In a recent published report, Kenneth Research has updated the market report for North America, South America, and China Companion Animal Diagnostics Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for North America, South America, and China Companion Animal Diagnostics Market products.
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According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
North America, South America, and China Companion Animal Diagnostics Market in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on North America, South America, and China Companion Animal Diagnostics Market, along with the compound growth rate (CAGR) of the market for a projected period between 2021 and 2027. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
Kenneth Research recently added a report on North America, South America, and China Companion Animal Diagnostics Market in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on North America, South America, and China Companion Animal Diagnostics Market, along with the compound growth rate (CAGR) of the market for a projected period between 2021 and 2027. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
North America, South America, & China companion animal diagnostics market reached USD 1,229.52 million in 2018 and is expected to reach USD 2,925.37 million by 2027, by registering a CAGR of 9.90%, across the regions. This is primarily attributed to the growing demand for advanced diagnostic procedures across the world.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
North America captured a share of 81.87% in the year 2018 and is expected to dominate the market, over the forecast period. The growth in the region can be attributed to an increase in investments towards animal healthcare from government and private entities to maintain the highest quality of care offered in veterinary care facilities. The US is the major country driving the growth in the region, reaching a market value of USD 936.80 million in 2018 and is expected to grow at a CAGR of 10.07% over the forecast period i.e. 2020-2027. On the back of rising adoption of innovative diagnostic methods focused on monitoring devices and in-vitro diagnostic devices, it is expected to result in the market growth over the forecast period.
China captured a market size of USD 164.28 million in the year 2018 and is expected to reach USD 423.89 million by 2027, at a CAGR of 10.51%. The market is primarily led by the demand from urban cities with relatively higher adoption of common companion animals supported by the steadily increasing number of veterinary healthcare facilities offering comprehensive care. With the rising availability of advanced animal diagnostic products in the country, with the rising number of manufacturers investing in key cities, the demand for companion animal diagnostics products in this region is expected to witness rapid growth over the forecast period.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
In comparison, the South America region is presently generating a moderate demand for companion animal diagnostics products. It has been observed that there is an increase in the frequency of pet adoptions across the region. The market in South America is primarily driven by the demand from Brazil, which captured a market size of USD 37.29 million in 2018 and is expected to reach USD 74.33 million by the year 2027, growing at a CAGR of 7.82% over the forecast period.
With the rise in awareness regarding commonly occurring infectious diseases along with the rising disposable income, there is an increasing number of people availing advanced care for their pets. Further with encouraging government regulatory policies and potential interest of global manufacturers to have a direct market presence in this region, it is expected that the market for companion animal diagnostics in these regions would grow over the forecast period.
According to the segmentation by procedure, the market is segmented into in-vitro diagnostics, diagnostic imaging and monitoring devices, among which the segment of the in-vitro diagnostics is presently capturing the largest market with USD 704.36 million in the year 2018.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
In-vitro diagnostics market is divided on the basis of application into clinical pathology, bacteriology, virology, parasitology, and others. The segment by parasitology captured the largest market within in-vitro diagnostic products with market size of USD 209.01 million in the year 2018 and is expected to reach USD 447.03 million by the year 2027. Further, virology and bacteriology are presently witnessing a high adoption rate with a CAGR of 10.74% and 10.01% respectively across the regions and is primarily attributed to rising in the number of viral and bacterial infections occurring in companion animals.
The IVD market is divided on the basis of component into analyzers and reagents out of which, the reagents segment is witnessing a high demand with a market value of USD 402.51 million in 2018 and is expected to grow with a CAGR of 10.03% over the forecast years. The IVD market is also divided on the basis of technology into immunodiagnostics, hematology, urinalysis, molecular diagnostics, and others. The immunodiagnostics segment captured the largest market with USD 254.08 million in the year 2018 and is expected to grow at a CAGR of 9.76%.
Key Answers Captured in Report?
- Which geography would have better demand for products/services?
- What are the strategies adopted by big players in the regional market?
- Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
- What is the current & expected market size in the next five years?
- What is the market feasibility for long term investment?
- What opportunity the country would offer for existing and new players in the market?
- What is the risk involved for suppliers in the geography?
- What factors would drive the demand for the product/service in the near future?
- What is the impact analysis of various factors in market growth?
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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