Market Research Report
Veterinary Diagnostic Devices Market by Type and Geography - Forecast and Analysis 2020-2024
|Published by||TechNavio (Infiniti Research Ltd.)||Product code||917058|
|Published||Content info||156 Pages
Delivery time: 1-2 business days
|Veterinary Diagnostic Devices Market by Type and Geography - Forecast and Analysis 2020-2024|
|Published: November 8, 2019||Content info: 156 Pages||
Technavio's veterinary diagnostic devices market analysis considers sales from companion animals and livestock types. Our study also finds the sales of veterinary diagnostic devices in Asia, Europe, North America, and ROW. In 2019, the companion animal segment had a significant market share, and this trend is expected to continue over the forecast period. Factors such as increasing pet ownership and the rising healthcare expenditure will play a significant role in the companion animal segment to maintain its market position. Also, our global veterinary diagnostic devices market report looks at factors such as high prevalence of infectious diseases in animals, growth in number of veterinarians and their income in developed countries and increasing number of new product launches. However, high costs associated with pet care, geopolitical uncertainties, and intense competition among vendors may hamper the growth of the veterinary diagnostic devices industry over the forecast period.
The high prevalence of infectious diseases in livestock and companion animals has emerged as a major concern in recent years. This is directly contributing to the sales of various diagnostic devices including the blood glucose monitors, tonometer's, laryngoscopes, hematology analyzers, and blood glucose monitors. In addition, effective management and control of infectious diseases have become crucial for preventing and safeguarding agronomic health. This, in turn will lead to the expansion of the global veterinary diagnostics devices market at a CAGR of almost 9% during the forecast period.
Pet insurance includes the specialty property and casualty insurance policies purchased by pet owners to cover the unplanned healthcare costs associated with pets. Pet insurance providers mostly offer reimbursement-based programs, where pet owners can submit a claim for pet healthcare expenses incurred by them and the pet insurance companies reimburse the amount. With the rising cost of animal healthcare, people are increasingly relying on pet insurance to reduce the direct financial burden on them. Therefore, the increasing demand for pet insurance among pet owners and the marketing efforts by pet insurance companies are expected to support the growth of the global veterinary diagnostics devices market during the forecast period.
For the detailed list of factors that will drive the global veterinary diagnostic devices market during the forecast period 2020-2024, view our report.
With the presence of several major players, the global veterinary diagnostic devices market is highly fragmented. Technavio's robust vendor analysis is designed to help clients improve their market position, and in line with this, this report provides a detailed analysis of several leading veterinary diagnostic devices manufacturers, that include AMETEK Inc., bioMerieux SA, EKF Diagnostics Holdings Plc, Halma Plc, Heska Corp., HORIBA Ltd., IDEXX Laboratories Inc., Revenio Group Oyj, Virbac SA, and Zoetis Inc.
Also, the veterinary diagnostic devices market analysis report includes information on upcoming trends and challenges that will influence market growth. This is to help companies strategize and leverage on all forthcoming growth opportunities.