Veterinary Chemistry Analyzer Market by Product Application & Animal - Global Forecast to 2022
LONDON, July 20, 2017 /PRNewswire/ -- The global veterinary chemistry analyzers market is estimated to grow at a CAGR of 8.7% from 2017 to 2022, to reach USD 1,205.2 million by 2022 from USD 795.8 million in 2017. The growth of this market is mainly attributed to the rising demand for animal-derived food products, increasing animal population, growing pet adoption, growing demand for pet insurance and rising animal health expenditure, and increasing incidence of zoonotic diseases. In addition, the increasing awareness about animal healthcare and increase in the number of veterinary practitioners and their growing income levels are further expected to drive the growth of this market. However, rising pet care costs may hinder the growth of this market to a certain extent.
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Based on the type of product, the veterinary chemistry analyzers market is segmented into instruments and consumables. The consumables segment accounted for the largest share of the global veterinary chemistry analyzers market in 2016. The large share of this segment is mainly attributed to the higher adoption of products such as preloaded multiple reagent clips & cartridges, preloaded single-slide reagent panels, test strips, and reagents.
Geographically, the global veterinary chemistry analyzers market is segmented into developed markets and emerging markets. In 2016, the developed markets segment commanded the largest share of the global veterinary chemistry analyzers market. The large share of this segment is mainly due to the increasing adoption of companion animals, growing pet insurance industry, increasing demand for animal-derived food products, and rising veterinary healthcare expenditure in this region. The emerging markets segment is expected to register the highest CAGR during the forecast period. Growth in the emerging markets can be attributed to the rising companion animal ownership, rising awareness about animal health, increase in the demand for animal-derived food products, and growing per capita animal health expenditure. Among the developed and emerging markets, the U.S. accounted for the largest share of global veterinary chemistry analyzers market.
Some of the major players in this market are IDEXX Laboratories, Inc. (U.S.), Abaxis, Inc. (U.S.), Heska Corporation (U.S.), Randox Laboratories Ltd. (U.K.), ARKRAY, Inc. (Japan), Eurolyser Diagnostica GmbH (Austria), Alfa Wassermann Inc. (U.S.), DiaSys Diagnostic Systems, USA, LLC (U.S.), Chengdu Seamaty Technology Co., Ltd. (China), Biochemical Systems International Srl (Italy), ELITechGroup (France), and URIT Medical Electronic Group Co. Ltd (China).
Research Coverage:
The veterinary chemistry analyzers market is segmented on the basis of product, application, animal type, and region. In addition to the detailed segmentation, the report provides an analysis of the various drivers, restraints, opportunities, challenges, and trends impacting the veterinary chemistry analyzers market. The report also covers the vendor DIVE and competitive benchmarking of the top players, and highlights the growth strategies adopted by the major players in the veterinary chemistry analyzers market to garner larger shares.
Reasons to Buy the Report:
The report will enrich both established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn will help firms in garnering a greater market share. Firms purchasing the report could use any one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for increasing their market shares.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the veterinary chemistry analyzers market. The report provides an analysis of the veterinary chemistry analyzers market, by product, application, animal type, and region
- Product Development/Innovation: Detailed insights on the upcoming trends, research and development activities, and new product launches in the veterinary chemistry analyzers market
- Market Development: Comprehensive information about lucrative emerging markets, by product and region
- Market Diversification: Exhaustive information about new products, growing geographies, recent developments, and investments in the veterinary chemistry analyzers market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, and manufacturing capabilities of the leading players in the veterinary chemistry analyzers market
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