PUBLISHER: The Business Research Company | PRODUCT CODE: 1414666
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414666
“Veterinary Chemistry Analyzer Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on veterinary chemistry analyzer market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for veterinary chemistry analyzer? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The veterinary chemistry analyzer market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
A veterinary chemistry analyzer is an instrument employed for the precise testing of blood and urine to obtain accurate results for animal health diagnosis, providing a scientific basis for disease identification and alternative diagnostic options.
The primary types of veterinary chemistry analyzers include benchtop and portable variants. Benchtop veterinary chemistry analyzers are compact, tabletop devices utilized in veterinary clinics and laboratories for analyzing various biological samples, including blood, urine, and other body fluids. These analyzers play a crucial role in diagnosing and monitoring the health status of animals. The main products in this category encompass instruments and consumables designed for companion animals and livestock. Veterinary chemistry analyzers are applied in diverse veterinary applications such as blood chemistry analysis, urinalysis, glucose monitoring, blood gas and electrolyte analysis. They find utility in veterinary hospitals and clinics, point-of-care testing, and other related contexts.
The veterinary chemistry analyzer market research report is one of a series of new reports from The Business Research Company that provides veterinary chemistry analyzer market statistics, including veterinary chemistry analyzer industry global market size, regional shares, competitors with a veterinary chemistry analyzer market share, detailed veterinary chemistry analyzer market segments, market trends and opportunities, and any further data you may need to thrive in the veterinary chemistry analyzer industry. This veterinary chemistry analyzer market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The veterinary chemistry analyzer market size has grown rapidly in recent years. It will grow from $1.78 billion in 2023 to $2.01 billion in 2024 at a compound annual growth rate (CAGR) of 12.5%. The growth observed in the historic period can be ascribed to the growing trend of pet ownership, advancements in veterinary care, the prevalence of animal diseases, a heightened focus on preventive healthcare, and an increase in livestock farming.
The veterinary chemistry analyzer market size is expected to see rapid growth in the next few years. It will grow to $3.07 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The anticipated growth in the forecast period can be credited to the rapid expansion of pet insurance, the emergence of point-of-care testing, the integration of connectivity and data management, a concentrated focus on personalized veterinary medicine, the expansion of research and development efforts, and the heightened awareness of zoonotic diseases in veterinary diagnostics. Major trends expected in the forecast period include the growth of point-of-care testing, increased adoption of multiparameter analysis, incorporation of connectivity features, miniaturization and portability, and a rise in wellness testing.
The growth of the veterinary chemistry analyzer market is anticipated to be propelled by the increase in pet adoption. Pet adoption involves assuming responsibility for a pet, commonly a dog, cat, or other domesticated animals, by offering it a permanent home and meeting its needs. As more individuals adopt pets and seek veterinary care, there is a growing demand for precise and fast diagnostic equipment to diagnose and treat animal ailments. Veterinary chemistry analyzers play a crucial role in veterinary clinics and laboratories by enabling quick and accurate examination of animal blood, urine, and other fluids. For example, a national survey of pets and people published by Animal Medicines Australia (AMA) in November 2022 revealed that about half of Australian households have at least one dog, making them the most common pet. Moreover, in 2021, Chewy, Inc., a US-based online retailer of pet food and products, reported that there were approximately 977,202 pets adopted in the US, resulting in the highest adoption rate of 61% in the past six years. Thus, the rise in the pet adoption rate is fostering the growth of the veterinary chemistry analyzer market.
The expected growth of the veterinary chemistry analyzer market is further driven by the increasing spending on pet care. Pet care spending encompasses the costs associated with maintaining the well-being and healthcare needs of pets. The utilization of veterinary chemistry analyzers in pet care spending enables the conduction of comprehensive blood and urine tests, facilitating the diagnosis of illnesses, monitoring pet health, contributing to better treatment decisions, and overall improvement in care. In 2023, reports from the American Pet Products Association, a US-based not-for-profit industry association, projected that the estimated total spending on pets in the US would reach $143.6 billion, representing an increase from the $136.8 billion spent in 2022. Therefore, the increasing expenditure on pet care is propelling the growth of the veterinary chemistry analyzer market.
Technological advancement stands out as a key trend in the veterinary chemistry analyzer market, with major players directing their efforts toward introducing new and advanced technologies to fortify their market positions. For example, in April 2022, Zoetis Inc., a US-based pharmaceutical company focused on animals, introduced an artificial intelligence (AI) blood smear testing feature to its versatile platform, Vetscan ImagystTM. This AI-powered feature streamlines the blood smear analysis process, delivering more accurate and expedited results. It empowers veterinary professionals to quickly and accurately analyze and interpret blood smears, thereby enhancing the speed and precision of animal diagnostics.
Prominent companies in the veterinary chemistry analyzer market are emphasizing product innovation, particularly in the development of veterinary diagnostic tests to diagnose kidney injury, thereby expanding the veterinary industry. IDEXX Cystatin B, a feline-specific biomarker test, has been introduced to aid in the evaluation of kidney function in cats and the early detection of renal disease. For instance, in June 2023, IDEXX Laboratories Inc., a US-based medical device company, launched the IDEXX Cystatin B Test-the first veterinary diagnostic test for detecting kidney injury in cats and dogs. This test enhances the understanding of kidney health by identifying injuries and providing additional insights in cases where alterations in kidney function may not be immediately apparent.
In June 2023, Mars Incorporated, a US-based manufacturer of confectionery, pet food, and other food products, along with being a provider of animal care services, acquired Heska Corporation for $1.3 billion. This acquisition positions Heska within Mars Petcare's Science & Diagnostics division, expanding its presence in diagnostics and technology. The strategic move aims to accelerate research and development efforts while broadening the availability of pet healthcare solutions on a global scale. Heska Corporation, the acquired company, is a US-based provider of advanced veterinary diagnostic and specialty products, including veterinary chemistry analyzers.
Major companies operating in the veterinary chemistry analyzer market report are IDEXX Laboratories Inc., Arkray Inc., Heska Corporation, Alfa Wassermann Inc., Randox Laboratories, Eurolyser Diagnostica GmbH, DiaSys Diagnostic Systems GmbH, Chengdu Seamaty Technology Co. Ltd., Abaxis Inc., Skyla Corporation, Biochemical Systems International S.p.A., Zoetis Inc., URIT Medical Electronic Co. Ltd., Diconex SA, Diatron MI plc, HORIBA ABX S.A., Bionote Inc., Carolina Liquid Chemistries Corporation, Bioevopeak Co. Ltd., Fujifilm Holdings Corporation, Scil Animal Care Company GmbH, ProtectLife International Biomedical Inc., Beckman Coulter Inc., Bio-Rad Laboratories Inc., Boule Diagnostics AB, Catalyst Biosciences Inc., ChemWerth Inc., EKF Diagnostics Holdings plc, Mindray Medical International Limited, Siemens Healthineers AG, Sysmex Corporation
North America was the largest region in the veterinary chemistry analysis market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global veterinary chemistry analyzer market report forecast period. The regions covered in the veterinary chemistry analyzer market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the veterinary chemistry analyzer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The veterinary chemistry analyzer market consists of sales of biochemistry analyzers, veterinary hematology analyzers, and veterinary electrolyte analyzers. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.