Veterinary Chemistry Analyzer Market Analysis, Region & Country Revenue Share, & Forecast Till 2027

Yorumlar · 47 Görüntüler

The Global Veterinary Chemistry Analyzer Market is projected to grow at a CAGR of 6.5% from USD 859.1 million in 2019 to USD 1,446.9 million in 2027.

The Global Veterinary Chemistry Analyzer Market is expected to experience a compound annual growth rate (CAGR) of 6.5%, reaching USD 1,446.9 million in 2027 from its value of USD 859.1 million in 2019. The market's growth is primarily driven by the rising demand for pet insurance and the increasing adoption of pets worldwide.

According to the American Pet Products Association (APPA), animal owners in the United States spent USD 60 billion on their pets. A study on Consumer Spending (CE) reveals that between 1996 and 2012, expenditure on pets rose by 60.0%. Consumers are willing to invest in maintaining their pets' health, leading to increased costs for pet care. To assist in covering veterinary expenses, pet insurance is becoming more popular among pet owners. Reports from the North American Pet Health Insurance Association indicate that in 2014, less than 1.0% of pets in Canada and the U.S. were covered by insurance. However, by 2015, the adoption rate for pet insurance had increased to 17.0%.

Get a sample of the report @ https://www.reportsanddata.com/download-free-sample/3572

Companies considered and profiled in this market study

Abaxis, IDEXX Laboratories Inc., Randox Laboratories Ltd., URIT Medical, Eurolyser Diagnostica GmbH, Heska Corporation, Derechos reservados Diconex, DiaSys Diagnostic Systems GmbH, Biochemical Systems International Srl., and Chengdu Seamaty Technology Co. Ltd., among others, have been profiled in the report. They are the major manufacturers of the product.

The players operating in the market have undertaken a number of strategies. The key highlights are:

  • In July 2017, Eurolyser Diagnostica has launched a new solo point-of - care lactate assay. Veterinarians, especially dogs and racehorses, who work regularly with diseased animals are probably interested in this study.

To know more about the report @ https://www.reportsanddata.com/report-detail/veterinary-chemistry-analyzer-market

The Veterinary Chemistry Analyzer Market is influenced by several driving factors and restraints. Here are the key factors impacting the market:

Driving Factors:

  1. Increasing Pet Ownership: The growing number of pet owners globally is a significant driving factor for the Veterinary Chemistry Analyzer Market. As more people adopt pets and consider them as part of their family, the demand for veterinary services and diagnostic tools, such as chemistry analyzers, rises.
  2. Rising Awareness of Animal Health: There is a growing awareness among pet owners about the importance of preventive healthcare and early disease detection in animals. This increased awareness drives the demand for veterinary chemistry analyzers, as they play a crucial role in diagnosing and monitoring various health conditions in animals.
  3. Technological Advancements: Advances in veterinary diagnostics technology, including chemistry analyzers, have improved their accuracy, efficiency, and ease of use. These advancements have attracted the attention of veterinary professionals, leading to a higher adoption rate of these analyzers in veterinary clinics and laboratories.
  4. Growing Demand for Pet Insurance: The increasing popularity of pet insurance is another driving factor for the Veterinary Chemistry Analyzer Market. As pet owners seek financial support for veterinary expenses, including diagnostic tests, the demand for chemistry analyzers in insurance-covered healthcare services for animals is expected to grow.

Restraints:

  1. High Cost of Veterinary Chemistry Analyzers: The initial cost of acquiring veterinary chemistry analyzers can be relatively high, which may pose a challenge for small veterinary clinics or healthcare facilities with limited budgets. The cost of maintenance, reagents, and consumables also adds to the overall expenses, restraining the market growth to some extent.
  2. Lack of Skilled Professionals: Operating and interpreting the results of veterinary chemistry analyzers require skilled veterinary professionals. However, there is a shortage of qualified personnel in some regions, which limits the adoption and utilization of these analyzers.
  3. Stringent Regulatory Framework: The Veterinary Chemistry Analyzer Market is subject to strict regulations and quality standards imposed by regulatory bodies. Compliance with these standards can be challenging for manufacturers, leading to a longer approval process and potential market entry barriers.
  4. Limited Awareness in Developing Regions: In developing regions, there may be a lack of awareness about advanced veterinary diagnostic tools like chemistry analyzers. Limited knowledge and resources hinder market growth in these regions, as veterinary professionals and pet owners may not fully understand the benefits and applications of these analyzers.

 

Request a customization of the report @ https://www.reportsanddata.com/request-customization-form/3572

About Us:

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market.

Contact Us:

John W
Head of Business Development
Direct Line: +1-212-710-1370
E-mail:
sales@reportsanddata.com
Reports and Data | Web:
www.reportsanddata.com
Check our upcoming research reports @ https://www.reportsanddata.com/upcoming-reports
Visit our blog for more industry updates @ https://www.reportsanddata.com/blogs

Yorumlar