Global Veterinary Chemistry Analyzer Market (2023-2028) Competitive Analysis, Impact of Covid-19, Ansoff Analysis

Increasing demand for pet insurance and an increase in pet adoption globally

The Global Veterinary Chemistry Analyzer Market is estimated to be USD 1.94 Bn in 2023 and is expected to reach USD 2.87 Bn by 2028 growing at a CAGR of 8.1%.

The Veterinary Blood Chemistry Analyzer is a very accurate blood analyzer that can assess the concentrations of different electrolytes and biochemical components in animal blood. It is used for disease detection, as well as for disease prevention and treatment.

The market for veterinary chemistry analyzers is anticipated to expand due to rising pet adoption rates and the rising need for pet insurance. Due to increased veterinary costs, there is a greater need for pet insurance. Due to the high cost of such diagnostics, many pet owners are discouraged from selecting treatment choices for their animals. Most pet insurance plans will cover diagnostics and treatments for approved accidents and illnesses. For instance, if the 'Preventative and Wellness'package is added to a Lemonade pet health insurance coverage, pet diagnostics like x-rays, cytology, bloodwork, lab work, urinalysis, a heartworm test, and more will be covered.

Furthermore, the increasing demand for animal-derived food products has driven the demand for veterinary chemistry analyzers to ensure the safety and quality of these products. Government initiatives towards animal healthcare infrastructure development have further boosted market growth. Finally, the rising disposable income in developing economies has resulted in higher spending on pet healthcare, including the use of veterinary chemistry analyzers.

However, the high cost of instruments hampers market growth. Many veterinary clinics and laboratories may not have the budget to purchase these instruments, limiting their ability to offer advanced diagnostic testing. Also, is limited availability of veterinary chemistry analyzers in certain regions. This can make it difficult for veterinary professionals to access the latest technology and perform advanced diagnostic testing. In addition, alternative diagnostic technologies can compete with veterinary chemistry analyzers, such as point-of-care diagnostic tests and imaging technologies.

Market Segmentations

• The Global Veterinary Chemistry Analyzer Market is segmented based on Type, Product, Animal, Application, End User, and Geography.
• By Type, the market is classified into Benchtop Analyzers and Portable Analyzer. Benchtop Analyzer type has the highest market share as they efficiently diagnose certain diseases in companion animals. For instance, EasyRA is a wholly automated chemistry analyzer that holds low costs and provides high-speed requirements for veterinary practices. It reduces manual errors, and precise results support the segment demand globally.
• By Products, the market is classified into Consumables and Instruments. The consumable segment accounts for the largest market share and it is mainly attributed to the higher adoption of panels, kits, test strips, and reagents among end users and repeated purchase requirement for these products.
• By Animals, the market is classified into Livestock and Companion. The companion animals segment holds the largest market share due to the growing pet population, increased demand for pet insurance, rising pet ownership, and healthcare expenditure. These are the major factors that aid the growth of the market.
• By Application, the market is classified into Blood Chemistry Analysis, Urinalysis, Blood Gas & Electrolyte Analysis, and Glucose Monitoring. The blood Chemistry Analysis segment holds the largest share due to the increasing prevalence of animal diseases, awareness about zoonotic diseases, and the rising number of veterinary practitioners across the globe.
• By End Use, the market is classified into Veterinary Laboratories, Veterinary Hospitals and Clinics, Point-Of-Care Testing, and Others. The Veterinary Laboratories segment holds the largest share. The major role of laboratories is diagnostics services and pathology. Therefore, the rising incidence of diabetes, renal disease, and cancer resulting from long-term medications contributes to the segment's growth. Moreover, the growing number of advanced laboratories with better infrastructure is propelling the market growth.
• By Geography, the market is classified into the Americas, Europe, Middle East & Africa, and Asia-Pacific. The Americas accounts for the highest market share due to a variety of factors, including rising pet adoption rates, an increase in the prevalence of zoonotic and infectious animal diseases, rising expenditure on animal health, a growing pool of veterinarians, and a significant number of hospitals and clinics in the region.

Recent Development

• Zoetis launched Stablelab, a hand-held, point-of-care diagnostic blood test device for horses. With the product launch, the company expanded its Point-of-Care diagnostic offerings to deliver broader equine health care - August 2019.

Company Profiles

The report provides a detailed analysis of the competitors in the market. It covers the financial performance analysis for publicly listed companies in the market. The report also offers detailed information on the companies' recent development and competitive scenario. Some of the companies covered in this report are Zoetis, Heska Corp., Randox Laboratories Ltd., SKYLA CORPORATION, etc.

Countries Studied

• America (Argentina, Brazil, Canada, Chile, Colombia, Mexico, Peru, United States, Rest of Americas)
• Europe (Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Russia, Spain, Sweden, Switzerland, United Kingdom, Rest of Europe)
• Middle East and Africa (Egypt, Israel, Qatar, Saudi Arabia, South Africa, United Arab Emirates, Rest of MEA)
• Asia-Pacific (Australia, Bangladesh, China, India, Indonesia, Japan, Malaysia, Philippines, Singapore, South Korea, Sri Lanka, Thailand, Taiwan, Rest of Asia-Pacific)

Competitive Quadrant

The report includes Competitive Quadrant, a proprietary tool to analyze and evaluate the position of companies based on their Industry Position score and Market Performance score. The tool uses various factors for categorizing the players into four categories. Some of these factors considered for analysis are financial performance over the last 3 years, growth strategies, innovation score, new product launches, investments, growth in market share, etc.

Ansoff Analysis

• The report presents a detailed Ansoff matrix analysis for the Global Veterinary Chemistry Analyzer Market. Ansoff Matrix, also known as Product/Market Expansion Grid, is a strategic tool used to design strategies for the growth of the company. The matrix can be used to evaluate approaches in four strategies viz. Market Development, Market Penetration, Product Development and Diversification. The matrix is also used for risk analysis to understand the risk involved with each approach.
• The publisher analyses the Global Veterinary Chemistry Analyzer Market using the Ansoff Matrix to provide the best approaches a company can take to improve its market position.
• Based on the SWOT analysis conducted on the industry and industry players, the publisher has devised suitable strategies for market growth.

Why buy this report?

• The report offers a comprehensive evaluation of the Global Veterinary Chemistry Analyzer Market. The report includes in-depth qualitative analysis, verifiable data from authentic sources, and projections about market size. The projections are calculated using proven research methodologies.
• The research report also provides a detailed market size analysis and projections in volume and value terms. The projections are calculated using verified research methodologies.
• Excel data sheet for the market size will also be provided with the report.
• The report has been compiled through extensive primary and secondary research. The primary research is done through interviews, surveys, and observation of renowned personnel in the industry.
• The report includes an in-depth market analysis using Porter’s 5 forces model, PESTLE Analysis, and the Ansoff Matrix. In addition, the impact of COVID-19 on the market is also featured in the report.
• The report includes the regulatory scenario in the industry, which will help you make a well-informed decision. The report discusses major regulatory bodies and major rules and regulations imposed on this sector across various geographies.
• The report includes Self-Assessment Form, which helps customers evaluate their position in the market compared to their competitors.
• The report offers customized research - tailored uniquely to our customers with a quick turnaround time. We offer a 15% customization option at no extra charge to all our clients for any of our syndicated reports.

Report Highlights:

• A complete analysis of the market, including the parent industry
• Important market dynamics and trends
• Impact Analysis - a comprehensive assessment to confront risk and make strategic & operational decisions to counter the changes in the market environment.
• Market segmentation
• Competitive Analysis: Comparative analysis of competitor
• Historical, current, and projected size of the market based on value and volume
• Market size of the US states
• Market shares and strategies of key players
• Recommendations to companies for strengthening their foothold in the market