Global Veterinary Chemistry Analyzer Market 2019 Key highlights, Segmentation, Overview and Forecast
The Veterinary Chemistry Analyzer Market is expected to witness significant growth in the coming years, with a rising demand for animal-derived food products, growing number of livestock and companion animals, rising pet ownership in developed countries, growing demand for pet insurance, rising animal health expenditure, increasing incidence of zoonotic diseases, and growth in the number of veterinary practitioners and their income levels in developed economies.
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 Veterinary Chemistry Analyzer Market to a certain extent.
The global Market is estimated to grow at a CAGR of 8.7% to reach the US $1,205.2 million.
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Amidst intense market competition, major players are continuously focusing on achieving higher market shares through new product launches, agreements, partnerships, acquisitions, and expansions.
key players operating in the Global Veterinary Chemistry Analyzer Market;
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.) and many more
Geographically, 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.
Major Objectives Covered in the Veterinary Chemistry Analyzer Market;
- To define, describe, and forecast the global Veterinary Chemistry Analyzer Market by product, application, end user, and region
- To provide detailed information regarding major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
- To analyze micro-markets with respect to individual growth trends, prospects, and contributions to the overall market
- To analyze opportunities in the market for stakeholders and provide details of the competitive landscape for market leaders
- To forecast size of market segments with respect to the four main regions, namely, North America (US and Canada), Europe (Germany, UK, France, and Rest of Europe), Asia Pacific (China, Japan, India, and Rest of APAC), and the Rest of the World (Latin America and Middle East & Africa)
Global Veterinary Chemistry Analyzer Market Segmentation:
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 Veterinary Chemistry Analyzer Market.
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 Analyzer Market.
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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.