The growth of Veterinary Chemistry Analyzer Market is majorly attributed to factors such as growing livestock and companion animal population, rising animal healthcare expenditure, rising pet adoption, growing demand for animal-derived food products, rising awareness about zoonotic diseases, and increasing number of veterinary practitioners across the globe.
Research Methodology Adopted by MarketsandMarkets™:
Top-down and bottom-up approaches were used to validate the size of the global veterinary chemistry analyzer market and estimate the size of various other dependent submarkets. The major players in the market were identified through secondary research and their market revenues were determined through primary and secondary research.
Secondary research included the study of the annual and financial reports of the top market players, whereas primary research included extensive interviews with the key opinion leaders such as CEOs, directors, and marketing executives. The percentage splits, shares, and breakdowns of the product markets were determined using secondary sources and verified through primary sources.
The Global Veterinary Chemistry Analyzer Market is estimated to grow at a CAGR of 8.7%, to reach USD 1,205.2 Million.
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The global overall market is segmented based on product, application, animal type, and region.
Market Based on Product;
Based on product, this market is segmented into instruments and consumables (panels, kits, test strips, and reagents). In 2016, the consumables segment accounted for the largest share of the global market. It is expected to register the highest growth during the forecast period. The high growth of this segment is mainly attributed to the increased adoption of the pre-loaded multiple reagent panels and pre-loaded single slide reagent panels by the end users.
Veterinary Chemistry Analyzer Market Based on Application;
Based on application, the market is categorized into blood chemistry analysis, urinalysis, glucose monitoring, and blood gas-electrolyte analysis. The blood chemistry analysis segment accounted for the largest share in 2016, while the glucose-monitoring segment is expected to witness the highest growth during the forecast period,
Veterinary Chemistry Analyzer Market Based on animal type;
based on animal type, into companion animals and livestock. In 2016, the companion animal segment accounted for the largest share of the market. This segment is also expected to register the highest growth during the forecast period.
Geographically, the global market is segmented into developed markets and emerging markets. The developed markets comprise the U.S., Canada, Germany, the U.K., France, Italy, Spain, and Japan. This developed market accounted for the largest share of the global market in 2016. However, the emerging markets (including China, India and Latin America) segment is expected to witness the highest growth rate during the forecast period
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Major Leading Key Players in Worldwide Market: –
The market is dominated by IDEXX Laboratories, Inc. (U.S.), Abaxis, Inc. (U.S.), and Heska Corporation (U.S.). Some of the other players competing in this market are Randox Laboratories Ltd. (U.K.), ARKRAY, Inc. (Japan), Eurolyser Diagnostica GmbH (Austria), Alfa Wassermann Inc. (U.S.), DiaSys Diagnostic Systems, USA, LLC (U.S.), Chengdu Seamaty Technology Co., Ltd. (China), Biochemical Systems International Srl (Italy), ELITechGroup (France), and URIT Medical Electronic Group Co. Ltd (China)