At 9.7% CAGR, Asia Pacific Companion Animal Diagnostics Market is Projected to be Worth US$ 1,640.70 Million by 2030, Says Business Market Insights

According to Business Market Insights' research, the Asia Pacific companion animal diagnostics market was valued at US$ 784.93 million in 2022 and is expected to reach US$ 1,640.70 million by 2030, registering a CAGR of 9.7% from 2022 to 2030. New product launches and approvals and technological advancements are among the critical factors attributed to the Asia Pacific companion animal diagnostics market expansion.

Major companies in the animal diagnostics market are involved in research and development activities. In recent years, they have introduced several innovative and efficient products, and won regulatory approvals for the same, which has been creating ample opportunities in the market. In 2023, an industry leader in feline DNA testing and genetics, Basepaws, accelerated the landscape of health genetic testing by launching the most comprehensive DNA test for dogs into the canine market. The Basepaws Breed + Health Dog DNA Test facilitates the transition for pet owners from reactive to proactive care by providing a simple swabbing process and results that are optimized for mobile devices. In October 2022, OncoK9, a first-in-class canine multi-cancer early detection (MCED) test offered by PetDx, is now available for veterinary practices in Hong Kong, Singapore, Malaysia, South Korea, and Cambodia. PetDx, a company offering liquid biopsy test products for pets, has made the OncoK9 available through Asia Veterinary Diagnostics. In 2023, IDXX announced that the SNAP Leish 4Dx Test, a thorough screening tool for vector-borne illnesses such as canine leishmaniosis, will soon be available. In Asia, the test will be accessible from February 2024 onward. Under the CAG (Companion Animal Group) Diagnostics category, IDEXX offers diagnostic capabilities that satisfy the various demands of veterinarians. The company's latest advancement is proof of its dedication to growing its vector-borne disease portfolio, which will aid veterinarians throughout the globe in their endeavor to provide pets with higher-quality care.

On the contrary, lack of skilled professionals hampers the growth Asia Pacific companion animal diagnostics market.

Based on technique, the Asia Pacific companion animal diagnostics market is segmented into immunodiagnostics, clinical biochemistry, molecular diagnostics, urinalysis, hematology, and others. The immunodiagnostics segment held 29.2% share of the Asia Pacific companion animal diagnostics market in 2022, amassing US$ 229.16 million. It is projected to garner US$ 501.27 million by 2030 to expand at 10.3% CAGR during 2022-2030. Immunodiagnostics segment is further categorized into lateral assays, ELISA tests, allergen-specific immunodiagnostics tests, and immunoassay analyzers. Clinical biochemistry segment is further categorized into clinical chemistry analysis, glucose monitoring, and blood gas electrolyte analysis. Also, biochemistry segment is categorized into PCR, microarray, and others.

In terms of product, the Asia Pacific companion animal diagnostics market is bifurcated into instruments and consumables. The instruments segment held 62.1% share of the Asia Pacific companion animal diagnostics market in 2022, amassing US$ 487.80 million. It is projected to garner US$ 1,039.52 million by 2030 to expand at 9.9% CAGR during 2022-2030.

Based on application, the Asia Pacific companion animal diagnostics market is segmented into bacteriology, clinical pathology, virology, parasitology, and others. The clinical pathology segment held 34.4% share of Asia Pacific companion animal diagnostics market in 2022, amassing US$ 269.69 million. It is projected to garner US$ 581.92 million by 2030 to expand at 10.1% CAGR during 2022-2030.

By companion animal type, the Asia Pacific companion animal diagnostics market is categorized into dogs, cats, horses, and others. The dogs segment held 42.5% share of the Asia Pacific companion animal diagnostics market in 2022, amassing US$ 333.35 million. It is projected to garner US$ 713.08 million by 2030 to expand at 10.0% CAGR during 2022-2030.

Based on end user, the Asia Pacific companion animal diagnostics market is segmented into diagnostic laboratories, veterinary hospitals and clinics, research institutes, and others. The veterinary hospitals and clinics segment held 39.9% share of the Asia Pacific companion animal diagnostics market in 2022, amassing US$ 313.33 million. It is projected to garner US$ 657.94 million by 2030 to expand at 9.7% CAGR during 2022-2030.

Based on country, the Asia Pacific companion animal diagnostics market is categorized into Australia, China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 42.3% share of Asia Pacific companion animal diagnostics market in 2022, amassing US$ 332.03 million. It is projected to garner US$ 721.43 million by 2030 to expand at 10.2% CAGR during 2022-2030.

Key players operating in the Asia Pacific companion animal diagnostics market are ARI Medical Technology Co Ltd, Tianjin LOCMEDT Technologies Co Ltd, Heska Corp, i-SENS Inc, Universal Biosensors Inc, Immunology Consultants Laboratory Inc, Zoetis Inc, and Elabscience Biotechnology Inc, among others.

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