Veterinary Hematology Analyzers Market - Major Factors Driving the Industry

The global Veterinary Hematology Analyzers Market displays a highly competitive landscape with a few prominent players holding more than 50 percent of the market’s share, reports Transparency Market Research (TMR). The market is predicted to be highly consolidated owing to the presence of a few key players.

The prominent players in the market comprise IDEXX Laboratories, URIT Medical, Heska Corporation, Siemens Healthcare Diagnostics Inc., and HemoCue AB. These companies are leveraging the power of technology to increase their revenue share in the market. Moreover, they are adopting numerous growth strategies to gain a stronghold in the market.

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The global veterinary hematology analyzers market is expected to rise at a 6.7% CAGR during the forecast period which is 2016 to 2024. Growing at this pace, the market is prophesized to reach a valuation of US$1,178.9 by the end of the forecast period.

The global veterinary hematology analyzers market is classified on the basis of the analysis parameter, product type, end users, and geography. Based on product type, the table top segment dominates the market. Factors such as rising outbreaks of animal diseases and minimal maintenance have contributed to the growth of this segment. It accounted for nearly 73 percent of the market’s share in 2016.

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Need for Effective Diagnostics for Animals to Steer Growth

In recent times, there has been a rise in awareness regarding numerous animal diseases and the benefits of early diagnosis. This has played a major role in driving the global veterinary hematology analyzers market’s growth. Moreover, governments of several countries are emphasizing on research and development activities to develop effective diagnostics for animals, thereby propelling the market’s growth. In addition, technological developments and increase in demand for modern pet healthcare facilities has created growth avenues for the market.

Furthermore, a rise in the animal population has significantly driven the veterinary hematology analyzers market’s expansion. Along with this, a rise in food borne diseases and high demand for food derived from animals has stimulated the market’s growth. Moreover, a rise in demand for fully automated analyzers that offer precise and reliable results has given a major thrust to the global veterinary hematology analyzers market.

In addition to the aforementioned drivers, development of new diagnostic technologies and a rising disposable income have spurred the market’s growth. Further, initiatives taken by several prominent players in the animal health industry in terms of funding and campaigns for animal welfare has spurred the veterinary hematology analyzers market’s growth.

New Product Developments to Aid in Expanding Global Frontiers

A key player in the global veterinary hematology market Abaxis has developed VETSCAN VS2, an immunoassay and blood gas analyzer. It offers extraordinary accuracy and delivers laboratory quality results in just 12 minutes. Moreover, it offers an internal quality control that monitors the analyzer before and during every analysis to ensure accurate results. This has led to an increase in the adoption of this device in veterinary clinics and pharmaceutical companies. This development has opened several growth opportunities for the global veterinary hematology analyzers market, thereby expediting its growth.

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This release was published on openPR.