Press release
Rapid Growth Projected for Veterinary Chemistry Analyzer Market, Reaching $3.07 Billion by 2028
Veterinary Chemistry Analyzer Market Report
The veterinary chemistry analyzer market size is expected to see rapid growth in the next few years. It will grow to $3.07 billion in 2028 at a compound annual growth rate (CAGR) of 11.2%. The growth in the forecast period can be attributed to rapid growth in pet insurance, emergence of point-of-care testing, integration of connectivity and data management, focus on personalized veterinary medicine, expansion of research and development, increasing awareness of zoonotic diseases veterinary diagnostics. Major trends in the forecast period include point-of-care testing growth, multiparameter analysis, integration of connectivity features, miniaturization and portability, rise in wellness testing.
Market Overview -
Veterinary chemistry analyzer can be defined as an instrument used for testing the blood and urine for accurate results for animal health diagnosis. It offers a scientific foundation for disease identification and alternative diagnosis options.
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Pet Adoption Surge Sparks Growth In Veterinary Chemistry Analyzer Market
An increase in pet adoption is expected to propel the growth of the veterinary chemistry analyzer market. Pet adoption is taking responsibility for a pet animal, typically a dog, cat, or other domesticated animals, by providing it with a permanent home and caring for its needs. With more people adopting pets and seeking veterinary care, the demand for precise and fast diagnostic equipment to diagnose and treat animal ailments grows. Veterinary chemistry analyzers are vital for veterinary clinics and laboratories as they allow quick and accurate examination of animal blood, urine, and other fluids. For instance, in November 2022, according to a national survey of pets and people published by Animal Medicines Australia (AMA), an Australia-based industry body representing the leaders of the animal health industry in Australia, about half of Australian households have at least one dog, making them the most common pet. Moreover, in 2021, according to Chewy, Inc., a US-based online retailer of pet food and other products, in 2021, there were around 977,202 pets adopted in the US, which resulted in the highest adoption rate of 61% in the past six years. Therefore, the rise in the pet adoption rate is driving the growth of the veterinary chemistry analyzer market.
Competitive Landscape -
Major companies operating in the veterinary chemistry analyzer market report are IDEXX Laboratories Inc., Arkray Inc., Heska Corporation, Alfa Wassermann Inc., Randox Laboratories, Eurolyser Diagnostica GmbH, DiaSys Diagnostic Systems GmbH, Chengdu Seamaty Technology Co. Ltd., Abaxis Inc., Skyla Corporation, Biochemical Systems International S.p.A., Zoetis Inc., URIT Medical Electronic Co. Ltd., Diconex SA, Diatron MI plc, HORIBA ABX S.A., Bionote Inc., Carolina Liquid Chemistries Corporation, Bioevopeak Co. Ltd., Fujifilm Holdings Corporation, Scil Animal Care Company GmbH, ProtectLife International Biomedical Inc., Beckman Coulter Inc., Bio-Rad Laboratories Inc., Boule Diagnostics AB, Catalyst Biosciences Inc., ChemWerth Inc., EKF Diagnostics Holdings plc, Mindray Medical International Limited, Siemens Healthineers AG, Sysmex Corporation
Ai-Powered Feature Enhanced Veterinary Chemistry Analyzer Market
Technological advancement is a key trend in the veterinary chemistry analyzer market. Major players are focusing on introducing new and advanced technologies to strengthen their position in the market. For instance, in April 2022, Zoetis Inc., a US-based pharmaceuticals company focused on animals, introduced an artificial intelligence (AI) blood smear testing feature to its multi-purpose platform, Vetscan ImagystTM. The AI-powered feature in Vetscan ImagystTM is designed to streamline the process and provide more accurate results. It enables veterinary professionals to analyze and interpret blood smears more quickly and accurately, improving animal diagnostics' speed and accuracy.
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Key Segments -
The veterinary chemistry analyzer market covered in this report is segmented -
1) By Type: Benchtop, Portable
2) By Product: Instruments, Consumables
3) By Animal: Companion Animals, Livestock
4) By Application: Blood Chemistry Analysis, Urinalysis, Glucose Monitoring, Blood Gas And Electrolyte Analysis
5) By End Use: Veterinary Hospitals and Clinics, Point-Of-Care Testing, Other End Uses
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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