Veterinary Diagnostic Equipment Global Market Report 2023
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, Feb. 08, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Diagnostic Equipment Global Market Report 2023" - https://www.reportlinker.com/p06281019/?utm_source=GNW
The global veterinary diagnostic equipment market will grow from $0.94 billion in 2022 to $1.01 billion in 2023 at a compound annual growth rate (CAGR) of 7.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The veterinary diagnostic equipment market is expected to grow from $1.31 billion in 2027 at a CAGR of 6.7%.
The veterinary diagnostic equipment market consists of sales of testing reagents and kits, blood pressure monitoring devices, stethoscopes, and electrocardiograms.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Veterinary diagnostic equipment refers to devices and instruments mainly used by veterinary practitioners in determining and identifying various disorders in animals by using various diagnostic equipment such as clinical thermometers, diagnostic lights, X-ray equipment, and certain diagnostic test kits to detect the cause of disease and determine the treatment schedule for animals.
North America was the largest region in the veterinary diagnostic equipment market in 2022.Asia Pacific was the second-largest region in the veterinary diagnostic equipment market.
The regions covered in the veterinary diagnostic equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main types of veterinary diagnostic equipment are hematology, immunodiagnostics, clinical chemistry, and molecular testing.Hematology refers to the study of the prognosis, causes, and treatment of diseases related to the blood.
These are used for livestock like cattle and domestic pets. Veterinary diagnostic equipment is used in hospitals and clinics, reference laboratories, universities, research centers, and point-of-care/in-house testing.
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.
Veterinary diagnostic equipment is highly expensive.The cost of equipment will be a significant expense for a veterinary clinic or hospital.
To run a test centre with blood testing machines, physiological monitors such as ECGs, anaesthetic monitors, etc., and diagnostic imaging techniques such as x-rays, ultrasound, and MRI scanners, is highly capital intensive. Some kinds 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 cost 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 of 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 hematologyanalyzer.
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 helps in investing in R&D as well as strengthening and improving 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.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The veterinary diagnostic equipment research report is one of a series of new reports that provides veterinary diagnostic equipment statistics, including veterinary diagnostic equipment industry global market size, regional shares, competitors with veterinary diagnostic equipment share, detailed veterinary diagnostic equipment segments, market trends and opportunities, and any further data you may need to thrive in the veterinary diagnostic equipment industry. This veterinary diagnostic equipment research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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