The Global Veterinary Chemistry Analyzer Market is projected to grow at a CAGR of 6.5% from USD 859.1 million in 2021 to USD 1,446.9 million in 2030. Growing demands for pet insurance and increased worldwide adoption are two of the main factors in the development of the stock market.
Animal owners in the U.S. invested USD 60 billion on their animal families, the American Pet Products Association (APPA). A Consumer Spending (CE) study reports that spending on pets increased by 60.0 percent between 1996 and 2012. Consumers are prepared, which means more costs for pet care, to invest in preserving the health of their pets.
Request a Sample@ https://www.qyresearchmedical.com/sample/119159
An animal insurance will help workers pay for veterinarian costs. In 2014, less than 1.0% of pets in Canada and the U.S. were covered by an insurance program, according to reports from the North American Pet Health Insurance Association. But in 2015, the premium for pet insurance increased to 17.0%.
APPA findings suggest that overall pet’s ownership of households in the U.S. amounted to 68.0% in 2016 compared to 54.0% in 2009. The ownership of animals rose from 2007 to 2012 to 58.0% in India. The rise in ownership of animals is projected to improve general spending on health care for animals. The most rapidly rising dog population in the world in 2012 was India and the largest per capita number was in Brazil, according to Pet secure.
The market for veterinary chemistry analyzers is expected to see substantial growth in the coming years, with increased demand for animal-derived food items, increased numbers of livestock and service animals, increased ownership of livestock in developing countries , increased demand for pet insurance, increased spending on animal welfare, increased occurrence of zoonotic diseases and increased number of veterinarians In addition, emerging markets are expected to offer significant growth opportunities for players in the market for veterinary chemistry analyzers. However, the rising cost of pet care is expected to restrict this market’s growth.
In 2016, the consumables segment led the way in terms of revenues. The most rapid growth in the projected period is expected to occur.
In addition, reagents, panels and strips may be divided into consumables. More than a third of the consumables segment accounted for by reagents in 2016. The total demand is expected to be boosted by the strong consumables, including reagents, panels and plates. The growth of the consumer sector is also driven by recurrent consumables buying requirements, easy-to-use reactants and liquid availability of most of the reagents, which do not require any planning.
One of the main factors supplementing the growth of the sector is the introduction of ready-to-use liquid reagents in an open system. Such reagents are cost-effective and provide greater stability and versatility and make custom assays possible.
Throughout the forecast period, progress is expected in the segment Instruments at a remarkable CAGR due to product innovations. Automated benchtop analyzers and portable analyzers including Element POC, URIT-31 Vet, and RX series are ready to drive market development. The segment was further divided into chemical, blood gas and electrolyte analyzers, urine analyzers and glucometers.
The market is divided into benchtop analyzers and portable analyzers, on the basis of size. More than half of the revenues generated in 2016 were generated by Benchtop veterinary chemistry analyzers. The advantages of benchtop analyzers like task automation, reduced manual errors, high precision and precision are all supported worldwide by their demand. These analyzers diagnose some diseases of pets effectively, which is one of the most significant factors for this segment.
Portable analyzers enable bedside surveillance and are mobile. Due to easy use, fast tracking of domestic animals, portability, spot outcomes and fewer training requirements, the segment will report growth in the forecast period. Higher demand for point-of – care analyzers is stimulating segment growth.
Due to the rising prevalence of zoonotic diseases and the growing number of veterinary practitioners, the blood chemistry analysis market prevailed in revenue. In the past 10 years, approximately 75.0 percent of new diseases that affect people have been due to animal-oriented pathogens.
Nonetheless, the highest CAGR in the forecast period is expected in the blood gas and electrolyte analysis section. The introduction of care points leads to an increase in blood gas and electrolyte analysis requirements. The growth of the segment is predicted to be increased by the need for analyzes that facilitate both electrolyte and blood count test results in a particular serum, plasma, or urine sample.
The sector has been turned into hospitals and central laboratories on the basis of end use. The hospital segment has held the largest market share, with the expectation that demand for in-house veterinary analyzers will continue to dominate over the forecast period. The demand is increased by increasing awareness about the advantages of domestic analyzers, such as reduced turnaround times and improved safety with pre-anesthetic tests.
Increasing incidence in animals with long-term medications for diseases such as diabetes, renal disease, cancer and abnormalities are some of the important factors that have been estimated for the segment’s development. According to mypet.com, diabetes is expected to occur in one dog in every 100 who reach the age of 12 and in 1 in 50 and 1 in 500 cats. Zoetis Inc. (2012-2014, pets) reported an increase in diabetes diagnosis by 16.0% in cats and 32.0% for dogs.
North America led the sector with the majority contributing to total profits. Some of the main factors that contribute to this region\’s dominance are increasing animal health care and the demand for animal feed.
Due to the rising animal population and an increased understanding of animal welfare and an increasing adoption of domestic animals, Asia Pacific is expected to be the fastest growing sector over the forecast period. The pet’s population in India, for example, was 10 million in 2014, according to the India International Pet Trade Affair. Every year, 600,000 animals are taken on average in India.
- This is mainly due to growth in this market in factors such as the growth of the livestock and animal companions, increased animal health expenditure, increasing adoption of animal feeding stuffs, rising demand for food products produced in animal products, an increased awareness of zoonotic diseases and an increasing number of vets worldwide.
- The consumables industry represented the world\’s largest veterinary analyzer market share. The forecast period is expected to show the highest growth.
- The high growth in this market segment is mainly due to the increased adoption by end users of the pre-loaded multiple reagent panels and single diaphragm reagent panels.
- Blood chemistry analysis, urinalysis, glucose testing and blood gas electrolyte analysis have been included in the industry. The biggest share in the blood chemistry research segment is projected to be the fastest increase in the forecast period, while the glucose control segment is projected.
- Thanks to the existing animal health programs, the United States has assigned the largest share of the developed market. The significant share of this segment of the global market is driven by growing demand for animal products, increased expenditure on animal welfare, a rising animal population, and increased awareness of zoonotic diseases.
Companies considered and profiled in this market study
Abaxis, IDEXX Laboratories Inc., Randox Laboratories Ltd., URIT Medical, Eurolyser Diagnostica GmbH, Heska Corporation, Derechos reservados Diconex, DiaSys Diagnostic Systems GmbH, Biochemical Systems International Srl., and Chengdu Seamaty Technology Co. Ltd., among others, have been profiled in the report. They are the major manufacturers of the product.
The players operating in the market have undertaken a number of strategies. The key highlights are:
- In July 2022, Eurolyser Diagnostica has launched a new solo point-of – care lactate assay. Veterinarians, especially dogs and racehorses, who work regularly with diseased animals are probably interested in this study.
The Veterinary Chemistry Analyzer technology sector provides small producers and start-ups a large number of opportunities to develop economical strategies for developing Veterinary Chemistry Analyzer. The demand from layer manufacturers is constantly growing and many start-ups can be encouraged to launch innovative products on this market. Some of the Veterinary Chemistry Analyzer startups are Shift Labs, Weave, Vetcove and Rex, among others.
Mergers and Acquisitions are an integral part of the Veterinary Chemistry Analyzer industry. Amongst those cases, few are highlighted below.
- In May 2018, Zoetis Inc. and Abaxis, Inc. have signed a permanent merger agreement whereby Zoetis will take over Abaxis, a leading producer and marketer of veterinary diagnostic instruments in cash for a valuation of US$ 83 a share, or around US$ 2.0 billion in total for veterinary point of care services. The acquisition is expected to increase the role of Zoetis in veterinary diagnostics, which are an animal health field with an annual growth rate of approximately 10% in the last three years.
Reports and Data forecast that the Veterinary Chemistry Analyzer Market industry can face some disruptions due to imbalance and turbulence in the global economy. According to analysts from industry experts, the market will be healthy with the growing popularity of lightweight veterinary analyzer products. Leading managers\’ comments and actions suggest that they intend on expanding their ability to formulate innovative approaches to tackle the costs of the increasingly challenging manufacturing cycle. However, the COVID-19 pandemic modified and reestablished all plans and forecasts for market development. In order to survive the COVID-19 scenario, experts claim to need to re-evaluate their approaches and to develop safe ties with their company partners. If real world sales from disposability collapse as a result of this pandemic, then production of automotive and aerospace industries will decline. The principal suppliers of the drug will seek to pursue new markets.
Segments Covered in the report
This report forecasts revenue growth at a global, regional & country level, and provides an analysis of the market trends in each of the sub-segments from 2021 to 2030. The scope of the report can be defined as:
For the purpose of this report, have segmented into the global Veterinary Chemistry Analyzer Market on the basis of Product, Type, Application, End-Use, and region:
Product Outlook (Revenue: USD Billion; Volume: Million Tons; 2022-2030)
Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2022-2030)
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2022-2030)
- Blood Chemistry Analysis
- Blood Gas & Electrolyte Analysis
- Glucose Monitoring
End-Use Outlook (Revenue: USD Billion; Volume: Million Tons; 2022-2030)
- Clinical Laboratories
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2022-2030)
- North America
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
Buy quantitative research Report at discounted price – USD 1500 https://www.qyresearchmedical.com/report/checkout/119159/1500
You can place an order or ask any questions, please feel free to contact [email protected] | +1 9197 992 333
QYResearch Medical has more than 4000 global well-known customers, covering more than 30 industries including pharmaceuticals, medical technology & devices, healthcare services etc. Company services cover one-stop solution as Data-Analysis-Suggestion-Consulting Implementation. Research regions cover North America, Europe, Latin America, Middle East and Africa, Asia- Pacific.
For Latest Update Follow Us:
URL – http://www.qyresearchmedical.com/