COMPANION ANIMAL DIAGNOSTIC MARKET SIZE & SHARE ANALYSIS - GROWTH TRENDS & FORECASTS (2023 - 2028)

 Clinical pathology is estimated to witness significant growth over the forecast period owing to the increasing number of pet pathology tests. These tests encompass cytopathology, hematology, and general pathology. An increasing number of pet owners and their concerns regarding pet health led to the adoption of new innovative diagnostic products for diagnosing purposes. Some of the products are Catalyst Dx and Catalyst One chemistry analyzers.

The companion animal diagnostic market is expected to register a CAGR of 9.2% over the forecast period (2022-2027).

The COVID-19 pandemic has also caused drastic changes to a normal routine with social distancing and lockdowns in place across the globe. During the lockdown, many people suffered from the loneliness which led to an adverse impact on their mental health. Therefore, many of them had bought companion animals during the lockdown period. For example, a 2020 survey conducted by the Japan Pet Food Association found a 15.0% increase in dog and cat ownership compared to the pre-pandemic years. There were an estimated 8.5 million dogs and 9.5 million cats being kept as pets in Japan as of October 2020. Similarly, according to the People's Dispensary for Sick Animals (PDSA) PAW report published in June 2021, 2.0 million people in the United Kingdom owned pets between March 2020 to May 2021. Thus, increasing pet ownership surged the demand for companion animal diagnostic procedures owing to which the market witnessed considerable market growth over the forecast period.

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