Major players in the Veterinary diagnostic equipment market are IDEXX Laboratories, ABAXIS, HESKA Corporation, Zoetis, Virbac, Mindray Medical International Ltd. , Neogen Corporation, QIAGEN N. V. , Agfa Healthcare, and Toshiba.
New York, May 26, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Diagnostic Equipment Global Market Report 2022" - https://www.reportlinker.com/p06281019/?utm_source=GNW
The global veterinary diagnostic equipment market is expected to grow from $0.85 billion in 2021 to $0.94 billion in 2022 at a compound annual growth rate (CAGR) of 10.6%. The market is expected to grow to $1.33 billion in 2026 at a compound annual growth rate (CAGR) of 9.1%.
The veterinary diagnostic equipment market consists of sales of veterinary diagnostic equipment and related services.Veterinary diagnostic equipment assists veterinary practitioners in determining and identifying various disorders in animals.
The veterinary diagnostic equipment industry includes companies that manufacture diagnostic equipment such as clinical thermometers, diagnostic lights, X-ray equipment, and certain diagnostic test kits.
The main types of veterinary diagnostic equipment are hematology, immunodiagnostics, clinical chemistry, molecular testing.Hematology refers to the study of the prognosis, cause, and treatment of diseases related to blood.
These are used for livestock cattle, domestic pets. The veterinary diagnostic equipment is used in hospitals and clinics, reference laboratories, universities/research centers, point-of-care/in-house testing.
North America was the largest region in the veterinary diagnostic equipment market in 2021.Asia Pacific was the second-largest region in the veterinary diagnostic equipment market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
An increase in the prevalence rate of diseases among animals serves as one of the major drivers of the veterinary diagnostic equipment market.Due to the increase in the incidence of diseases in livestock and pets, the demand for enhanced diagnostic equipment increases.
For instance, according to the Banfield Pet Hospital’s 2020 Veterinary Emerging Topics (VET) Report, more than 50% of the dogs at 1,000 hospitals in 2019 were overweight or obese.Overweight pets are more likely to suffer from joint disease, respiratory disease, and other preventable conditions.
The increase in the prevalence rate of diseases in animals, increases demand for diagnostic equipment, driving the veterinary diagnostic equipment market.
The veterinary diagnostic equipment is highly expensive.The price of equipment will be a significant expense for a veterinary clinic or hospital.
To run a test center with blood testing machines, physiological monitors such as ECGs, anesthetic monitors, etc, diagnostic imaging techniques such as x-rays, ultrasound, and MRI scanners, is highly capital intensive.Some kind of veterinary diagnostic equipment may be available on a budget, but with less precise diagnoses and thus less efficient treatments with less beneficial results.
The high price of equipment hinders the growth of the veterinary diagnostic equipment market.
Veterinary diagnostic equipment manufacturers are introducing advanced technologies such as advanced blood microsampling techniques to enable enhanced precision, patient-centered specimen collection, and diagnosis of diseases in animals.Blood microsampling is a technique that allows the participants to draw blood samples from their livestock and companion animals with ease.
The samples are then forwarded to labs for further diagnosis.This technique is an extension to dry blood sampling, which is a method of collecting blood.
For instance, Neoteryx launched the ’3Rs-compliant Mitra’ microsampling device that works on the principle of Micro sampling.The device uses Neoteryx’s trademark Volumetric Absorptive Micro Sampling (VAMS) technology to facilitate more convenient and accurate remote sampling.
Other companies investing in the trend of microsampling include Diatron with its Diatron Aquila hematology analyzer.
The US Food and Drug Administration (FDA) defines regulations for veterinary diagnosis equipment and can take appropriate action if veterinary equipment is found misbranded or adulterated.The conditions for misbranding diagnostic equipment are listed under title 21 and set by the Food and Drugs Administration (FDA).
For instance, as per the regulations under title 21, U.S code 352(f)(1), any veterinary medical equipment is considered misbranded if the labeling on the equipment is indefinite or unclear. Whereas, 21 U.S.C. 352(j) states that veterinary medical equipment is considered misbranded if it is dangerous to the animal even when it is used in the manner recommended, or suggested as per the label.
In September 2021, Mindray, a company operating in veterinary imaging equipment based in China acquired HyTest Invest Oy and its subsidiaries for an undisclosed amount.With this acquisition, HyTest company enables Mindray to have top-notch raw material R&D and innovation capabilities and also help in investing in R&D as well as strengthen and improve its competitive edge.
Hytest is a company operating in veterinary diagnostic equipment based in Finland.
The countries covered in the veterinary diagnostic equipment market are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, and USA.
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