Veterinary Chemistry Analyzer Market Worth 1,205.2 Million | Anticipated To Witness High Growth In The Near Future

PUNE, India, 2020-Jun-02 — /EPR Network/ —

[250 Pages Report] The Global Veterinary Chemistry Analyzer Market is estimated to grow at a CAGR of 8.7%, to reach USD 1,205.2 Million.

Factors such as increase in 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.

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 the key opinion leaders such as CEOs, directors, and marketing executives.

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Market Segmentation in Depth:

On the basis of products, the market is segmented into instruments (including chemistry analyzers, urine analyzers, glucometers, and blood gas & electrolyte analyzers) and consumables (including panels, kits, test strips, and reagents). The consumables segment accounted for the largest share of the global market and is expected to register the highest CAGR during the forecast period. The large share of this segment is mainly attributed to the higher adoption of panels, kits, test strips, and reagents among end users and the recurrent purchase requirement of these products.

Based on application, the market is segmented into blood chemistry analysis, urinalysis, glucose monitoring, and blood gas & electrolyte analysis. The blood chemistry analysis segment accounted for the largest share of the global veterinary chemistry analyzers market. The large share of this segment is mainly attributed to the growing prevalence of animal diseases, rising awareness about zoonotic diseases, and increasing number of veterinary practitioners across the globe.

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Geographically, the global veterinary chemistry analyzers market is segmented into developed markets and emerging markets. The developed markets comprise the U.S., Canada, Germany, the U.K., France, Italy, Spain, and Japan. This developed markets accounted for the largest share of the global market. However, the emerging markets (including China, India and Latin America) segment is expected to witness the highest growth rate during the forecast period.

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).