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Veterinary Chemistry Analyzer Market - Global Forecast to 2022


 

The global veterinary chemistry analyzer market is estimated to grow at a CAGR of 8.7% between 2017 and 2022, to reach USD 1,205.2 Million by 2022 from 795.8 Million in 2017. Factors such as increase in animal population, growing pet adoption, rising demand for animal-derived food products, increasing incidence of zoonotic diseases, growing demand for pet insurance, rising animal health expenditure, and growth in the number of veterinary practitioners and their income levels in developed economies are driving the growth of the global veterinary chemistry analyzers market. However, increasing pet care costs may hinder the growth of this market to a certain extent.

In this report, the veterinary chemistry analyzer market is segmented on the basis of product, application, animal type, and region. On the basis of product, the market is segmented into instruments and consumables. Based on application, this market is categorized into blood chemistry analysis, urinalysis, glucose monitoring, and blood gas & electrolyte analysis. On the basis animal type, the market is segmented into companion animals and livestock.

Geographically, the global veterinary chemistry analyzers market is segmented into developed markets and emerging markets. The developed markets comprise the U.S., Canada, Germany, the U.K., France, Italy, Spain, and Japan. This developed markets accounted for the largest share of the global market in 2016. However, the emerging markets (including China, India and Latin America) segment is expected to witness the highest growth rate during the forecast period. Growth in the emerging markets can be attributed to the rising animal population, growing pet adoption, increase in the demand for animal-derived food products, growing per capita animal health expenditure (especially in India, Latin America, and China), and rising awareness regarding animal health and welfare. Among the developed and emerging markets, the U.S. accounted for the largest share of global veterinary chemistry analyzer market.

Top-down and bottom-up approaches were used to validate the size of the global veterinary chemistry analyzer market and estimate the size of various other dependent submarkets. This study estimates the market size for 2017 and projects its demand till 2022. The major players in the market were identified through secondary research and their market revenues were determined through primary and secondary research. Secondary research included the study of the annual and financial reports of the top market players, whereas primary research included extensive interviews with the key opinion leaders such as CEOs, directors, and marketing executives. The percentage splits, shares, and breakdowns of the product markets were determined using secondary sources and verified through primary sources. All possible parameters that affect the market covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. This data is consolidated and added with detailed inputs and analysis from MarketsandMarkets and presented in this report.

The veterinary chemistry analyzer market is expected to witness significant growth in the coming years, with a rising demand for animal-derived food products, growing number of livestock and companion animals, rising pet ownership in developed countries, growing demand for pet insurance, rising animal health expenditure, increasing incidence of zoonotic diseases, and growth in the number of veterinary practitioners and their income levels in developed economies. Moreover, emerging markets such as China, India and Latin America are expected to provide significant growth opportunities for players in the veterinary chemistry analyzers market. However, increasing pet care costs are expected to restrain the growth of this market to a certain extent.

In this report, the global veterinary chemistry analyzer market is categorized by product, application, animal type, and region. On the basis of products, the market is segmented into instruments (including chemistry analyzers, urine analyzers, glucometers, and blood gas & electrolyte analyzers) and consumables (including panels, kits, test strips, and reagents). The consumables segment accounted for the largest share of the global market in 2016 and is expected to register the highest CAGR during the forecast period. The large share of this segment is mainly attributed to the higher adoption of panels, kits, test strips, and reagents among end users and the recurrent purchase requirement of these products. Based on application, the market is segmented into blood chemistry analysis, urinalysis, glucose monitoring, and blood gas & electrolyte analysis. The blood chemistry analysis segment accounted for the largest share of the global veterinary chemistry analyzers market in 2016. The large share of this segment is mainly attributed to the growing prevalence of animal diseases, rising awareness about zoonotic diseases, and increasing number of veterinary practitioners across the globe.

On the basis of animal type, the veterinary chemistry analyzer market is segmented into companion animals and livestock. The companion animals segment accounted for the largest share of the global market and is expected to register the highest CAGR during the forecast period. Growing pet population, rising pet ownership, increased demand for pet insurance, and rising pet healthcare expenditure are the major driving factors driving the growth of this segment.

Geographically, the veterinary chemistry analyzer market is categorized into developed and emerging markets. The emerging markets (including China, India, and Latin America) segment is expected to witness the highest growth rate during the forecast period. Growth in these markets can be attributed to the rising animal population, increasing demand for animal-derived food products, growing per capita animal health expenditure (especially in India, Latin America, and China), growing pet adoption, and rising awareness regarding animal health and welfare.

The global Veterinary Chemistry Analyzers Market is dominated by a few global players. Amidst intense market competition, major players are continuously focusing on achieving higher market shares through new product launches, agreements, partnerships, acquisitions, and expansions. The global market is consolidated in nature, with a large number of companies continuously striving to mark their presence. The market is dominated by IDEXX Laboratories, Inc. (U.S.), Abaxis, Inc. (U.S.), and Heska Corporation (U.S.). Some of the other players competing in this market are Randox Laboratories Ltd. (U.K.), ARKRAY, Inc. (Japan), EurolyserDiagnostica GmbH (Austria), Alfa Wassermann Inc. (U.S.), DiaSys Diagnostic Systems, USA, LLC (U.S.), Chengdu Seamaty Technology Co., Ltd. (China), Biochemical Systems International Srl (Italy), ELITechGroup (France), and URIT Medical Electronic Group Co. Ltd (China).

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