The study involved four major activities in estimating the size of the global Veterinary PoC Diagnosis Procedures Market. Exhaustive secondary research was done to collect information on the adoption of different technologies and their regional adoption trends. Industry experts further validated the data obtained through secondary research through primary research.
Furthermore, the market size estimates and forecast provided in this study are derived through a mix of the bottom-up approach (country-level incidence data for various diseases) and top-down approach (assessment of utilization/adoption/penetration trends, by product, technology, application, animal type, and end user). After that, market breakdown and data triangulation methods were used to estimate the market size of segments and sub-segments.
Expected Surge in Revenue:
The global Veterinary PoC Diagnostics Market size is projected to reach USD 2.4 billion by 2025 from USD 1.4 billion in 2019, at a CAGR of 8.9%.
Factors such as increasing prevalence of zoonotic diseases among companion and livestock animals and the growing need for the rapid detection of these diseases, along with the advantages of POCT over laboratory analysis are driving the growth of this market during the forecast period.
Factors Which May Hinder the Industry Growth:
However, the high cost of veterinary imaging instruments is restraining the growth of this market to some extent.
# Animal health research and development (R&D) companies
# Government associations
# Market research and consulting firms
# Venture capitalists and investors
Geographical Growth Expectations:
By end user, the veterinary clinics segment accounted for the largest share of the Veterinary PoC Diagnosis Procedures Market in 2018
Based on end user, the market is segmented into veterinary hospitals & academic institutes, veterinary clinics, and home care settings. In 2018, the veterinary clinics segment accounted for the largest share of the market. The large share of this segment is attributed to the growing number of patients visiting vet clinics and the increasing number of private clinical practices.
Recent Developments in the Global Veterinary PoC Diagnostics Market:
# In 2019, IDEXX Laboratories launched a Canine Progesterone Test for Catalyst Dx and Catalyst One Chemistry Analyzers.
# In 2019, Zoetis, Inc. launched Stablelab, a handheld point-of-care diagnostic blood test for equine.
# In 2019, FUJIFILM SonoSite partnered with Partners Healthcare (US) to enable clinicians to perform scans at point of care.
# In 2019, Eurolyser partnered with Sysmex Corporation (Japan) to sell Eurolyser’s point of care systems measuring CRP.
Key Players of the Industry:
Some of the other prominent players operating in the Veterinary PoC Diagnosis Procedures Market are Heska Corporation (US), Virbac (France), Thermo Fisher Scientific, Inc. (US), Eurolyser Diagnostica GmbH (Austria), Woodley Equipment Company (UK), Randox Laboratories LTD. (UK), AniPOC, Ltd. (UK), Carestream Health, Inc. (a part of ONEX Corporation) (Canada), NeuroLogica Corporation (a part of Samsung Electronics Co. Ltd.) (South Korea), and FUJIFILM SonoSite (a part of FUJIFILM Holdings Corporation) (Japan).
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