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Equine Diagnostic Services Market Trends, Current Demand, and Business Opportunities
Equine Diagnostic Services Market: IntroductionAccording to the report, the global equine diagnostic services market was valued at ~US$ 168 Mn in 2019. It is projected to expand at a CAGR of ~5% from 2020 to 2030. Equine diagnostic services are defined as lab testing work services for equine patients in hospital, clinics, individual labs, and on farms through equine field service. Tests, such as genetic test and infectious diseases test are often recommended in healthy and sick equine. The interpretation of multiple tests in conjunction with one another (profiling) enables rapid and noninvasive assessment of the major organ systems of a horse. North America dominated the global equine diagnostics market in 2019. The trend is anticipated to continue during the forecast period. The trend of horse riding among adults in North America has increased over the past five years. Moreover, the culture of horse racing is renowned in the region, which drives the demand for healthy horses and consequently, propels the market in the region.
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Mandatory Genetic Testing Adopted by Various Horse Associations to Drive Equine Diagnostic Services Market
Dozens of genetic tests are presently available, which can offer insights into equine health, coat color, and even performance potential. The role genetic tests play in the equine world is expected to only increase in the near future, as genetic tests become increasingly affordable and accessible. Most tests for heritable diseases are breed specific, and some organizations require testing for particular genes prior to registering breeding stallions to limit the prevalence of certain conditions in the population. This, in turn, propels the equine diagnostic services market.
Infectious Diseases Testing to Dominate Global Market
In terms of service type, the global equine diagnostic services market has been classified into genetic testing, phenotype testing, infectious disease testing, and others. Infectious diseases such as equine infectious anemia, equine influenza, and streptococcus equi are largely encountered by equine every year. The rise in demand for rapid diagnosis of these diseases and appropriate treatment to gain optimal clinical outcomes of the equine are likely to fuel the segment.
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Lab Testing & Mobile Setting to be Highly Attractive Service Setting
In terms of service setting, the equine diagnostic services market has been divided into lab testing & mobile settings and hospitals & clinics. Lab testing & mobile setting are dedicated facilities that have all the necessary reagents, kits, instruments, software, and technicians with the required skill set to perform sophisticated tests such as molecular diagnostic tests. This makes reference laboratories the preferred choice, especially among small private clinics and hospitals. These factors are likely to boost the segment during the forecast period.
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North America to Dominate Equine Diagnostic Services Market
The global equine diagnostic services market has been divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global equine diagnostic services market in 2019, followed by Europe. North America accounted for a major share of the global surgical equipment market in 2019, primarily due to well-established equine healthcare infrastructure that enables proper diagnosis. Moreover, a rise in genomic research & development activity in the equine healthcare industry in the U.S. drives the demand for equine diagnostic services.
Competition Landscape of Equine Diagnostic Services Market
The global equine diagnostic services market is fragmented in terms of number of players. Key players in the global surgical equipment market include Generatio GmbH, EquiSeq Inc., VetGen, Animal Genetics Inc., Veterinary Genetics Laboratory, Etalon Inc., Equine Diagnostic Solution, LLC,IDEXX Laboratories, Inc., B&W Equine Vets and Neogen Corporation.
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