The South & Central America companion animal diagnostics market was valued at US$ 209.73 million in 2022 and is expected to reach US$ 392.31 million by 2030; it is estimated to register a CAGR of 8.1% from 2022 to 2030.
Technological Advancements Bolster South & Central America Companion Animal Diagnostics Market
Improvements in diagnostic technologies to support the early detection of diseases have contributed to the greater success of treatment of chronic diseases in pets. In recent years, technological advancements in animal diagnostics have resulted in the development of more accurate, sensitive, and specific diagnostic tests. The use of next-generation sequencing (NGS) technology is a significant advancement in companion animal diagnostics. NGS is a powerful tool that allows for the rapid and simultaneous analysis of multiple genes, enabling the identification of genetic mutations that may be linked to a specific disease. NGS has also unlocked more sensitive and specific diagnostic tests for cancer, hereditary diseases, and other similar diseases. Moreover, there has been an increase in the use of artificial intelligence (AI) and machine learning in companion animal diagnostics. AI-powered algorithms can be implemented in diagnostics to analyze large volumes of data to identify patterns and make predictions, which can help improve the accuracy and efficiency of diagnostic tests.
South & Central America Companion Animal Diagnostics Market Overview
The companion animal diagnostic market in South & Central America is segmented into Argentina, Brazil, and the Rest of South & Central America. The market growth in this region is attributed to the increasing incidence of vector-borne diseases and high adoption rate of pets.
According to Agriculture and Agri-Food Canada (AAFC), the Brazilian pet population was ~212.6 million in 2020. The number of households petting animals increased at a CAGR of 1.3% during 2016-2020, with the total population of pets increasing by 0.8%. Thus, the increased number of companion animals is likely to propel the companion animal diagnostics market growth in the country. With the rise in pet adoption, the number of facilities for companion animals, providing transportation and other services, has also surged. Additionally, various regulations enhance the quality of healthcare services provided for companion animals in Brazil. The general protection under Decree 24.645/1934 applies to companion animals. Moreover, Article 32 of the 1998 Environmental Crimes Law 9,605/98 provides some essential protection for companion animals in Brazil.
South & Central America Companion Animal Diagnostics Market Revenue and Forecast to 2030 (US$ Million)
South & Central America Companion Animal Diagnostics Market Segmentation
The South & Central America companion animal diagnostics market is segmented based on technique, product, application, companion animal type, end user, and country.
Based on technique, the South & Central America companion animal diagnostics market is segmented into immunodiagnostics, clinical biochemistry, molecular diagnostics, urinalysis, hematology, and others. The immunodiagnostics segment held the largest share in 2022. 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.
By product, the South & Central America companion animal diagnostics market is bifurcated into instruments and consumables. The instruments segment held a larger share in 2022.
In terms of application, the South & Central America companion animal diagnostics market is segmented into bacteriology, clinical pathology, virology, parasitology, and others. The clinical pathology segment held the largest share in 2022.
Based on companion animal type, the South & Central America companion animal diagnostics market is segmented into dogs, cats, horses, and others. The dogs segment held the largest share in 2022.
By end user, the South & Central America companion animal diagnostics market is categorized into diagnostic laboratories, veterinary hospitals and clinics, research institutes, and others. The veterinary hospitals and clinics segment held the largest share in 2022.
Based on country, the South & Central America companion animal diagnostics market is categorized into Brazil, Argentina, the Rest of South & Central America. Brazil dominated the South & Central America companion animal diagnostics market in 2022.
i-SENS Inc, Immunology Consultants Laboratory Inc, Zoetis Inc, and Elabscience Biotechnology Inc are some of the leading companies operating in the South & Central America companion animal diagnostics market.
1. i-SENS Inc
2. Immunology Consultants Laboratory Inc
3. Zoetis Inc
4. Elabscience Biotechnology Inc
Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the South & Central America companion animal diagnostics market. Highlights key business priorities in order to assist companies to realign their business strategies. The key findings and recommendations highlight crucial progressive industry trends in South & Central America companion animal diagnostics market, thereby allowing players across the value chain to develop effective long-term strategies. Develop/modify business expansion plans by using substantial growth offering developed and emerging markets. Scrutinize in-depth South & Central America market trends and outlook coupled with the factors driving the market, as well as those hindering it. Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution.