The Veterinary Diagnostic Equipment Market Share, Market Size, And Growth Rate 2022
The veterinary diagnostic equipment market report from The Business Research Company covers growth-driving insights such as veterinary diagnostic equipment market size, veterinary diagnostic equipment market trends and drivers, veterinary diagnostic equipment market segmentation, veterinary diagnostic equipment market competitive landscape and more
The veterinary diagnostic equipment market is forecasted to achieve significant growth in the coming few years with a forecast CAGR (compound annual growth rate) of 6%, as per The Business Research Company’s market report!
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The Veterinary Diagnostic Equipment Market Size In 2022 And Forecast
The global veterinary diagnostic equipment market is expected to grow from 0.85 billion in 2021 to $0.93 billion in 2022 at a compound annual growth rate (CAGR) of 9.8%. 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, effecting many markets across the globe. The global veterinary diagnostic equipment market size is expected to grow to $1.17 billion in 2026 at a CAGR of 6.0%.
The veterinary diagnostic equipment market consists of sales of veterinary diagnostic equipment and related services.
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An Increase In The Prevalence Rate Of Diseases Among Animals Is Driving The Growth Of The Veterinary Diagnostic Equipment Market
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.
Competitive Landscape And The Regional Analysis Of The Veterinary Diagnostic Equipment Market
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.
Additionally, as per TBRC’s research – North America was the largest region in the veterinary diagnostic equipment market in 2021 holding the largest market share.
The Veterinary Diagnostic Equipment Global Market Report 2022 covers regional data on key drivers, opportunities, and strategies for the seven major regions of the world that are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa. The countries covered in the veterinary diagnostic equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA. The report includes market size and forecast market shares for all the regions and countries with respect to the major players of the veterinary diagnostic equipment market.
Technological Advancement – A Key Trend In 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.
Veterinary Diagnostic Equipment Market Segmentation By The Business Research Company
1) By Product: Hematology, Immunodiagnostics, Clinical Chemistry, Molecular Testing
2) By End Users: Hospitals And Clinics, Reference Laboratories, Universities/Research Centers, Point-Of-Care/In-House Testing
3) By Animal: Livestock Cattle, Domestic Pets
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