Veterinary Point of Care Blood Gas Analyzers Market Targets $65,982 Thousand by 2023, Globally
The Global Veterinary Point Of Care Blood Gas Analyzers Market generated $47,876 thousand in 2016, and is anticipated to reach $65,982 thousand by 2023, growing at a CAGR of 4.6% from 2017 to 2023.
Increase in adoption of companion animals, technological advancement in blood gas analyzers, rise in animal health awareness, increase in expenditure on animal welfare are the major drivers of the global veterinary point of care blood gas analyzers market. However, poor demand from underdeveloped countries in Asia and Africa is expected to impede the market growth. On the contrary, huge market potential in the developing regions is expected to offer lucrative opportunities for market expansion during the forecast period.
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Veterinary Point Of Care Blood Gas Analyzers Market Segmentation
The global veterinary point of care blood gas analyzers market is segmented on the basis of modality, animal, end user, and region. Based on modality, the market is bifurcated into portable and handheld analyzers. By animal type, it is categorized into companion animals, poultry & dairy animals, livestock animals, and others. According to end user, it is fragmented into veterinary clinics, veterinary laboratories, research laboratories, and others. Depending on region, the market is analyzed across North America (U.S., Canada, and Mexico), Europe (Germany, France, UK, Italy, Spain, and rest of Europe), Asia-Pacific (China, Japan, Australia, India, and rest of Asia-Pacific), and LAMEA (Brazil, South Africa, Saudi Arabia, and rest of LAMEA).
Three types of veterinary blood gas analyzers available in the market are benchtop, portable, and handheld. However, in point of care veterinary blood gas testing, only portable and handheld analyzers are used. Presently, portable analyzers segment is major revenue contributor, and is anticipated to dominate the market during the forecast period. This is attributed to the fact that these analyzers can be easily moved from one place to another, thus are preferably used in veterinary clinics & laboratories.
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Furthermore, rise in adoption of companion animals and favorable pet insurance policies fuel the market growth. According to the North American Pet Health Insurance Association (NAPHIA), the total number of pets insured reached 1.6 million at the end of 2015, and grew at an average annual rate of 12.0% from 2014 to the end of 2015.
Presently, portable blood gas analyzers segment holds the largest market share. However, it is estimated that the demand for handheld blood gas analyzers is expected to increase during forecast period, due to features such as faster outputs, ease of use, and convenience.
Key Findings of the Veterinary Point Of Care Blood Gas Analyzers Market:
• The handheld analyzers segment is expected to grow at a CAGR of 7.1% from 2017 to 2023.
• Veterinary clinics is major revenue contributor in the global market, and is expected to retain dominance throughout the forecast period.
• Based on animal type, companion animals segment leads the global market, and expected to continue its dominance during the forecast period; currently this segment holds half of the market share.
• Asia-Pacific is expected to grow at the highest rate, registering a CAGR of 6.9%.
North America held largest share of the global market in 2016, and is expected to remain dominant throughout the forecast period. This is attributed to higher disposable income, rise in number of pets & other domestic animals, stringent regulations enacted by state & federal governments to enhance animal welfare, and pet owner's willingness to pay for veterinary services. On the other hand, Asia-Pacific is expected to show fastest growth, due to upsurge in disposable income, rise in animal health awareness, and increase in pet adoption among the higher and middle-income countries.
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