According to the research report titled ‘Companion Animal Diagnostics Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Technology; Application; Animal Type available with Market Study Report, the global companion animal diagnostics market was worth USD 2,031.62 million in 2019 and is expected to amass USD 2,684.86 million by the year 2027, growing with a CAGR of 4.1% over 2020-2027.
 

The increasing adoption of pets by people for companionship and growing cases of chronic diseases in pets are the key factors driving the growth of global companion animal diagnostics market, cites the research report.
 

Though the high cost of pet care and extended pet lifespan are likely to impede the growth of global companion animal diagnostics market during the analysis period. The global companion animal diagnostics market deal with pathogenesis and epidemiology of domestic animals aimed at boosting pet health.
 

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The global companion animal diagnostics market is bifurcated based on end user scope, application spectrum, animal type, and technology.
 

With respect to the application spectrum, the global companion animal diagnostics market is divided into parasitology, virology, clinical pathology, bacteriology, and others. The clinical pathology segment led the global companion animal diagnostics market in the year 2019 and is likely to record high CAGR over 2020-2027.
 

In terms of technology, the market is divided into molecular diagnostics, urinalysis, hematology, clinical biochemistry, immunodiagnostic, and others. The immunodiagnostic segment held a significant fraction of the global market in the year 2019. The clinical biochemistry segment is slated to grow substantially over the anticipated timeline.
 

Speaking of the animal type, the market is divided into horses, cats, dogs, and others. In 2019, the dogs segment held a significant fraction of the global companion animal diagnostics market and is anticipated to depict a similar trend in the approaching years.
 

In terms of end user scope, the global companion animal diagnostics market is segmented into research institutes & universities, veterinary hospitals & clinics, and diagnostic laboratories. The diagnostic laboratories segment held a significant fraction of the global companion animal diagnostics market in 2019 and is projected to witness a high growth rate over 2020-2027.
 

The behemoths in global companion animal diagnostics market are Skyla Corp., Fujifilm Corp., Heska Corp., Idexx Laboratories, Inc., Idvet, Randox Laboratories, Ltd., Shenzhen Mindray Bio-Medical Electronics Co., Ltd., Virbac, Thermo Fisher Scientific Inc., and Zoetis Inc. among others.