Increasing livestock and animal population, growing pet adoption, enhanced demand for food products derived from animals and increased understanding of zoonotic diseases are driving the demand for the market.
Market Size – USD 859.1 Million in 2019, Market Growth – CAGR of 6.5%, Market Trends – High demand from animal derived food.
The Global Veterinary Chemistry Analyzer Market is projected to reach USD 1,446.9 million in 2027. Higher expenditure on animal healthcare and increased ownership of pets are some of the major factors contributing to market growth. One of the main factors in rising market growth is increasing occurrence of zoonotic diseases. According to an article published in the Centers for Disease Control and Prevention (CDC) in 2017, scientists reported that in humans 3 out of 4 emerging infectious diseases are transmitted via animals, and in humans more than 6 out of 10 known infectious diseases are transmitted by animals.
Increasing demand for animal proteins is leading to an increase in livestock production worldwide and an increase in animal exports. Increasing disposable income and changing lifestyles are agitating demand for food products derived from animals.
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According to the American Pet Products Association (APPA), the U.S. pet food sales increased from 2000 to 2014 to USD 22 billion and are projected to grow. According to Mintel, the quality of pet food products is as important as their own in 2014 as 79.0 per cent of U.S. pet owners considered.
The market for veterinary chemistry analyzers is expected to see significant growth in the coming years, with increased demand for animal-derived food products , increased numbers of livestock and companion animals, increased ownership of animals in developed countries , increased demand for pet insurance, increased expenditure on animal health , increased incidence of zoonotic diseases and an increase in the number of veterinarians In addition , new markets in the veterinary chemistry analyzers industry are expected to provide substantial growth opportunities for companies. Nevertheless, the increasing cost of pet care is expected to curb this market’s growth.
The COVID-19 impact:
No doubt the COVID-19 pandemic would jeopardize the growth of the sector at some level. Important industry players do not understand market prospects, and continue to change their support approaches. Aviation was struck by a pandemic and most foreign companies had to avoid manufacturing and other industries. For certain parts of the world there is a shortage of jobs due to the daily lockdowns. COVID-19 has impacted the foreign markets, exports and imports, resulting in a major decline in demand. The largest businesses on the market are seeking to clear out their assets and concentrate on cash reserves. True net income for manufacturers would undoubtedly be limited, so new products at lower prices will meet consumer’s needs.
Further key findings from the report suggest
- Benchtop analyzers, based on size, were the largest segment in 2016 because of their accuracy and precision. Portable analyzers are expected to see phenomenal growth due to increased demand for shorter analytical time and faster outcomes.
- Due to the ability of consumables to create a streamlined workflow and innovations such as ready-to-use liquid reagents, the consumer segment was the largest and the fastest growing segment during the forecast period.
- Due to the growing number of veterinary practitioners worldwide, blood chemistry dominated the application section.
- The segment of hospitals held the largest market share and is expected to have a remarkable CAGR over the forecast period due to increased demand for in-house analyzers.
- Due to the increasing incidence of zoonotic diseases and the increasing demand for pet insurance, North America accounted for roughly the majority of the market.
- Asia Pacific is projected to see healthy growth over the next decade as a result of increased ownership of pets in countries like India and China. This is expected to increase over the time period.
- In January 2018, IDEXX Laboratories, Inc. has announced that the IDEXX Catalyst SDMA Test will be available commercially to all North American customers allowing point-of-care IDEXX customers to add SDMA as an essential component of the routine chemistry panel.
- Key players in the market include 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.
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For the purpose of this report, Reports and Data 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; 2017-2027)
Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Blood Chemistry Analysis
- Blood Gas & Electrolyte Analysis
- Glucose Monitoring
End-Use Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Clinical Laboratories
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- North America
- Asia Pacific
- South Korea
- Rest of APAC
- Latin America
- Rest of LATAM
- Saudi Arabia
- Rest of MEA
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Key Advantages of Veterinary Chemistry Analyzer Report:
- Identification and analysis of the market size and competition
- Qualitative and quantitative analysis of the market data
- Data validated by industry experts after extensive primary and secondary research
- Extensive regional analysis of the Veterinary Chemistry Analyzer industry
- Profiling of key players along with their business overview, business strategies, deals and partnerships, and product portfolio
- SWOT and Porter’s Five Forces Analysis for in-depth understanding of the competitive landscape
- Feasibility analysis and investment analysis to enable strategic investment decisions
- Analysis of opportunities, drivers, restraints, challenges, risks, and limitations
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