The market is estimated to grow at a CAGR of 3. 8% during 2020–2027. The companion animal diagnostics market is growing primarily due to growing prevalence of chronic diseases in pet animals and increasing adoption of pet animals in the Europe region.
New York, Nov. 13, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Europe Companion Animal Diagnostics Market to 2027 - Technology ; Application ; Animal Type ; End User, and Country" - https://www.reportlinker.com/p05953766/?utm_source=GNW
Factors such as rising pet care costs damage the growth of the market. Additionally, demand for advanced technologies to improve disease diagnosis and escalating number of product launches are likely to fuel the growth of the companion animal diagnostics market during the forecast period.
The companion animal diagnostics product takes care of the diagnosis of different of diseases in the pet animals.These product deals with the epidemiology and pathogenesis of the domestic animal and prevents further complications with health of the pet as well as the owner.
These products are normally used for the animals like cats, dogs, horses.
Pets have become an important part of humans’ lives as they have been observed to have positive effect on their owner’s life.They promote active lifestyle with companionship and have also been able to detect oncoming epileptic seizures or the presence of certain types of cancers.
They also help bring social, emotional, and cognitive development in children, and relieve stress and anxiety in adults.Research studies have shown that dog owners have a 36% lower risk of dying from cardiovascular disease and an 11% lower risk of getting a heart attack.
As per a four-legged census, SPAIN’S 46 million inhabitants own 20 million pets, and one in four households has at least one furry friend. The Madrid Association of Small Animal Vets (AMVAC) says dogs are the number one pet, with just under 5.2 million living in Spanish homes – although they are the costliest pets to keep, vets say, at an average of €814 a year per head. Dogs make up 22% of the total number of pets in Spain, and just under two-thirds – 63% - registered are pedigrees. Cat-lovers are fairly prolific in Spain, although only about half as many pets are feline – nearly 2.3 million – but concentrated into fewer homes, with 8.2% of Spanish households ruled by cats. Smaller, cheaper and easier to maintain, cats are more likely to live in multi-feline homes, with an average of 1.54 cats per household. Hence, the growing adoption of pets for companionship is fuelling the companion animal diagnostics market growth.
The countries in Europe are highly affected due to the Covid-19 pandemic.However, COVID-19 has not affected animal health.
The animal health industry in European countries is minimally affected.Pharmaceutical and biotechnology companies operating in the veterinary sectors are not affected; their operations are carried out normally.
However, the companies may face challenges for supplying the products in different countries due to lockdown. Thus, the companion animal diagnostics market is least affected by the COVID-19 in the European region.
In 2019, the immunodiagnostics segment accounted for the largest market share of the companion animal diagnostics market.The growth of the market for this segment is attributed to the growing number of applications of immunoassay in veterinary science, including the detection of a wide range of diseases.
Also, the adoption of generic products by veterinarians for companion animals is adding to the specificity and sensitivity of the tests such as ELISA tests, allergen-specific immunodiagnostic tests, and immunoassays, further propelling the growth of the market for immunodiagnostics during the forecast period.
A few of the significant secondary sources associated with the Europe Companion Animal Diagnostics market report the World Health Organization (WHO), People’s Dispensary for Sick Animals (PDSA), Animal Health Institute (AHI), Pet Food Manufacturer Association (PFMA), and others..
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