Rise in trend of having a companion animal, increased pervasiveness of zoonotic diseases, technological advancements, and rising pet care expenditure are the major factors driving the growth of global veterinary point-of-care diagnostics market.
As per the report titled ‘Global Veterinary Point-Of-Care Diagnostics Market Size study with COVID-19 Impact, by Product (Consumables and Instruments), by Technology (Clinical Biochemistry, Immunodiagnostics, Hematology, Urinalysis, Molecular Diagnostics and Others), by End-User (Veterinary Clinics, Veterinary Hospitals & Academic Institutes and Home Care Settings), by Application (Clinical Pathology, Bacteriology, Virology, Parasitology and Others), by Animal Type (Companion Animals and Livestock Animals) and Regional Forecasts 2020-2027’, available with Market Study Report LLC, global veterinary point-of-care diagnostics market was valued at USD 1.4 billion in 2019 and is projected to register a y-o-y growth rate of 8.9% during 2020-2027.
Rise in trend of having a companion animal, increased pervasiveness of zoonotic diseases, technological advancements, and rising pet care expenditure are the major factors driving the growth of global veterinary point-of-care diagnostics market. Furthermore, coronavirus pandemic has bolstered the demand for animal diagnostics. However, high cost of veterinary imaging systems may negatively impact business expansion over the assessment period, cites the study.
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For the uninitiated, veterinary diagnostics tests diagnose and identify various diseases in animals. Advanced technologies and methods utilized in human diagnostics also find wide application in veterinary diagnostics. These diagnostics in conjunction with Point-Of-Care (POC) enables physicians to achieve real-time, lab quality diagnostic results within a short time, hence augmenting global veterinary point-of-care diagnostics market trends.
Considering the geographical landscape, global veterinary point-of-care diagnostics market is divided into North America, Asia Pacific, Europe, Latin America, and Rest of the World. As per credible records, North America currently accounts for majority market share, pertaining to factors such as growing adoption of companion animals, increasing veterinary healthcare expenditure, and rising demand for animal-derived food products.
Leading organizations in global veterinary point-of-care diagnostics industry are AniPOC Ltd., Carestream Health Inc., Randox Laboratories Ltd., Eurolyser Diagnostica Gmbh, Woodley Equipment Company Ltd., Thermo Fisher Scientific Inc., Virbac, Heska Corporation, Zoetis Inc., and Idexx Laboratories Inc. Strategic alliances by these market majors are likely to enhance the business landscape in the upcoming years. For instance, Zoetis, headquartered in US, acquired ZNLabs, a full-service veterinary clinical reference laboratory to enhance its operational area and provide value propositions for customers.
To access a sample pages of this report titled “Global Veterinary Point-Of-Care Diagnostics Market Size study with COVID-19 Impact, by Product (Consumables and Instruments), by Technology (Clinical Biochemistry, Immunodiagnostics, Hematology, Urinalysis, Molecular Diagnostics and Others), by End-User (Veterinary Clinics, Veterinary Hospitals & Academic Institutes and Home Care Settings), by Application (Clinical Pathology, Bacteriology, Virology, Parasitology and Others), by Animal Type (Companion Animals and Livestock Animals) and Regional Forecasts 2020-2027” in detail along with the table of contents, please click the link below:
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