(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Feb. 13, 2024 (GLOBE NEWSWIRE) -- The "Veterinary Diagnostic Equipment Global Market Report 2024" report has been added to ResearchAndMarkets's offering.
The veterinary diagnostic equipment market size has grown strongly in recent years. It will grow from $1.02 billion in 2023 to $1.09 billion in 2024 at a compound annual growth rate (CAGR) of 7.1%. The growth observed in the historical period can be ascribed to several key factors, including the rise in pet ownership, the expansion of the livestock industry, the prevalence of companion animals, a growing demand for preventive veterinary care, and increased levels of disposable income.
The veterinary diagnostic equipment market size is expected to see strong growth in the next few years. It will grow to $1.44 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The anticipated growth in the forecast period can be attributed to factors such as heightened awareness of pet healthcare, preparedness for global pandemics, an increased emphasis on animal disease surveillance and control, and the growing popularity of pet insurance. Notable trends expected during this period encompass the adoption of digital technologies, the integration of telemedicine, the use of point-of-care testing, the utilization of artificial intelligence (AI) and machine learning, and a shift towards more eco-friendly practices within the veterinary diagnostic equipment industry.
The rising prevalence of diseases among animals serves as a significant driver of the veterinary diagnostic equipment market. As the incidence of diseases in both livestock and pets increases, there is a corresponding surge in demand for advanced diagnostic equipment. For instance, in July 2023, reports from the World Health Organization (WHO), a specialized agency of the United Nations focused on global public health, indicated that H5N1 high pathogenicity avian influenza outbreaks had been reported in poultry and wild birds across 67 countries on five continents. These outbreaks resulted in the loss of over 131 million domestic birds due to death or culling in affected farms and communities in 2022. This heightened prevalence of diseases in animals significantly drives the demand for diagnostic equipment, thereby propelling the veterinary diagnostic equipment market.
The increasing number of veterinary practitioners is anticipated to drive the growth of the veterinary diagnostic equipment market in the upcoming years. Veterinary practitioners are professionals working in the field of veterinary medicine, which involves the diagnosis, treatment, and prevention of diseases, disorders, and injuries in animals. These practitioners rely on a range of diagnostic tools and instruments to assess and treat animals effectively. The use of veterinary diagnostic equipment has gained greater significance in veterinary medicine due to its ability to enhance the precision and efficiency of both diagnosis and treatment. For example, as of June 2022, data from the Veterinary Practitioners Registration Board of Victoria, an organization in Australia responsible for regulating practicing veterinarians, indicated a total of 3,781 registered veterinarians on their list, representing a 2.11% increase from the previous year. This growth in the number of veterinary practitioners is a driving force behind the veterinary diagnostic equipment market.
Veterinary diagnostic equipment is associated with a high cost, which can pose a substantial financial challenge for veterinary clinics and hospitals. Establishing and maintaining a testing facility equipped with blood analysis machines, physiological monitors like ECGs, anesthetic monitors, and various diagnostic imaging technologies such as X-rays, ultrasound, and MRI scanners requires significant capital investment. While certain types of veterinary diagnostic equipment may be available at a lower cost, they may offer less precision in diagnosis and, consequently, lead to less effective treatments and outcomes. The substantial expenses involved in acquiring this equipment serve as a barrier to the growth of the veterinary diagnostic equipment market.
Veterinary diagnostic equipment manufacturers are at the forefront of introducing advanced technologies, such as state-of-the-art blood microsampling techniques, to enhance precision in diagnosis and offer patient-centric specimen collection methods for detecting diseases in animals. Blood microsampling is an innovative approach that simplifies the process of drawing blood samples from livestock and companion animals, which are then sent to laboratories for further analysis. This technique is an evolution of dry blood sampling, a method for blood collection. For example, Neoteryx introduced the '3Rs-compliant Mitra' microsampling device, which operates on microsampling principles. This device leverages Neoteryx's patented Volumetric Absorptive Micro Sampling (VAMS) technology, enabling more convenient and accurate remote blood sampling. Other companies in the veterinary diagnostic equipment sector are also investing in the microsampling trend, with Diatron introducing the Diatron Aquila hematology analyzer.
Leading companies in the veterinary diagnostic equipment market are prioritizing the development of innovative products, particularly novel diagnostic tests for kidney injury, to better serve the needs of their existing customer base. A novel diagnostic test for kidney injury refers to a groundbreaking medical test that offers a more accurate, sensitive, and specific means of identifying and evaluating renal damage or injury compared to existing diagnostic methods. Such tests often incorporate emerging technologies, novel biomarkers, or innovative techniques that significantly improve early diagnosis and the accurate assessment of kidney damage, ultimately leading to improved care and outcomes. For example, in June 2023, IDEXX Laboratories Inc., a US-based company specializing in the development, manufacturing, and distribution of products and services for companion animals, poultry, livestock, water testing, and the dairy industry, launched the IDEXX Cystatin B Test. This veterinary diagnostic test is designed to identify kidney damage in cats and dogs and is integrated into renal health test panels, providing new clinical insights for approximately two million patient visits each year. The IDEXX Cystatin B Test is set to enhance our understanding of kidney health by detecting damage and offering valuable information, especially when alterations in kidney function are not readily apparent.
In September 2021, the Chinese company Mindray, specializing in veterinary imaging equipment, acquired HyTest Invest Oy and its affiliated companies for an undisclosed sum. This acquisition provided Mindray with advanced research and development capabilities in raw materials and innovation, further enhancing its investment in research and development. Additionally, it bolstered Mindray's competitive position in the veterinary diagnostic equipment sector. HyTest is the Finnish-based company specializes in veterinary diagnostic equipment.
North America was the largest region in the veterinary diagnostic equipment market in 2023. Asia-Pacific was the second-largest region in the global veterinary diagnostic equipment market analysis.
1) By Product: Hematology; Immunodiagnostics; Clinical Chemistry; Molecular Testing 2) By Animal: Livestock Cattle; Domestic Pets 3) By End Users: Hospitals and Clinics; Reference Laboratories; Universities/Research Centers; Point-of-Care/In-House Testing
Key Companies Mentioned: IDEXX Laboratories Inc.; ABAXIS Inc.; HESKA Corporation; Zoetis Inc.; Virbac
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes:
IDEXX Laboratories Inc. ABAXIS Inc. HESKA Corporation Zoetis Inc. Virbac Mindray Medical International Limited Neogen Corporation QIAGEN N.V. Agfa Healthcare Toshiba Carestream Health MinXray Diagnostic Imaging Systems BCF Technology Sedecal Kaixin Group Co. Ltd. Esaote S.p.A. Pfizer Inc. Thermo Fisher Scientific Inc. Henry Schein Inc. Idvet BioMerieux SA Randox Laboratories Ltd. Abbott Laboratories Acon Laboratories Inc. Animal Biome BioCHEK BV Chison Medical Imaging Co. Ltd. DCN Dx Daignostics General Electric Company Hallmarq Veterinary Imaging Ltd. INDICAL Bioscience GmbH MI:RNA Ltd. Scopio Labs Ltd. VCA Antech Inc.
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