How COVID-19 is impacting the Veterinary Chemistry Analyzer Market

Pune, India, 2020-Apr-07 — /EPR Network/ —[250 Pages Report] The global veterinary chemistry analyzer market is growing at a CAGR of 8.7%, USD 1,205.2 Million.

Research Methodology:

Top-down and bottom-up approaches were used to validate the size of the global veterinary chemistry analyzer market and estimate the size of various other dependent submarkets. This study estimates the market size for 2017 and projects its demand till 2022. The major players in the market were identified through secondary research and their market revenues were determined through primary and secondary research. Secondary research included the study of the annual and financial reports of the top market players, whereas primary research included extensive interviews with key opinion leaders such as CEOs, directors, and marketing executives. The percentage splits, shares, and breakdowns of the product markets were determined using secondary sources and verified through primary sources.

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Factors such as an increase in the animal population, growing pet adoption, rising demand for animal-derived food products, increasing incidence of zoonotic diseases, growing demand for pet insurance, rising animal health expenditure, and growth in the number of veterinary practitioners and their income levels in developed economies are driving the growth of the global veterinary chemistry analyzers market. However, increasing pet care costs may hinder the growth of this market to a certain extent.

Segmentation in Detailed:

On the basis of product, the market is segmented into instruments and consumables. Based on application, this market is categorized into blood chemistry analysis, urinalysis, glucose monitoring, and blood gas & electrolyte analysis. On the basis animal type, the market is segmented into companion animals and livestock.

On the basis of animal type, the veterinary chemistry analyzer market is segmented into companion animals and livestock. The companion animals segment accounted for the largest share of the global market and is expected to register the highest CAGR during the forecast period. Growing pet population, rising pet ownership, increased demand for pet insurance, and rising pet healthcare expenditure are the major driving factors driving the growth of this segment.

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Geographical Analysis:

the veterinary chemistry analyzer market is categorized into developed and emerging markets. The emerging markets (including China, India, and Latin America) segment is expected to witness the highest growth rate during the forecast period. Growth in these markets can be attributed to the rising animal population, increasing demand for animal-derived food products, growing per capita animal health expenditure (especially in India, Latin America, and China), growing pet adoption, and rising awareness regarding animal health and welfare.

The market is dominated by IDEXX Laboratories, Inc. (U.S.), Abaxis, Inc. (U.S.), and Heska Corporation (U.S.). Some of the other players competing in this market are 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).