The global Veterinary Chemistry Analyzer market size is expected to be worth around US$ 5.3 billion by 2030, according to a new report by Vision Research Reports.
The global Veterinary Chemistry Analyzer market size was valued at US$ 838.7 Million in 2020 and is anticipated to grow at a CAGR of 18.2% during forecast period 2021 to 2030.
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Rising animal healthcare expenditure and increasing pet ownership are some of the major factors contributing to the growth of the market.
Increasing incidence of zoonotic diseases is one of the key trends escalating market growth. According to an article published in the Centers for Disease Control and Prevention (CDC) in 2017, scientists estimated that 3 out of every 4 emerging infectious diseases in people are transmitted through animals, and more than 6 out of every 10 known infectious diseases in people are transmitted through animals.
Increasing demand for animal proteins is leading to a global rise in livestock production and increase in exports of animal products. Rising disposable income and changing lifestyles are stirring up the demand for animal-derived food products.
According to the American Pet Products Association (APPA), the U.S. pet food sales doubled to USD 22 billion from 2000 to 2014 and are expected to rise at a CAGR of 2.5%. According to Mintel, in 2014, 79.0% of the U.S. pet owners considered the quality of pet food products is as important as their own.
Based on type, the market has been segmented into benchtop analyzers and portable analyzers. Benchtop veterinary chemistry analyzers contributed over half of the revenue generation in 2016. Advantages associated with benchtop analyzers such as automation of tasks, reduced manual errors, high accuracy, and precision are supporting their demand worldwide. These analyzers are efficient in diagnosing certain diseases in pets, which is one of the major factors contributing to the largest share held by this segment.
Portable analyzers facilitate bedside monitoring and are mobile. The segment is estimated to post a CAGR of 8.8% during the forecast period owing to ease of use, facility to monitor pets at home, portability, on the spot results, and less requirement of training. Soaring demand for point-of-care analyzers is spurring the growth of the segment.
Based on the product, the market has been bifurcated into consumables and instruments. The consumables segment commanded the leading revenue share in 2016. It is anticipated to post the fastest growth over the forecast period.
Consumables can be further divided into reagents, panels, and strips. Reagents accounted for more than one-third of the consumables segment in 2016. High adoption of consumables including reagents, panels, and strips is likely to augment the overall market. Also, recurring purchase requirement for consumables, easy-to-use reagents, and availability of most reagents in liquid form, which requires no preparation, are factors responsible for the growth of the consumables segment.
The introduction of ready-to-use liquid reagents in an open system is one of the major factors supplementing the growth of the segment. These reagents are affordable, offer longer open stability & flexibility, and enable the production of custom assays.
The instruments segment is projected to progress at a noteworthy CAGR during the forecast period owing to advancements in products. Introduction of automated benchtop and portable analyzers, such as Element POC (Heska Corporation), URIT-31 Vet (URIT Medical), and RX Series (Randox Laboratories Ltd.), is poised to propel the growth of the market. The segment has been further categorized into chemistry analyzers, blood gas & electrolyte analyzers, urine analyzers, and glucometers.
The blood chemistry analysis segment dominated the veterinary chemistry analyzer market in terms of revenue in 2016, owing to the increasing incidence of zoonotic diseases and the rising number of veterinary practitioners. Over the past 10 years, around 75.0% of new diseases that have affected humans have been caused by pathogens originating from animals or animal products.
However, the blood gas & electrolyte analysis segment is expected to register the highest CAGR during the forecast period. The introduction of point-of-care analyzers is leading to an upswing in the demand for blood gas and electrolyte analysis. A growing need for analysis that facilitates test results for both electrolyte and blood count in a given sample of serum, plasma, or urine is anticipated to boost the growth of the segment.
Based on end-use, the market has been bifurcated into hospitals and central laboratories. The hospital segment held the largest market share and is poised to continue its dominance over the forecast period, as a result of increasing demand for in-house veterinary chemistry analyzers. Rising awareness regarding the benefits of in-house analyzers such as less turnaround time and improved safety with pre-anesthetic testing is stirring up the demand.
Rising incidence of diseases such as diabetes, renal disease, cancer, and abnormalities resulting from long-term medications in animals are some of the major factors estimated to contribute to the growth of the segment. According to mypet.com, one in every 100 dogs that reach the age of 12 develops diabetes and between 1 in 50 and 1 in 500 cats are expected to develop diabetes. According to a survey carried out by Zoetis, Inc., (2012-2014), diabetes diagnosis in pets has increased by 16.0% in cats and 32.0% in dogs.
North America spearheaded the market in 2016, by contributing over 39.0% to the overall revenue. Some of the key factors responsible for the dominance of this region are rising animal healthcare expenditure and increasing demand for animal-derived food.
IDEXX Laboratories, Inc.; Abaxis; URIT Medical; Randox Laboratories Ltd.; Heska Corporation; Eurolyser Diagnostica GmbH; DiaSys Diagnostic Systems GmbH; Derechos reservados Diconex; Chengdu Seamaty Technology Co.; Ltd.; and Biochemical Systems International Srl.
- Type Outlook
- Product Outlook
- Blood Chemistry Analyzers
- Urine Analyzer
- Blood Gas & Electrolyte Analyzer
- Application Outlook
- Blood Chemistry Analysis
- Blood Gas & Electrolyte Analysis
- Glucose Monitoring
- End-use Outlook
- Clinical Laboratories
- Regional Outlook
- North America
- The U.S.
- Asia Pacific
- Latin America
- Middle East & Africa
- South Africa
- North America
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The Veterinary Chemistry Analyzer market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Veterinary Chemistry Analyzer market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Veterinary Chemistry Analyzer market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Veterinary Chemistry Analyzer market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Veterinary Chemistry Analyzer market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Veterinary Chemistry Analyzer capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Veterinary Chemistry Analyzer by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Veterinary Chemistry Analyzer market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Veterinary Chemistry Analyzer market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Veterinary Chemistry Analyzer market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Veterinary Chemistry Analyzer industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Veterinary Chemistry Analyzer market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Veterinary Chemistry Analyzer market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Veterinary Chemistry Analyzer market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Veterinary Chemistry Analyzer market. These factors have benefited the growth of the global market for Veterinary Chemistry Analyzer. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Veterinary Chemistry Analyzer. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Veterinary Chemistry Analyzer are as follows:
- Historic Year: 2017-2020
- Base Year: 2021
- Forecast Year 2021 to 2030
Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included 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. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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