Veterinary Chemistry Analyzer Market

Veterinary Chemistry Analyzer Market

The global veterinary chemistry analyzer market is estimated to create an incremental opportunity of around US$ 2.25 Bn by the end of 2032. The demand for veterinary chemistry analyzers is expected to exceed US$ 1.2 Bn by 2022, growing at a robust CAGR of nearly 8% to 9% during the forecast period 2022-2032.

Veterinary chemistry analyzers are medical devices used in conducting biochemical & assay testing in animals for the prevention, monitoring, diagnosis, and treatment of animal diseases such as viral infection, inflammation, anemia, and others. These analyzers are among the few essential tools for the prevention and promotion of animal welfare & health, safer food production, and public health.

Which are Some Prominent Drivers Spearheading Veterinary Chemistry Analyzer Market Growth

The veterinary chemistry analyzer market is largely driven by rising adoption of pets such as cats, dogs, hamsters, horses, birds, and others. According to the American Veterinary Medical Association (AVMA), the percentage of pets adoption has increased from 51.49% in 2019 to 58.36% in 2020. The study also states that more than 45% of households in the U.S. at least own one pet.

This, in addition to growing trend of pet humanization, pet owners are willing to spend more on regular check-ups, vaccinations, disease diagnostics, and others for maintaining the health of their pets. As veterinary chemistry analyzers play a vital role in the disease management of pets, growing pet adoption rates and spending are anticipated to create lucrative growth opportunities in the market over the coming years.

What are the Challenges Faced by the Veterinary Chemistry Analyzer Market

Despite numerous benefits associated with the veterinary chemistry analyzers, factors such as extravagant initial cost and high cost of installation & maintenance of these medical devices are hindering the sales in the market. Also, lack of veterinary hospitals and veterinary professionals across certain developing and underdeveloped countries is further restraining the growth in the market.

Why is North America Emerging as an Opportunistic Veterinary Chemistry Analyzer Market

As per FMI, North America is projected to account for a prominent share in the veterinary chemistry analyzer market during the forecast period 2022-2032. 

With increasing pet and livestock population, a significant rise in prevalence of zoonotic diseases such as plaque, query fever, rabies, listeriosis, and other conditions are being witnessed in North America, creating strong demand for diagnostics and treatment equipment.

Also, according to the Centers for Diseases Control and Prevention, around 3 out of 4 new infectious diseases in the population come from animals, and over 6 out of 10 known diseases can be spread by animals. Thus, growing awareness regarding these aspects is expected to further propel the demand for veterinary chemistry analyzers for the prevention, monitoring, and diagnostics of these diseases among pets and livestock.

Nikhil Kaitwade

Principal Consultant

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Why are the Sales of Veterinary Chemistry Analyzer Accelerating in the Asia Pacific Excluding Japan Market

Future Market Insights reveals that Asia Pacific excluding Japan is anticipated to emerge as a highly lucrative market for veterinary chemistry analyzer from 2022 to 2032.

The burden of lifestyle diseases such as obesity and diabetes is increasing at a rapid pace among pets such as dogs, cats, and others, resulting in boosting the demand for innovative glucose monitoring analyzers. Thus, key manufacturers in the market are emphasizing on introducing novel products to capitalize on this opportunity.

For instance, in 2021, ALR Technologies SG Pte. Ltd., a Singapore-based veterinary medical equipment manufacturer announced launching the world's first Continuous Glucose Monitor (CGM) for diabetic companion animals. A slew of such new product launches is estimated to accelerate the sales of veterinary chemistry analyzers in the Asia Pacific excluding Japan market.

Market Competition

Some of the leading players in the veterinary chemistry analyzer market are Alfa Wassermann, Inc., Idexx Laboratories, Inc., Biochemical Systems International Srl, Randox Laboratories Ltd., ALR Technologies SG Pte. Ltd., Eurolyser Diagnostica GmbH, Arkray, Inc., Heska Corporation, Abaxis, Inc., and others.

Key players are focusing on research and development (R&D) activities to introduce novel analyzers for enhancing their product portfolio to expand their market share in the highly competitive market.

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Scope of Report

Key Segments Profiled in the Veterinary Chemistry Analyzer Market Survey

By Product Type:

• Consumables (Panels, Kits, Test Strips, Reagents)
• Chemistry Analyzer
• Glucometer

By Application Type:

• Blood Chemistry Analysis
• Urinalysis
• Glucose Monitoring
• Blood gas-electrolyte Analysis

By Animal:

• Livestock
• Pets

By Region:

• North America
• Latin America
• Europe
• CIS & Russia
• APEJ
• Japan
• Middle East and Africa