Competitive Analysis of the Global Companion Animal Diagnostics Market: Key Insights

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Companion Animal Diagnostics Market Industry
Analysis, Trend, Growth, Opportunity, Forecast
2023-2032
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• Industry Insights

• The companion animal diagnostics market is set to
  witness notable growth by 2027 on account of
  growing research efforts and technological
  advancements in the field of animal diagnostics.
  Additionally, the increasing trend of pet
  adoption worldwide is anticipated to further
  boost market expansion over the forecast
  timeline.
• Pet adoption has been on a constant rise and has
  seen a sharp increment following the COVID-19
  outbreak as pandemic-induced isolation encouraged
  people to look for a companion amongst animals.
• Animal diagnostics is a branch of science
  concerned with the identification of numerous
  animal diseases caused by external and internal
  sources, particularly microorganisms, such as
  bacteria, viruses, and fungus.
• Rising incidences of zoonotic diseases, increased
  owner awareness, and rising expenditure on animal
  care are some key factors contributing to the
  companion animal diagnostics market growth across
  key regions.

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• Notably, industry players are adopting various
  strategic initiatives to strengthen their market
  standing, which has been favorable for the global
  business landscape.
• For instance, in July 2021, Virbac Corporation, a
  US-based manufacturer of pet-care products,
  announced the acquisition of iVet LLC, a
  specialty pet food company, to support the
  expansion of its products, logistics, and
  e-commerce.
• In another instance, in June 2021, IDEXX
  Laboratories, Inc., a key player in the
  veterinary diagnostics industry, acquired ezyVet,
  a cloud-based software solution. With this
  acquisition, IDEXX planned to enhance its cloud
  software capabilities, provide technological
  solutions to improve patient care, and
  effectively communicate with pet owners.
• Subsequently, implementation of lucrative
  expansion strategies by key industry players has
  played a vital role in fostering market growth.

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• Regional Analysis

• From the regional perspective, the Middle East
  and Africa companion animal diagnostics market is
  expected to expand at a CAGR of around 8.7 over
  the forecast period driven by the surging
  prevalence of zoonotic diseases across the region.

• Competitive Analysis

• Thermo Fischer Scientific Inc., Heska
  Corporation, Zoetis, IDEXX Laboratories, Virbac,
  Qiagen, and Neogen Corporation, among others, are
  some of the key participants involved in the
  companion animal diagnostics market. These
  companies are engaging in strategic acquisitions
  and collaborations to remain ahead in the market.

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