How Do Overweight Pets Boost Veterinary Diagnostic Equipment Market Growth?
Veterinary Diagnostic Equipment Global Market Report 2021 - COVID-19 Impact And Recovery
The Business Research Company’s Veterinary Diagnostic Equipment Global Market Report 2021 - COVID-19 Impact And Recovery
LONDON, GREATER LONDON, UK, September 17, 2021 /EINPresswire.com/ -- Increase in the prevalence rate of diseases among animals serves as one of the major drivers of the veterinary diagnostic equipment market. Due to increase in the incidence of diseases in livestock and pets, the demand for enhanced diagnostic equipment increases. 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 prevalence rate of diseases in animals, results in increase in demand for diagnostic equipment, driving the veterinary diagnostic equipment market.
The global veterinary diagnostic equipment market size is expected to grow from $0.74 billion in 2020 to $0.88 billion in 2021 at a compound annual growth rate (CAGR) of 18.9%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1.13 billion in 2025 at a CAGR of 6.5%.
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Major players covered in the global veterinary diagnostic equipment industry are IDEXX Laboratories, ABAXIS, HESKA Corporation, Zoetis and Virbac.
In May 2018, Zoetis Inc., a US-based leading animal health company which discovers, develops, manufactures and markets veterinary vaccines and medicines, acquired Abaxis, Inc. for $2.0 billion. Abaxis, Inc. is a US-based firm that holds a strong product portfolio with various veterinary diagnostic instruments and kits. With this acquisition, Zoetis enhances its presence in the veterinary diagnostics market by utilizing the already established global network of Abaxis and increasing its revenue. This deal will help Zoetis achieve their goal of establishing sale of devices to more than 100 countries by using Abaxis's well-established diagnostic instruments and consumables.
TBRC’s global veterinary diagnostic equipment market report is segmented by product into haematology, immunodiagnostics, clinical chemistry, molecular testing, by end users into hospitals & clinics, reference laboratories, universities/research centres, point-of-care/in-house testing, by animal into livestock cattle, domestic pets.
Veterinary Diagnostic Equipment Global Market Report 2021 - By Product (Hematology, Immunodiagnostics, Clinical Chemistry, Molecular Testing), By End Users (Hospitals & Clinics, Reference Laboratories, Universities/Research Centers, Point-of-Care/In-House Testing), By Animal (Livestock Cattle, Domestic Pets), COVID-19 Impact And Recovery one of a series of new reports from The Business Research Company that provides veterinary diagnostic equipment global market overview, forecast veterinary diagnostic equipment global market size and growth for the whole market, veterinary diagnostic equipment global market segments, and geographies, veterinary diagnostic equipment market trends, veterinary diagnostic equipment market drivers, restraints, leading competitors’ revenues, profiles, and market shares.
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