Global Veterinary Point-Of-Care Diagnostics Market Research Report
Veterinary diagnoses are tests for diagnosing and recognizing several diseases in animals. Advanced techniques & methods are designed for human diagnoses that are widely used in veterinary diagnosis. Veterinary diagnosis Point-Of-Care (POC) allows the doctors to obtain laboratory-quality and real-time diagnostic results in minutes. In order for diagnosing various diseases in the animal body, owing to the corona-virus epidemic, veterinary point-of-care diagnosis is very demanding. The key advantages are included flexibility of quantitative & qualitative technology, cost-effectiveness, simplicity of use and others.
Referring to the study “Global Veterinary Point-Of-Care Diagnostics Market to reach USD 2.8 billion by 2027” leading companies that are currently operating in the global veterinary point-of-care diagnostic market Are Idexx Laboratories, Inc., Thermo Fisher Scientific, Inc., Zoetis, Inc., Woodley Equipment Company Ltd., Virbac, Carestream Health, Inc. (a part of Onex Corporation), Heska Corporation, Neurologica Corporation (a part of Samsung Electronics Co. Ltd.), Eurolyser Diagnostica Gmbh, Fujifilm Sonosite, Inc. (a part of Fujifilm Holdings Corporation), Randox Laboratories, Ltd., Mindray Medical International Limited (a part of excelsior union limited), Anipoc, Ltd., GE Healthcare, Diagnostic Imaging Systems, Inc., Examion Gmbh, Esaote SPA, Qr S.R.L., Minxray, Inc., Sedecal.
Based on product, veterinary point-of-care diagnostic market is segmented as instrument and consumables. Instruments include analyzers and imaging systems (ultrasound systems, radiography (x-ray) systems, thermal imaging systems, and computed tomography systems). Based on technology (kits and analyzers), market is segmented as hematology, molecular diagnostics, urinalysis, immunodiagnostics, clinical biochemistry and other technologies. Based on animal type, market is segmented as livestock animals (swine, cattle, poultry and others) and companion animals (cats, dogs, horses and others). Based on application, market is segmented as virology, bacteriology, clinical pathology, parasitology and others. In addition, based on end-user, market is segmented as veterinary hospitals & academic institutes, veterinary clinics and home care settings. Veterinary hospitals & clinics holds major share in global market owing to rise in availability of a wide range of diagnostic options in these facilities.
The veterinary point-of-care diagnostic market is driven by increase in prevalence of zoonotic diseases, followed by rise in demand for animal-derived food products, growth in the companion animal population, rise in awareness regarding the pets’ health, advantages of POCT and rise in demand for pet insurance & increase in pet care expenditure. However, high cost of veterinary imaging systems may impact the market. Moreover, rise in advancements and other strategic alliance by market key players is a key opportunity for market.
Based on geography, the North-American region holds major share in global veterinary point-of-care diagnostic market owing to increase in adoption of companion animals, rise in demand for animal-derived food products and growth in veterinary healthcare expenditure in the region. Whereas, the European and Asian-Pacific region are anticipated to witness higher growth rate due to rise in expenditure & affordability of owning pets over the forecast period. The global veterinary point-of-care diagnostics market is valued around US $1.4 billion in 2019 and is expected to grow with a healthy growth rate of more than 8.9 % during the forecast period 2020 to 2027.
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Ankur Gupta, Head Marketing & Communications