Harrisburg, NC -- (SBWIRE) -- 10/21/2020 -- The Veterinary Diagnostic Equipment Market report is a valuable source of insightful data for business strategists. It provides the industry overview with growth analysis and historical & futuristic cost, revenue, demand, and supply data (as applicable). The research analysts provide an elaborate description of the value chain and its distributor analysis. This Market study provides comprehensive data that enhances the understanding, scope, and application of this report.
The global veterinary diagnostic equipment market was valued at about $1.2 billion in 2018 and is expected to grow to $1.92 billion at a CAGR of 12.4% through 2022.
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The veterinary diagnostic equipment market has been geographically segmented into North America, Western Europe, APAC, Eastern Europe, South America and Middle East & Africa. The North American market is the largest market for veterinary diagnostic equipment and is expected to continue to be the largest market during the forecast period.
Increase in the prevalence rate of diseases among animals serves as one of the major drivers of the veterinary diagnostic equipment market. Due to increase in the incidence of diseases in livestock and pets, the demand for enhanced diagnostic equipment increases. For instance, according to the Banfield State of Pet Health report 2016, the prevalence of diabetes in dogs has increased by 79.7 % in 2015 (23.6 cases per 10,000) from 2006 (13.1 cases per 10,000) whereas there has been an increase of 18% in the prevalence rate of diabetes in cats from 2006 to 2015. The increase in prevalence rate of diseases in animals, results in increase in demand for diagnostic equipment, driving the veterinary diagnostic equipment market.
The veterinary diagnostic equipment is highly expensive. The price of an equipment will be the significant expense for a veterinary clinic or hospital. To run a test center with blood testing machines, physiological monitors such as ECGs, anesthetic monitors etc., diagnostic imaging technology such as x-rays, ultrasound and MRI scanners, is highly capital intensive. Some kind of veterinary diagnostic equipment may be available on a budget, but with less precise diagnoses and thus less efficient treatments with less beneficial results. The high price of equipment hinders the growth of the veterinary diagnostic equipment market.
Veterinary diagnostic equipment manufacturers are introducing advanced technologies such as advance blood micro sampling techniques to enable enhanced precision, patient-centered specimen collection and diagnosis of diseases in animals. Blood micro sampling is a technique that allows the participants to draw blood samples from their livestock and companion animals with ease. The samples are then forwarded to labs for further diagnosis. This technique is an extension to dry blood sampling, which is a method of collecting blood. For instance, in 2017, Neoteryx launched the '3Rs-compliant Mitra' micro sampling device that works on the principle of Micro sampling. The device uses Neoteryx's trademark Volumetric Absorptive Micro Sampling (VAMS) technology to facilitate more convenient and accurate remote sampling. Other companies investing in the trend of micro sampling includes Diatron with its Diatron aquila hematology analyzer.
Scope of the Report:
Markets Covered: 1) By Product: Hematology, Immunodiagnostics, Clinical Chemistry, Molecular Testing 2) By End Users: Hospitals & Clinics, Reference Laboratories, Universities/Research Centers, Point-of-Care/In-House Testing 3) By Animal : Livestock Cattle, Domestic Pets
Companies Mentioned: IDEXX Laboratories, ABAXIS, HESKA Corporation, Zoetis, Virbac
Countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita, Veterinary Diagnostic Equipment indicators comparison.
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Influence of the Veterinary Diagnostic Equipment Market Report:
-Comprehensive assessment of all opportunities and risks in the Veterinary Diagnostic Equipment market.
-The detailed study of business strategies for the growth of the Veterinary Diagnostic Equipment market-leading players.
-Conclusive study about the growth plot of the Veterinary Diagnostic Equipment market for forthcoming years.
-In-depth understanding of Veterinary Diagnostic Equipment market-particular drivers, constraints, and major micro markets.
-Favorable impression inside vital technological and market latest trends striking the Veterinary Diagnostic Equipment market.
What are the market factors that are explained in the report?
-Key Strategic Developments: The study also includes the key strategic developments of the market, comprising R&D, new product launch, M&A, agreements, collaborations, partnerships, joint ventures, and regional growth of the leading competitors operating in the market on a global and regional scale.
-Key Market Features: The report evaluated key market features, including revenue, price, capacity, capacity utilization rate, gross, production, production rate, consumption, import/export, supply/demand, cost, market share, CAGR, and gross margin. In addition, the study offers a comprehensive study of the key market dynamics and their latest trends, along with pertinent market segments and sub-segments.
-Analytical Tools: The Global Veterinary Diagnostic Equipment Market report includes the accurately studied and assessed data of the key industry players and their scope in the market by means of a number of analytical tools. The analytical tools such as Porter's five forces analysis, SWOT analysis, feasibility study, and investment return analysis have been used to analyze the growth of the key players operating in the market.
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