PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397123
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397123
Veterinary Chemistry Analyzer Market size was valued at USD 2,912 Million in 2022, expanding at a CAGR of 12.5% from 2023 to 2030.
An instrument used to determine the concentration of different chemicals in a patient's blood is called a veterinary chemistry analyzer. These tools are often employed in veterinary medicine because they facilitate disease identification and tracking. The capacity of veterinary chemistry analyzers to offer precise readings for a range of chemical components makes them essential for developing more efficient treatment strategies.
Clinical diagnostics have been transformed by point-of-care testing, which has made them easily accessible, affordable, quick, and user-friendly. This platform is important because it makes it possible for people to routinely check on their health, even from the comfort of their own homes, which can lead to early disease identification. For example, the ease of use of a veterinary glucometer at the office, clinic, or home makes it highly regarded. For both cats and dogs, Zoetis provides an easy-to-use blood glucose monitoring device called AlphaTRAK. Moreover, the growing need for these analyzers is fueled by the increased incidence of diabetes in animals. Thus, this is expected to drive the market expansion.
The Global Veterinary Chemistry Analyzer Market is segmented on the basis of Product, Species, Application, End-use and Region.
Based on the product, the global Veterinary Chemistry Analyzer market divided into Instruments and Consumables. The Consumables segment is expected to dominate the market during the forecast period. The ongoing need for consumables will probably boost the sector as a whole. The segment's rise is also due to factors including the need for recurrent purchases of consumables, readily available liquid form reagents that don't require preparation, and easy-to-use reagents.
Based on the species, the market is segmented into Feline, Cattle, Caprine, Canine, Equine, Porcine, Ovine, Avian and Others. The Canine segment is expected to grow at a rapid rate over the forecast period. One major factor driving the veterinary industry's growth has been the increasing trend of pet ownership, particularly with canines. More people are viewing their pets as members of the family, which is driving up demand for cutting-edge diagnostics and veterinary treatment, particularly for canines.
Based on the application, the industry is bifurcated into Blood Gas & Electrolyte Analysis, Urinalysis, Blood Chemistry Analysis and Glucose Monitoring. The Blood Chemistry Analysis segment is expected to hold a significant market share over the forecast period due to zoonotic disease incidence is rising and there are more veterinary practitioners in the world. The World Health Organization (WHO) estimates that zoonoses are responsible for millions of deaths and around a billion disease cases worldwide annually. Over 60.0% of newly reported infectious infections worldwide are caused by zoonoses.
Based on the end-use, the global market is categorized into Veterinary Hospitals and Clinics, Veterinary Laboratories, Point-Of-Care Testing and Others. The Veterinary Laboratories segment is expected to lead the market during the forecast period. The increasing prevalence of diseases including cancer, diabetes, renal disease, and anomalies brought on by long-term pharmaceutical use in animals are some of the main drivers expected to fuel the segment's expansion. Veterinary laboratories primarily provide pathology and diagnostic services. In veterinary laboratories, pathology-which includes looking into animal diseases-is a common area of focus. An further aspect driving the segment's growth is the increasing number of sophisticated laboratories with improved infrastructure.
Geographically, this market is widespread into the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. North America is expected to dominate the market during the projected period. There are a lot of animal health and diagnostics firms in North America. The region's spending on veterinary care has increased significantly, which is anticipated to fuel the market's expansion. Furthermore, strong R&D investment and well-developed infrastructure in the area are expected to support the North American market. In 2021, the United States commanded the majority of the regional market. This is explained by the existence of significant companies in the nation, including IDEXX and Zoetis, who are engaged in the creation and distribution of analyzers needed for the detection of several animal diseases.
The marketplaces are rather competitive overall. In the well-established industry of veterinary diagnostics, there exist several rivals with far more financial resources as well as larger and more established marketing, sales, and service companies. To increase their market share, industry participants are concentrating on the creation of new goods and partnering with other companies to distribute and provide their products.
In June 2023, the first veterinary diagnostic test for identifying kidney damage in cats and dogs was introduced, according to IDEXX Laboratories, Inc. Veterinarians can evaluate kidney damage cases that may be difficult to diagnose because of mild or nonspecific indications by using the IDEXX Cystatin B Test, which will be included in test panels evaluating renal health.