Veterinary Chemistry Analyzer Market: Overall Growth, Major Industry Leaders & Future Insights
Growing population of animals and surge in adoption of pets is expected to impact growth of the global market. With the increasing adoption of pet, demand for healthcare maintenance and pet insurance will continue to increase. Prevalence of zoonotic diseases has led to surge in awareness regarding animal healthcare. Growing need for animal healthcare will continue to rev up demand for veterinary chemistry analyzer in the global market. Moreover, increasing number of veterinary practitioners is likely to boost sales of the veterinary chemistry analyzer in the global market. Bound to these factors, the global veterinary chemistry analyzer market is expected to witness significant growth during the forecast period.
According to Transparency Market Research, the global veterinary chemistry analyzer market is expected to represent a value of over US$ 1,100 Mn by the end of 2022.
Medical Tests to Boost Demand for Veterinary Chemistry Analyzers
Conducting hematology tests has continued to fuel demand for the veterinary chemistry analyzer globally. As the need to maximize the testing flexibility and delivering accurate results arises, demand for the veterinary chemistry analyzer is expected to rev up during the forecast period. Preference for consuming animal-derived food products will continue to increase in the food industry. Imposition of FDA regulations against contamination and illegal residue in the edible animal products has further contributed towards growth of the global veterinary chemistry analyzer market during the forecast period. Bound to these factors, demand for veterinary chemistry analyzer is expected to increase in the global market.
Zoonotic Diseases to Impact Growth of Global Market
Prevalence of the zoonotic diseases is further expected to contribute towards growth of the global veterinary chemistry analyzer market. According to recently published report by CDC, every year tens of thousands of Americans will get sick from zoonotic diseases that spreads between animals and people. Salmonella infection, E. Coli infection, chickungunya, dengue and malaria are some of the common and severe zoonotic diseases. According to World Health Organization (WHO), malaria caused 212 million clinical episodes and 429,000 deaths in 2015. As the need for various control measure for the zoonotic diseases arise, demand for the veterinary chemistry analyzers is expected to increase. Surge in demand for convenient and cheap rapid diagnostic tests is expected to impact growth of the global veterinary chemistry analyzer market positively.
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Veterinary Hospitals to Represent a Leading Segment
Growing preference for animal derived food products, demand for consumables continue to increase in the global market. On the basis of product type, the consumable segment is expected to generate significant revenues, accounting for a value of over US$ 180 Mn by the end of 2022. On the other hand, the glucometer product type segment is expected to register the highest CAGR throughout the forecast period.
Based on application type, the veterinary hospitals segment is expected to represent the highest revenue growth, recording a value of nearly US$ 180 Mn by the end of 2017. The veterinary hospitals application type segment is further expected to register a robust CAGR through 2022.
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Leading market players operating in the global veterinary chemistry analyzer market include Abaxis, Inc., Alfa Wassermann, Inc., Arkray, Inc., Biochemical Systems International Srl, Chengdu Seamaty Technology Co., Ltd., Diasys Diagnostic Systems GmbH, Elitechgroup, Eurolyser Diagnostica GmbH, Heska Corporation, Idexx Laboratories, Inc. and Randox Laboratories Ltd.
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