Veterinary Chemistry Analyzer Market to Grow with a CAGR of 13.05% through 2028

Increasing importance placed on pet health and expanding veterinary services is expected to drive the Global Veterinary Chemistry Analyzer Market growth in the forecast period, 2024-2028.

According to TechSci Research report, “Veterinary Chemistry Analyzer Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028”, the Global Veterinary Chemistry Analyzer Market stood at USD 2.33 billion in 2022 and is anticipated to grow with a CAGR of 13.05% in the forecast period, 2024-2028. This can be attributed to Quick and Accurate Diagnostics. The need for swift and precise diagnostics is paramount in veterinary medicine. Veterinary chemistry analyzers offer the advantage of providing comprehensive test results in a relatively short time frame. This quick turnaround time is essential for diagnosing and monitoring conditions such as kidney disease, liver disorders, diabetes, and infections in animals.

Furthermore, sustainability is a growing concern in the veterinary chemistry analyzer market. Manufacturers are increasingly focused on developing eco-friendly and energy-efficient analyzers. This not only reduces the environmental footprint but also aligns with the broader sustainability goals of veterinary clinics and hospitals.

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The Veterinary Chemistry Analyzer market is expected to see growth due to the rising demand for pet insurance and increased global pet adoption. Pet insurance has become more popular as veterinary expenses have increased. Pet diagnostic tests can be costly, deterring many pet owners from pursuing treatment options. Most pet insurance policies cover diagnostics and treatments for eligible accidents and illnesses. For example, adding the "Preventative and Wellness" package to a Lemonade pet health insurance policy covers annual wellness checkups, diagnostic tests like x-rays, cytology, bloodwork, lab work, urinalysis, heartworm tests, and more.

The COVID-19 pandemic has had adverse effects on the global economy, disrupting the operations of customers, suppliers, and vendors. It has also negatively impacted various aspects of businesses, financial conditions, and more. In the early months of the pandemic, veterinary facilities saw a significant decrease in animal healthcare compliance due to restrictions on veterinary services and advice to avoid elective surgeries. The pandemic's disruption in the provision of animal wellness care services and reduced demand has affected the industry dynamics.

However, a remarkable increase in the adoption of companion animals to alleviate the psychological stress caused by the pandemic could aid industry recovery in the coming years. For example, Germany saw an increase of one million domestic pet adoptions during the pandemic, reaching around 35 million, according to a Deutsche Welle study. Similarly, data from The American Society for the Prevention of Cruelty to Animals (ASPCA) indicates that approximately one in five households acquired a dog or cat since the start of the COVID-19 pandemic. Additionally, the growing prevalence of zoonotic infections and rising demand for animal protein may drive the demand for veterinary chemistry analyzers.

Advancements in point-of-care testing have made clinical diagnostics more accessible, affordable, quick, and user-friendly. This platform allows patients to monitor their health status more frequently and conveniently, enabling early disease diagnosis. For instance, the veterinary glucometer, like Zoetis' AlphaTRAK, is easy to use in clinical settings, workplaces, or at home. Furthermore, the increasing incidence of diabetes in animals contributes to the rising demand for analyzers.

The Global Veterinary Chemistry Analyzer Market is segmented into type, product, species, application, end-use, regional distribution, and company.

Based on its product, the segment related to consumables was the leader in terms of revenue in 2022 and is also expected to exhibit the fastest growth during the projected period. Consumables can be further categorized into reagents, panels, and strips, with reagents constituting approximately half of the consumables segment in 2022. The consistent need for consumables is likely to bolster the overall market. Additionally, the recurring need to purchase consumables, the user-friendly nature of reagents, and the fact that most reagents are available in liquid form, requiring no preparation, are factors contributing to the segment's growth.

The instruments segment is projected to experience substantial growth at a significant CAGR during the forecast period, primarily due to technological advancements in product offerings. This segment is further divided into chemistry analyzers, blood gas & electrolyte analyzers, urine analyzers, and glucometers. The introduction of automated benchtop and portable analyzers like Element POC (Heska Corporation), Catalyst One (IDEXX), RX Series (Randox Laboratories Ltd.), and others is expected to drive market growth. For instance, in February 2020, Goldsite Diagnostics Inc. expanded into the U.K. veterinary market with the introduction of Q-vet, a benchtop analyzer well-suited for veterinary hospitals and clinics, reference laboratories, research institutes, and universities. Therefore, the expansion into new geographic regions and the widespread availability of products globally are contributing to market growth.

Based on application, the blood chemistry analysis segment took the lead in the veterinary chemistry analyzer market in 2022, primarily due to the increasing occurrence of zoonotic diseases and the growing number of veterinary practitioners. According to the World Health Organization (WHO), zoonotic diseases are responsible for causing around one billion cases of illness and millions of deaths worldwide each year. Zoonotic diseases account for more than 60.0% of newly reported infectious diseases on a global scale.

Conversely, the blood gas and electrolyte analysis segment is poised to witness substantial growth during the projected period. The introduction of point-of-care analyzers is driving the demand for blood gas and electrolyte analysis. There is a growing requirement for analytical tools that can provide test results for both electrolyte levels and blood count from a single sample of serum, plasma, or urine, which is expected to enhance the growth of this segment.

Idexx offers the Catalyst One Chemistry Analyzer, capable of running any of 34 parameters for electrolyte, chemistry, and immunoassay profiles in a single run using whole blood. This analyzer is well-suited for clinics of various sizes and offers testing flexibility.

Major companies operating in Global Veterinary Chemistry Analyzer Market are:

• Zoetis Inc
• Heska Corp
• IDEXX Laboratories, Inc.
• URIT Medical Electronic Co., Ltd.
• Randox Laboratories Ltd
• Eurolyser Diagnostica GmbH
• DiaSys Diagnostic Systems GmbH
• skyla corporation
• Bioevopeak Co., Ltd.
• Chengdu Seamaty Technology Co., Ltd

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“The global veterinary chemistry analyzer market is evolving rapidly to meet the changing needs of pet owners, veterinarians, and the broader veterinary healthcare industry. The upcoming trends, including miniaturization, point-of-care testing, connectivity, and the integration of advanced technologies, are reshaping the landscape. These trends not only enhance the efficiency and accuracy of diagnostics but also improve the overall experience for both animals and their human caregivers. As the market continues to innovate, the future of veterinary chemistry analyzers holds promise for improved pet healthcare worldwide,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm.

“Veterinary Chemistry Analyzer Market By Type (Benchtop, Portable), By Product (Consumables, Instruments), By Species (Cattle, Canine, Feline, Caprine, Equine, Ovine, Porcine, Avian, Others), By Application (Blood Chemistry Analysis, Urinalysis, Blood Gas & Electrolyte Analysis, Glucose Monitoring), By End-use (Veterinary Laboratories, Veterinary Hospitals and Clinics, Point-Of-Care Testing, Others), By Region, By Competition Forecast & Opportunities, 2018-2028F”, has evaluated the future growth potential of Global Veterinary Chemistry Analyzer Market and provides statistics & information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Veterinary Chemistry Analyzer Market.

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