The Global Benchtop Veterinary Analyzer Market is projected to reach USD 1,446.9 million in 2027. Higher expenditure on animal healthcare and increased ownership of pets are some of the major factors contributing to market growth.
One of the main factors in rising market growth is increasing occurrence of zoonotic diseases. According to an article published in the Centers for Disease Control and Prevention (CDC) in 2017, scientists reported that in humans 3 out of 4 emerging infectious diseases are transmitted via animals, and in humans more than 6 out of 10 known infectious diseases are transmitted by animals.
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The pharma and healthcare industry is expected to observe significant growth over the coming years attributed to the increasing incidence of chronic diseases across the globe, growing geriatric patient pool, availability of advanced and minimally invasive surgical and diagnostics procedures, favorable reimbursement scenario, and presence of a robust product pipeline of drugs and therapeutics. In addition, growing integration of IoT, ML, and AI in medical procedures and equipment along with rapid progress in drug design and development. Combination of innovation and technology has brought about massive changes in the healthcare industry and the rapid adoption of telemedicine, remote consultation, and e-prescription have significantly contributed to the revenue growth of the market.
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Further key findings from the report suggest
- Benchtop analyzers, based on size, were the largest segment in 2016 because of their accuracy and precision. Portable analyzers are expected to see phenomenal growth due to increased demand for shorter analytical time and faster outcomes.
- Due to the ability of consumables to create a streamlined workflow and innovations such as ready-to-use liquid reagents, the consumer segment was the largest and the fastest growing segment during the forecast period.
- Due to the growing number of veterinary practitioners worldwide, blood chemistry dominated the application section.
- The segment of hospitals held the largest market share and is expected to have a remarkable CAGR over the forecast period due to increased demand for in-house analyzers.
- Due to the increasing incidence of zoonotic diseases and the increasing demand for pet insurance, North America accounted for roughly the majority of the market.
- Asia Pacific is projected to see healthy growth over the next decade as a result of increased ownership of pets in countries like India and China. This is expected to increase over the time period.
- In January 2018, IDEXX Laboratories, Inc. has announced that the IDEXX Catalyst SDMA Test will be available commercially to all North American customers allowing point-of-care IDEXX customers to add SDMA as an essential component of the routine chemistry panel.
- Key players in the market include 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.
For the purpose of this report, Reports and Data have segmented into the global Benchtop Veterinary Analyzer Market on the basis of Product, Type, Application, End-Use, and region:
Product Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Consumables
- Instruments
Type Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Benchtop
- Portable
Application Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Blood Chemistry Analysis
- Urinalysis
- Blood Gas Electrolyte Analysis
- Glucose Monitoring
End-Use Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- Hospitals
- Clinical Laboratories
Regional Outlook (Revenue: USD Billion; Volume: Million Tons; 2017-2027)
- North America
- U.S
- Canada
- Europe
- U.K
- Germany
- France
- BENELUX
- Asia Pacific
- China
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- MEA
- Saudi Arabia
- UAE
- Rest of MEA
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Growing popularity of over-the-counter medications driving market growth
Growing incidence of acute and chronic diseases and lesser access to advanced medical facilities owing to low disposable income levels are driving the demand for over-the-counter medications. Availability of generic and low-cost alternatives to medical therapies are some other factors playing a major role in driving demand for over-the-counter medications.
Restriction on product launches and RD activities to hamper market growth
Imposition of strict government regulations and shortage of funds have put a halt on the product launches and RD activities and are expected to restrain market growth over the forecast period. In addition, launch of expensive drugs and therapies and increasing regulations regarding safety and approvals are also hampering market growth.
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