(PharmaNewsWire.Com, January 20, 2021 ) 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.
Geographic Analysis;
- Further breakdown of the emerging market into Brazil, Mexico, Argentina, and other emerging markets.
- Further breakdown of the developed market into Belgium, the Netherlands, Australia, New Zealand, and other developed markets.
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 in 2016. However, the emerging markets (including China, India and Latin America) segment is expected to witness the highest growth rate during the forecast period. Growth in the emerging markets can be attributed to the rising animal population, growing pet adoption, increase in the demand for animal-derived food products, growing per capita animal health expenditure (especially in India, Latin America, and China), and rising awareness regarding animal health and welfare. Among the developed and emerging markets, the U.S. accounted for the largest share of global veterinary chemistry analyzer market.
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).
The leading position of IDEXX Laboratories, Inc. in this 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. The company also focuses on R&D activities to develop animal health solutions that meet the customers’ demands. In 2016, the company invested USD 101.1 million in R&D activities for the discovery and development of new veterinary chemistry analyzer products. For instance, in April 2016, the company launched SediVue DX, a urine sediment analyzer, as a preventive care diagnostic tool for companion animals. Similarly, the company upgraded various analyzers between 2013 and 2016. Moreover, the company focuses on direct interaction with its customers, which gives it a competitive advantage over others.
Abaxis, Inc. held the second-largest share of the global veterinary chemistry analyzers market in 2016. Abaxis, Inc. operates through two major segments, namely, medical market and veterinary market. In 2016, 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. In November 2014, Abaxis acquired Quality Clinical Reagents and Trio Diagnostics Ltd. (U.K.). This acquisition enabled the company to strengthen its product portfolio and expand its business presence. Moreover, the company also pursues the strategy of distribution agreements and partnerships with well-known veterinary suppliers to enhance its presence in the veterinary chemistry analyzers market.
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