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North America, South America and China Companion Animal Diagnostics Market Size, Share, Industry Report, Trends, Growth and Forecast 2022 -2031

Kenneth Research, in its repository of market research reports, has recently added a report titled North America, South America and China Companion Animal Diagnostics Market market, that emphasizes on the recent market trends and opportunities available for the growth of the market for the forecast period 2022-2031. The growth of the North America, South America and China Companion Animal Diagnostics Market market can be attributed to the increasing health spending by nations across the globe, and for the rapid innovations observed in the medical sector. According to a report by the World Health Organization (WHO), the total health spending is growing with an annual average rate of 6% in the low- and middle-income nations, and close to 4% in the high-income countries. Further, in the year 2016, the expenditure made on health reached close to 10% of the GDP of the world and crossed a value of USD 7 trillion.

U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4  billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for North America, South America and China Companion Animal Diagnostics Market products.

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The North America, South America, & China companion animal diagnostics market reached USD 1,229.52 million in 2018 and is expected to reach USD 2,925.37 million by 2027, by registering a CAGR of 9.90%, across the regions. This is primarily attributed to the growing demand for advanced diagnostic procedures across the world.
North America captured a share of 81.87% in the year 2018 and is expected to dominate the market, over the forecast period. The growth in the region can be attributed to increase in investments towards animal healthcare from government and private entities to maintain the highest quality of care offered in veterinary care facilities. The US is the major country driving the growth in the region, reaching a market value of USD 936.80 million in 2018 and is expected to grow at a CAGR of 10.07% over the forecast period i.e. 2020-2027. On the back of rising adoption of innovative diagnostic methods focused on monitoring devices and in-vitro diagnostic devices, it is expected to result in the market growth over the forecast period.

China captured a market size of USD 164.28 million in the year 2018 and is expected to reach USD 423.89 million by 2027, at a CAGR of 10.51%. The market is primarily led by the demand from urban cities with a relatively higher adoption of common companion animals supported by the steadily increasing number of veterinary healthcare facilities offering comprehensive care. With the rising availability of advanced animal diagnostic products in the country, with rising number of manufacturers investing in key cities, the demand for companion animal diagnostics products in this region is expected to witness a rapid growth over the forecast period.

In comparison, the South America region is presently generating a moderate demand for companion animal diagnostics products. It has been observed that there is an increase in the frequency of pet adoptions across the region. The market in South America is primarily driven by the demand from Brazil, which captured a market size of USD 37.29 million in 2018 and is expected to reach USD 74.33 million by the year 2027, growing at a CAGR of 7.82% over the forecast period. With the rise in awareness regarding commonly occurring infectious diseases along with the rising disposable income, there is an increasing number of people availing advanced care for their pets. Further with encouraging government regulatory policies and a potential interest of global manufacturers to have a direct market presence in this region, it is expected that the market for companion animal diagnostics in these regions would grow over the forecast period.

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According to the segmentation by procedure, the market is segmented into in-vitro diagnostics, diagnostic imaging and monitoring devices, among which the in-vitro diagnostics segment is presently capturing the largest market with USD 704.36 million in the year 2018

In vitro diagnostics market is divided on the basis of application into clinical pathology, bacteriology, virology, parasitology and others. The segment by parasitology captured the largest market within in-vitro diagnostic products with a market size of USD 209.01 million in the year 2018 and is expected to reach USD 447.03 million by the year 2027. Further, virology and bacteriology are presently witnessing a high adoption rate with a CAGR of 10.74% and 10.01% respectively across the regions and is primarily attributed to rise in number of viral and bacterial infections occurring in companion animals. The IVD market is divided on the basis of component into analyzers and reagents out of which, the reagents segment is witnessing a high demand with a market value of USD 402.51 million in 2018 and is expected to grow with a CAGR of 10.03% over the forecast years. The IVD market is also divided on the basis of technology into immunodiagnostics, hematology, urinalysis, molecular diagnostics, and others. The immunodiagnostics segment captured the largest market with USD 254.08 million in the year 2018 and is expected to grow at a CAGR of 9.76%.

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