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Veterinary Diagnostics Devices Market | Rising Demand for Pet Insurance to Boost the Market Growth | Technavio

·5 mins read

The global veterinary diagnostics devices market size is poised to grow by USD 815.28 million during 2020-2024, progressing at a CAGR of almost 9% throughout the forecast period, according to the latest report by Technavio. The report offers an up-to-date analysis regarding the current market scenario, latest trends and drivers, and the overall market environment. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. Download a Free Sample of REPORT with COVID-19 Crisis and Recovery Analysis.

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20201009005389/en/

Technavio has announced its latest market research report titled Global Veterinary Diagnostic Devices Market 2020-2024 (Graphic: Business Wire)

The rising demand for pet insurance with growing animal health expenditure is one of the significant veterinary diagnostics market drivers. The rising costs of animal healthcare have increased the need for pet insurance policies. Currently, most insurance companies have reimbursement-based programs that help pet owners in covering unplanned healthcare costs. As a result, pet owners and livestock caretakers are increasingly availing healthcare services for animals. The pet insurance industry is rapidly growing in regions such as North America. These factors are contributing to the growth of the veterinary diagnostics market.

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Report Highlights:

  • The major veterinary diagnostics devices market growth came from the companion animals segment. The increasing pet ownership and the rising healthcare expenditure associated with companion animals are increasing the demand for veterinary diagnostics devices. This will drive the growth of the veterinary diagnostics market over the forecast period.

  • North America was the largest market for veterinary diagnostics in 2019. The rising animal healthcare expenditure, expansion of veterinary clinics and hospitals, and the presence of prominent vendors are fueling the growth of veterinary diagnostics market size in North America.

  • The global veterinary diagnostics devices market is fragmented. AMETEK Inc., bioMérieux SA, EKF Diagnostics Holdings Plc, Halma Plc, Heska Corp., HORIBA Ltd., IDEXX Laboratories Inc., Revenio Group Oyj, Virbac SA, and Zoetis Inc. are some of the major market participants. To help clients improve their market position, these veterinary diagnostics devices market forecast report provides a detailed analysis of the market leaders.

  • As the business impact of COVID-19 spreads, the global veterinary diagnostics devices market 2020-2024 is expected to have Positive and Superior growth. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.

Read the full report here: https://www.technavio.com/report/report/veterinary-diagnostic-devices-market-industry-analysis

High Prevalence of Infectious Diseases among Animals will be a Key Market Trend

The prevalence of infectious diseases such as rabies, foot and mouth disease, brucellosis, and bluetongue is high among companion and livestock animals. This drives the need for effective management and control measures to prevent the spread of zoonotic diseases. As a result, there is a significant scope of growth for veterinary clinics and hospitals. This, in turn, has been increasing the demand for various diagnostic devices, such as hematology analyzers, blood glucose monitors, centrifuges, and laryngoscopes among veterinary facilities.

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Veterinary diagnostics devices Market 2020-2024: Key Highlights

  • CAGR of the market during the forecast period 2020-2024

  • Detailed information on factors that will assist veterinary diagnostics devices market growth during the next five years

  • Estimation of the veterinary diagnostics devices market size and its contribution to the parent market

  • Predictions on upcoming trends and changes in consumer behavior

  • The growth of the veterinary diagnostics devices market

  • Analysis of the market’s competitive landscape and detailed information on vendors

  • Comprehensive details of factors that will challenge the growth of veterinary diagnostics devices market vendors

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PART 01: EXECUTIVE SUMMARY

PART 02: SCOPE OF THE REPORT

  • Preface

  • Currency conversion rates for US$

PART 03: MARKET LANDSCAPE

  • Market ecosystem

  • Market characteristics

  • Market segmentation analysis

  • Value Chain Analysis

PART 04: MARKET SIZING

  • Market definition

  • Market sizing 2019

  • Market size and forecast 2019-2024

  • Market Outlook

PART 05: FIVE FORCES ANALYSIS

  • Bargaining power of buyers

  • Bargaining power of suppliers

  • Threat of new entrants

  • Threat of substitutes

  • Threat of rivalry

  • Market condition

PART 06: MARKET SEGMENTATION BY TYPE

  • Market segmentation by type

  • Comparison by type

  • Companion animals - Market size and forecast 2019-2024

  • Livestock - Market size and forecast 2019-2024

  • Market opportunity by type

PART 07: CUSTOMER LANDSCAPE

PART 08: GEOGRAPHIC LANDSCAPE

  • Geographic segmentation

  • Geographic comparison

  • North America - Market size and forecast 2019-2024

  • Europe - Market size and forecast 2019-2024

  • Asia - Market size and forecast 2019-2024

  • ROW - Market size and forecast 2019-2024

  • Key leading countries

  • Market opportunity

PART 09: DECISION FRAMEWORK

PART 10: DRIVERS AND CHALLENGES

  • Market drivers

  • Market challenges

PART 11: MARKET TRENDS

  • Growth in adoption of companion animals

  • Growing awareness about animal health and welfare

  • Rising demand for pet insurance with growing animal health expenditure

PART 12: VENDOR LANDSCAPE

  • Overview

  • Landscape disruption

  • Competitive scenario

PART 13: VENDOR ANALYSIS

  • Vendors covered

  • Vendor classification

  • Market positioning of vendors

  • AMETEK Inc.

  • bioMérieux SA

  • EKF Diagnostics Holdings Plc

  • Halma Plc

  • Heska Corp.

  • HORIBA Ltd.

  • IDEXX Laboratories Inc.

  • Revenio Group Oyj

  • Virbac SA

  • Zoetis Inc.

PART 14: APPENDIX

  • Research methodology

  • List of abbreviations

  • Definition of market positioning of vendors

PART 15: EXPLORE TECHNAVIO

About Us

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201009005389/en/

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