(PharmaNewsWire.Com, October 07, 2020 ) 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.
According to the new market research 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" published by MarketsandMarkets™.
The Global Veterinary Chemistry Analyzer Market is estimated to grow at a CAGR of 8.7%, to reach USD 1,205.2 Million.
On the basis of product, this market is segmented into instruments and consumables (panels, kits, test strips, and reagents). The consumables segment accounted for the largest share of the global veterinary chemistry analyzer market. It is expected to register the highest growth during the forecast period. The high growth of this segment is mainly attributed to the increased adoption of the pre-loaded multiple reagent panels and pre-loaded single slide reagent panels by the end users.
On the basis of application, the market is categorized into blood chemistry analysis, urinalysis, glucose monitoring, and blood gas-electrolyte analysis. The blood chemistry analysis segment accounted for the largest share, 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.
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).
The global Veterinary Chemistry Analyzers Market is dominated by a few global players. 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).
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