Veterinary Chemistry Analyzer Market worth $1,205.2 Million – IDEXX Laboratories Inc., Abaxis Inc. are Leading Key Players

PUNE, India, 2021-May-26 — /EPR Network/ — The report “Veterinary Chemistry Analyzer Market by Product (Chemistry Analyzer, Glucometer, Consumables (Panel, Test Strip, Reagent)) Application (Blood Chemistry Analysis, Urinalysis, Glucose Monitoring) & Animal (Companion & Livestock) – Global Forecast”, is estimated to grow at a CAGR of 8.7%, reach USD 1,205.2 Million.

The 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.

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On the basis of application, categorized into blood chemistry analysis, urinalysis, glucose monitoring, and blood gas-electrolyte analysis. The blood chemistry analysis segment accounted for the largest share in 2016, while the glucose-monitoring segment is expected to witness the highest growth during the forecast period. The veterinary chemistry analyzer market is further segmented, on the basis of animal type, into companion animals and livestock. In 2016, the companion animal segment accounted for the largest share of the market. This segment is also expected to register the highest growth during the forecast period.

Geographical View in-detailed:

The veterinary chemistry analyzer market covering developed and emerging economies. The developed market includes the U.S., Canada, Germany, the U.K., France, Italy, Spain, and Japan while the emerging market includes China, India, and Latin America. In 2016, the U.S. attributed the largest share of the developed market owing to its well-established animal healthcare systems.

The large share of this regional market segment is driven by increasing demand for animal-derived food products, rising animal healthcare expenditure, growing animal population, and rising awareness about zoonotic diseases. However, the emerging market is expected to register the highest CAGR, owing to growing animal population, increasing demand for animal-derived food products, rising awareness about animal health and welfare, and growing per capita animal health expenditure, especially in Latin America, India, and China.

Global Key Leaders:

Some of the prominent players in Veterinary Chemistry Analyzer 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.), Diconex SA (Argentina), Chengdu Seamaty Technology Co., Ltd.(China), Biochemical Systems International Srl (Italy), ELITechGroup (France), and URIT Medical Electronic Group Co. Ltd (China).

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The leading position of IDEXX Laboratories, Inc. in this Veterinary Chemistry Analyzer Market is mainly attributed to its strong product portfolio, wide geographic presence, and strong distribution and services network across the globe. The company operates in more than 175 countries across North America, Europe, Asia-Pacific, and the Rest of the World. The company majorly focuses on product launches and product upgrades to provide the most advanced technology to its end users.

Abaxis, Inc. held the second-largest share of the global veterinary chemistry analyzers market. Abaxis, Inc. operates through two major segments, namely, medical market and veterinary market. The veterinary market segment accounted for approximately 81% of the company’s total revenue, which influenced the operational and financial condition of the company. During the same fiscal year, the company experienced a 21% increase in the sales of its veterinary instruments. The company heavily depends on North American for its revenue generation as around 80% of its revenue comes from this region. The company focuses on acquisitions and partnerships as its growth strategy