assist. Companion animals present companionship, consolation, and sometimes contribute positively to the psychological and emotional well-being of their homeowners or guardians. The companion animals embody dogs, cats, horses, small furries, decorative fish, and caged birds.
Wilmington, Delaware, Nov. 02, 2023 (GLOBE NEWSWIRE) — Allied Market Research printed a report, titled, “U.S. Companion Animal Diagnostics Market by expertise (Clinical Biochemistry, Immunodiagnostics, Hematology, Molecular Diagnostics, Urinalysis, and Others), Applications (Clinical Pathology, Bacteriology, Virology, Parasitology, and Others), Animal Type (Dogs, Cats, and Others), End User (Diagnostics Labs, Point of Care and In-House Testing, Research Institutes and Universities, and Veterinary Hospitals and Clinics) Opportunity Analysis and Industry Forecast, 2023–2032“. According to the report, the U.S. companion animal diagnostics market was valued at $1,491.11 million in 2022, and is projected to achieve $3,271.71 million by 2032, registering a CAGR of 8.2% from 2023 to 2032.
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Prime determinants of progress
The U.S. companion animal diagnostic market has skilled vital progress resulting from a surge in pet possession in U.S. This surge in pet possession, pushed by components equivalent to evolving societal dynamics and elevated understanding of the emotional and well being advantages of pet companionship, has led to a considerable enhance within the demand for superior diagnostic providers tailor-made to detect, monitor, and handle the rising spectrum of continual ailments affecting companion animals. Furthermore, technological development in pet prognosis and rise in variety of insured pets is anticipated to considerably contribute in market progress.
Report Coverage & Details:
|
Report Coverage |
Details |
|
Forecast Period |
2023–2032 |
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Base Year |
2022 |
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Market Size in 2022 |
$1,491.11 million |
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Market Size in 2032 |
$3,271.71 million |
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CAGR |
8.20% |
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No. of Pages in Report |
xx |
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Segments coated |
Technology, Application, Animal Type, and End User. |
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Drivers |
Rise in possession of companion animals within the U.S. |
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Opportunities |
Growth in demand for speedy assessments and moveable devices for PoC diagnostic providers. |
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Restraints |
Lack of expert professionals |
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Covid-19 Scenario
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The outbreak of the Covid-19 pandemic had negatively impacted the U.S. companion animal diagnostic market.
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The journey restrictions imposed throughout the lockdown has disrupted the availability chain for the companion animal diagnostic merchandise.
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However, marketplace for companion animal diagnostics is anticipated to get well owing to rise in consciousness about animal healthcare among the many pet homeowners and surge in pet adoption in U.S.
The medical biochemistry phase to keep its management standing all through the forecast interval
Based on expertise, the medical biochemistry phase held the best market share in 2022, accounting for one third of the U.S. companion animal diagnostic market income, owing to the power of medical biochemistry expertise to check for big range of ailments in companion animals.
The medical pathology phase to keep its management standing all through the forecast interval
Based on purposes, the medical pathology phase held the best market share in 2022, accounting for a couple of third of the U.S. companion animal diagnostic market income. This is attributed to the rise in incidence of continual ailments equivalent to diabetes, most cancers and different.
The canine phase to keep its management standing all through the forecast interval
Based on animal sort, the canine phase held the best market share in 2022, accounting for almost half of the U.S. companion animal diagnostic market income. This is attributed to excessive adoption of dogs at companion animal in U.S.
The diagnostics labs phase to keep its management standing all through the forecast interval
Based on finish person, the diagnostics labs phase held the best market share in 2022, accounting for a couple of third of the U.S. companion animal diagnostic market income. This is attributed to excessive adoption of diagnostic merchandise within the diagnostic labs for detection of ailments in companion animals.
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Leading Market Players: –
The report offers an in depth evaluation of those key gamers within the U.S. companion animal diagnostic market These gamers have adopted completely different methods equivalent to merger and geographical enlargement to extend their market share and keep dominant shares in numerous areas. The report is effective in highlighting business efficiency, working segments, product portfolio, and strategic strikes of market gamers to showcase the aggressive state of affairs.
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About Allied Market Research:
Allied Market Research (AMR) is a full-service market analysis and business-consulting wing of Allied Analytics LLP based mostly in Wilmington, Delaware. Allied Market Research offers international enterprises in addition to medium and small businesses with unmatched high quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a focused view to offer business insights and consulting to help its shoppers to make strategic business selections and obtain sustainable progress of their respective market domains. AMR provides its providers throughout 11 trade verticals together with Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in skilled company relations with varied corporations and this helps us in digging out market information that helps us generate correct analysis information tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and inspiring everybody related to the corporate to take care of prime quality of knowledge and assist shoppers in each approach potential to attain success. Each and each information offered within the stories printed by us is extracted via main interviews with high officers from main corporations of area involved. Our secondary information procurement methodology contains deep on-line and offline analysis and dialogue with educated professionals and analysts within the trade.
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