Veterinary Diagnostic Equipment Market to Grow Significantly at a CAGR of 12.4% by 2022 | IDEXX Laboratories, ABAXIS, HESKA Corporation, Zoetis

Global "Veterinary Diagnostic Equipment Market" 2020 Research report provides information regarding market size, share, trends, growth, cost structure, global market competition landscape, market drivers, challenges and opportunity, capacity, revenue and forecast 2022. This report also includes the overall and comprehensive study of the Veterinary Diagnostic Equipment market with all its aspects influencing the growth of the market. This report is exhaustive quantitative analyses of the Veterinary Diagnostic Equipment industry and provides data for making strategies to increase the market growth and effectiveness.

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.

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.

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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

Market Insights:

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.

The US Food and Drug Administration (FDA) defines regulations for veterinary diagnosis equipment and can take appropriate action if a veterinary equipment is found misbranded or adulterated. The conditions for misbranding a diagnostic equipment is listed under title 21 and set by the Food and Drugs administration (FDA). For instance, as per the regulations under title 21, U.S code 352(f)(1), any veterinary medical equipment is considered misbranded if the labelling on the equipment is indefinite or unclear. Whereas, 21 U.S.C. 352(j) states that a veterinary medical equipment is considered misbranded if it is dangerous to the animal even when it is used in the manner recommended, or suggested as per the label.

In May 2018, Zoetis Inc., US-based leading animal health company which discovers, develops, manufactures and markets veterinary vaccines and medicines, acquired Abaxis, Inc. for $2.0 Billion. With this acquisition Zoetis enhances its presence in the veterinary diagnostics market by utilizing the already established global network of Abaxis and increasing its revenue. This deal will help Zoetis achieve their goal of establishing sale of devices to more than 100 countries by using Abaxis's well-established diagnostic instruments and consumables. Abaxis, Inc. is a US-based firm that holds a strong product portfolio with various veterinary diagnostic instruments and kits.

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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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