Major players in the veterinary diagnostic equipment market are IDEXX Laboratories, ABAXIS, HESKA Corporation, Zoetis and Virbac. The global veterinary diagnostic equipment market is expected to grow from $0.
New York, May 03, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Veterinary Diagnostic Equipment Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06067876/?utm_source=GNW
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%.
The veterinary diagnostic equipment market consists of sales of veterinary diagnostic equipment and related services.Veterinary diagnostic equipment assists the veterinary practitioners in determining and identifying various disorders in animals.
Veterinary diagnostic equipment industry includes companies that manufacture diagnostic equipment such as clinical thermometers, diagnostic lights, X-ray equipment, and certain diagnostic test kits.
In May 2018, Zoetis Inc., US-based leading animal health company which discovers, develops, manufactures and markets veterinary vaccines and medicines, acquired Abaxis, Inc. for $2.0 Billion. 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. Abaxis, Inc. is a US-based firm that holds a strong product portfolio with various veterinary diagnostic instruments and kits.
Veterinary diagnostic equipment manufacturers are introducing advanced technologies such as advance blood micro sampling techniques to enable enhanced precision, patient-centered specimen collection and diagnosis of diseases in animals.Blood micro sampling is a technique that allows the participants to draw blood samples from their livestock and companion animals with ease.
The samples are then forwarded to labs for further diagnosis.This technique is an extension to dry blood sampling, which is a method of collecting blood.
For instance, Neoteryx launched the ’3Rs-compliant Mitra’ micro sampling device that works on the principle of Micro sampling.The device uses Neoteryx’s trademark Volumetric Absorptive Micro Sampling (VAMS) technology to facilitate more convenient and accurate remote sampling.
Other companies investing in the trend of micro sampling includes Diatron with its Diatron aquila hematology analyzer.
The veterinary diagnostic equipment is highly expensive.The price of an equipment will be the significant expense for a veterinary clinic or hospital.
To run a test center with blood testing machines, physiological monitors such as ECGs, anesthetic monitors etc., diagnostic imaging technology such as x-rays, ultrasound and MRI scanners, is highly capital intensive. Some kind of veterinary diagnostic equipment may be available on a budget, but with less precise diagnoses and thus less efficient treatments with less beneficial results. The high price of equipment hinders the growth of the veterinary diagnostic equipment market.
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 US Food and Drug Administration (FDA) defines regulations for veterinary diagnosis equipment and can take appropriate action if a veterinary equipment is found misbranded or adulterated.The conditions for misbranding a diagnostic equipment is listed under title 21 and set by the Food and Drugs administration (FDA).
For instance, as per the regulations under title 21, U.S code 352(f)(1), any veterinary medical equipment is considered misbranded if the labelling on the equipment is indefinite or unclear. Whereas, 21 U.S.C. 352(j) states that a veterinary medical equipment is considered misbranded if it is dangerous to the animal even when it is used in the manner recommended, or suggested as per the label.
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