According to the new market research report, "Veterinary PoC Diagnostics Market by Product (Imaging Systems, Analyzers, Reagents), Technology (Immuno & Molecular Diagnostics), Application (Pathology, Bacteriology, Gynecology), Animal (Cat, Dog, Horse, Cattle), End User, Region-Global Forecast to 2025", size is projected to reach USD 2.4 billion by 2025 from USD 1.4 billion in 2019, at a CAGR of 8.9%.
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Global Industry Growth Boosting Factors:
Factors such as increasing prevalence of zoonotic diseases among companion and livestock animals and the growing need for the rapid detection of these diseases, along with the advantages of POCT over laboratory analysis are driving the growth of this market during the forecast period. However, the high cost of veterinary imaging instruments is restraining the growth of this market to some extent.
Overview:
The study involved four major activities in estimating the size of the global veterinary point-of-care diagnostics market. Exhaustive secondary research was done to collect information on the adoption of different technologies and their regional adoption trends. Industry experts further validated the data obtained through secondary research through primary research. Furthermore, the market size estimates and forecast provided in this study are derived through a mix of the bottom-up approach (country-level incidence data for various diseases) and top-down approach (assessment of utilization/adoption/penetration trends, by product, technology, application, animal type, and end user). After that, market breakdown and data triangulation methods were used to estimate the market size of segments and subsegments.
Recent Developments:
# In 2019, IDEXX Laboratories launched a Canine Progesterone Test for Catalyst Dx and Catalyst One Chemistry Analyzers.
# In 2019, Zoetis, Inc. launched Stablelab, a handheld point-of-care diagnostic blood test for equine.
# In 2019, FUJIFILM SonoSite partnered with Partners Healthcare (US) to enable clinicians to perform scans at point of care.
# In 2019, Eurolyser partnered with Sysmex Corporation (Japan) to sell Eurolyser’s point of care systems measuring CRP.
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By end user, the veterinary clinics segment accounted for the largest share of the veterinary point-of-care diagnostics market in 2018
Based on end user, the market is segmented into veterinary hospitals & academic institutes, veterinary clinics, and home care settings. In 2018, the veterinary clinics segment accounted for the largest share of the market. The large share of this segment is attributed to the growing number of patients visiting vet clinics and the increasing number of private clinical practices.
Key Questions Addressed in the Report:
# Who are the top 10 players operating in the global veterinary point-of-care diagnostics market?
# What covers the drivers, restraints, opportunities, and challenges in the veterinary point-of-care diagnostics industry?
# What are the new technological advancements in the veterinary point-of-care diagnostics market?
# Comment on the regulatory scenario for the veterinary point-of-care diagnostics industry in various geographies.
# What are the growth trends in the veterinary point-of-care diagnostics market at the segmental and overall market levels?
Key Market Players:
Zoetis, Inc. (US), IDEXX Laboratories, Inc. (US), Heska Corporation (US), Virbac (France), Thermo Fisher Scientific, Inc. (US), Eurolyser Diagnostica GmbH (Austria), Woodley Equipment Company (UK), Randox Laboratories LTD. (UK), AniPOC, Ltd. (UK), Carestream Health, Inc. (a part of ONEX Corporation) (Canada), NeuroLogica Corporation (a part of Samsung Electronics Co. Ltd.) (South Korea), and FUJIFILM SonoSite (a part of FUJIFILM Holdings Corporation) (Japan).
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