Veterinary Chemistry Analyzer Global Market Report 2023
Major players in the veterinary chemistry analyzer market are IDEXX Laboratories Inc., Arkray Inc., Heska Corporation, Alfa Wassermann Inc., Randox, Eurolyser Diagnostica GmbH, DiaSys Diagnostic Systems GmbH, Chengdu Seamaty Technology Co.
New York, June 09, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Chemistry Analyzer Global Market Report 2023" - https://www.reportlinker.com/p06466537/?utm_source=GNW
Ltd, Abaxis Inc., Skyla, Biochemical Systems International S.p.A., Zoetis Inc., URIT Medical Electronic Co. Ltd., Diconex SA, and Diatron MI PLC.
The global veterinary chemistry analyzer market is expected to grow from $1.58 billion in 2022 to $1.78 billion in 2023 at a compound annual growth rate (CAGR) of 12.8%. 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, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The veterinary chemistry analyzer market is expected to reach $2.76 billion in 2027 at a CAGR of 11.5%.
The veterinary chemistry analyzer market consists of sales of biochemistry analyzers, veterinary hematology analyzers, and veterinary electrolyte analyzers.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 chemistry analyzer can be defined as an instrument used for testing the blood and urine for accurate results for animal health diagnosis. It offers a scientific foundation for disease identification and alternative diagnosis options.
North America was the largest region in the veterinary chemistry analyze market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in veterinary chemistry analyzer report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of veterinary chemistry analyzers are benchtop and portable.Benchtop veterinary chemistry analyzers are compact, tabletop devices used in veterinary clinics and laboratories to analyze various biological samples, such as blood, urine, and other body fluids, to diagnose and monitor the health status of animals.
The main products include instruments and consumables, for companion animals and livestock. Veterinary chemistry analyzers are used for blood chemistry analysis, urinalysis, glucose monitoring, blood gas and electrolyte analysis, by veterinary hospitals and clinics, point-of-care testing, and others.
An increase in pet adoption is expected to propel the growth of the veterinary chemistry analyzer market.Pet adoption is taking responsibility for a pet animal, typically a dog, cat, or other domesticated animals, by providing it with a permanent home and caring for its needs.
With more people adopting pets and seeking veterinary care, the demand for precise and fast diagnostic equipment to diagnose and treat animal ailments grows.Veterinary chemistry analyzers are vital for veterinary clinics and laboratories as they allow quick and accurate examination of animal blood, urine, and other fluids.
For instance, in November 2022, according to a national survey of pets and people published by Animal Medicines Australia (AMA), an Australia-based industry body representing the leaders of the animal health industry in Australia, about half of Australian households have at least one dog, making them the most common pet.In 2022, 48% of Australian households had dogs, up from 40% in 2019.
Moreover, in 2021, according to Chewy, Inc., a US-based online retailer of pet food and other products, in 2021, there were around 977,202 pets adopted in the US, which resulted in the highest adoption rate of 61% in the past six years. Therefore, the rise in the pet adoption rate is driving the growth of the veterinary chemistry analyzer market.
Technological advancement is a key trends in the veterinary chemistry analyzer market.Major players are focusing on introducing new and advanced technologies to strengthen their position in the market.
For instance, in April 2022, Zoetis Inc., a US-based pharmaceuticals company focused on animals, introduced an artificial intelligence (AI) blood smear testing feature to its multi-purpose platform, Vetscan ImagystTM. The AI-powered feature in Vetscan ImagystTM is designed to streamline the process and provide more accurate results. It enables veterinary professionals to analyze and interpret blood smears more quickly and accurately, improving animal diagnostics’ speed and accuracy.
In April 2020, Heska Corporation, a US-based provider of advanced veterinary diagnostic and specialty products, acquired scil animal care company GmbH from Covetrus, Inc. for an undisclosed amount. Through this acquisition, Heska Corporation aimed to expand in more than 25 countries and increase its revenue. Scil animal care company GmbH is a Germany-based company that operates in veterinary equipment, including veterinary chemistry analyzers.
The countries covered in the veterinary chemistry analyzer market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The veterinary chemistry analyzer market research report is one of a series of new reports that provides veterinary chemistry analyzer market statistics, including veterinary chemistry analyzer industry global market size, regional shares, competitors with a veterinary chemistry analyzer market share, detailed veterinary chemistry analyzer market segments, market trends and opportunities, and any further data you may need to thrive in the veterinary chemistry analyzer industry. This veterinary chemistry analyzer market 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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