Companion Animal Diagnostics Market

IDEXX Laboratories, Inc. (US), Zoetis Inc. (US) and Heska Corporation (US) are leading players in Companion, Animal Diagnostics Market

The companion, animal diagnostics market, is valued at an estimated USD 1.8 billion in 2020 and is projected to grow at a CAGR of 9.8% to reach USD 3.0 billion by 2025. The growing companion animal ownership, rising demand for pet insurance, and the growth in the number of veterinary practitioners in developed countries are the major factors driving the growth of the companion animal diagnostics market. Key players, such as IDEXX Laboratories, Inc. (US), Zoetis Inc. (US), and Heska Corporation (US), will continue to dominate this market during the forecast period. The companies adopted new product launches and acquisitions as their major growth strategies to maintain their position in the market.

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IDEXX Laboratories, Inc. (US) dominated the companion animal diagnostics market in 2018. The company has a diversified product portfolio, which includes a wide range of companion animal diagnostic products. IDEXX’s strong position in the market is attributed to its active R&D activities and wide distribution footprint across the world, which enables the company to serve customers in more than 100 countries. To garner a larger share in the companion animal diagnostics market, the company continuously focuses on product launches. For instance, in January 2019, the company launched the Canine Progesterone Test for Catalyst Dx and Catalyst One analyzers. Similarly, in January 2018, the company launched the IDEXX Catalyst SDMA Test to analyze kidney function in companion animals.

Zoetis Inc. (US) accounted for the second-largest share of the companion animal diagnostics market (after the acquisition of US-based Abaxis, Inc., a pioneer in the veterinary point-of-care diagnostics industry, for USD 2.0 billion) in 2018. Zoetis offers a wide range of products and has a strong geographical footprint through strategic acquisitions and partnerships. The company also focuses on R&D activities to develop its animal health solutions that meet customer demands. In this regard, the company invested USD 376 million, USD 382 million, and USD 432 million in R&D activities for the discovery and development of new point-of-care diagnostics, chemical & biological entities, and product lifecycle development in 2016, 2017, and 2018, respectively.

Heska Corporation (US) accounted for the third-largest share in the companion animal diagnostics market. The company is investing in research and development to create innovative products. The company is also adopting strategies like acquisitions and partnerships to expand its presence in the global market. With the acquisition of SCIL Animal Care Company and CVM Companies, the company aims at strengthening its geographic presence across the European region.

Some of the other players competing in this market are Thermo Fisher Scientific Inc. (US), Virbac (France), Heska Corporation (US), Neogen Corporation (US), bioMérieux SA (France), IDvet (France), QIAGEN N.V. (Netherlands), and Randox Laboratories Ltd. (UK).

Related Reports:

Companion Animal Diagnostics Market by Technology (Immunodiagnostic, Clinical Biochemistry, Hematology, Urine Analysis), Application (Clinical Pathology, Virology, Bacteriology, Parasitology), Animal (Dog, Cat, Horse), End-User - Global Forecast to 2025

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Report Code
MD 7053
RI Published ON
3/9/2020
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