According to the latest study titled ‘Animal Diagnostics Market Size By Technology (Immunodiagnostics {ELISA, Lateral Flow Assays, Immunoassay Analyzers}, Clinical Biochemistry, Hematology, Molecular Diagnostics {PCR, Microarrays}, Urinalysis), By Animal Type (Farm Animals {Poultry, Swine, Cattle}, Companion Animals {Dogs, Cats, Horses}), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Russia, Poland, China, Japan, India, South Korea, Australia, Brazil, Mexico, South Africa, Saudi Arabia), Application Potential, Competitive Market Share & Forecast, 2019 – 2025’ available with Market Study Report, the global animal diagnostics market is presumed to amass US $5.5 billion by the year 2025.
 

Rising trend of adopting pets for companionship, coupled with increasing expenditure on animal healthcare are propelling the growth of animal diagnostics market. The report cites that the number of adopted pets increased from 7 million in 2006 to 10 million in 2014 across India, while as per the Indian Pet Trade Fair estimation, spending on pet care was pegged at US $1 billion in 2014.
 

Moreover, technological advancements in the molecular biology field will stimulate the market growth. The use of PCR (polymerase chain reaction) for genome sequencing of pathogen helps in producing elements for biological research, disease diagnosis, and parasite control. On the other hand, the incorporation of isothermal technology reduces the complexity, size, and cost of point-of-care testing. All these factors are combinedly augmenting the animal diagnostics market outlook.
 

Speaking of the technology spectrum, clinical biochemistry segment dominated the animal diagnostics industry with a renumeration of US $1 billion in 2018. The growth can be attributed to combined efforts towards preserving endangered species, high preference for value-based veterinary care and products, and rising adoption of advanced techniques across clinical laboratories.
 

Based on the type of animal, companion animal diagnostics market segment is anticipated to grow with a CAGR of 7.5% during 2019-2025, owing to increasing adoption of companion animals and need for intensive pet care facilities. Availability of pet insurance policies, along with prevalence of several diagnostics methods for disease detection will contribute towards the segmental growth.
 

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Considering the regional outlook, the US animal diagnostics market was worth US $1.6 billion in 2018 is expected to register momentous growth over the forecast period, pertaining to rising adoption of molecular diagnostic techniques across laboratories. Numerous initiatives taken by government to promote animal healthcare industry and to control animal diseases, coupled with the developments in veterinary diagnostics will amplify the growth of animal diagnostics market across the region.
 

In addition, India animal diagnostics market is projected to register a growth rate of 12.4% through 2025, on account of rising awareness regarding animal health and initiatives taken by prominent organizations such as ‘People for Animals’ and ‘The Tata Trust’.
 

The major companies operating in animal diagnostics market include Qiagen, Randox, Zoetis, Neogen, Virbac, Thermo Fisher Scientific, Heska Corporation, Abaxis, and IDEXX Laboratories.