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Veterinary Hematology Analyzers Market Report 2024 - Veterinary Hematology Analyzers Market Trends, Size, And Forecast
Veterinary Hematology Analyzers Market
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According to The Business Research Company's, The veterinary hematology analyzers market size has grown strongly in recent years. It will grow from $0.9 billion in 2023 to $0.98 billion in 2024 at a compound annual growth rate (CAGR) of 8.5%. The growth in the historic period can be attributed to increase in pet ownership, advancements in veterinary medicine, prevalence of animal diseases, growing awareness of animal health, expansion of veterinary services.
The veterinary hematology analyzers market size is expected to see strong growth in the next few years. It will grow to $1.31 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%. The growth in the forecast period can be attributed to rising pet healthcare expenditure, growth in animal research, increasing pet insurance coverage, globalization of veterinary practices. Major trends in the forecast period include technological advancements, point-of-care hematology testing, remote monitoring and connectivity, focus on small and exotic animals, multiparameter analysis.
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Market Drivers and Trends:
The increasing prevalence of zoonotic diseases in animals is expected to propel the growth of the veterinary hematology analyzer market going forward. A zoonotic disease is an infectious disease caused by harmful microorganisms such as bacteria, viruses, fungi, and parasites that are spread between animals and humans. Veterinary hematology analyzers can detect anomalies in blood parameters in real time, allowing veterinarians to quickly identify zoonotic infections, commence appropriate treatment, and adopt essential preventative measures to keep them from spreading. For instance, in December 2022, according to the European Food Safety Authority (EFSA), an Italy-based agency for the European Union that provides independent scientific advice on food-related risks, in 2021, the two most often reported zoonotic diseases in humans were the gastrointestinal disorders campylobacteriosis and salmonellosis, with a total of 127,840 and 60,050 human cases, respectively which is an increase of roughly 7,000 cases for both infections compared to 2020. Further, there is an increase of +0.86 and +1.96 confirmed cases per 100,000 population for campylobacteriosis and salmonellosis, respectively, in 2021 compared to 2020. Therefore, the growing prevalence of zoonotic disease in animals drives the veterinary hematology analyzers market.
Product innovations are a key trend for gaining popularity in the veterinary hematology analyzer market. Major companies operating in the veterinary hematology analyzer market are focused on developing innovative solutions to strengthen their position in the market. For instance, in April 2022, Zoetis Inc., a US-based veterinary drug company, launched the VETSCAN IMAGYST platform, a first-of-its-kind technology that offers AI blood smear, AI fecal, and digital cytology image transfer in a single, compact device. It is designed to work alongside veterinary hematology analyzers, such as the VETSCAN HM5 Hematology Analyzer, which reports a full 5-part CBC differential with 22 parameters in less than 4 minutes.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Abbott Laboratories, Siemens Healthcare Private Limited, Zoetis Services LLC., Shenzhen Mindray Bio-Medical Electronics Co. Ltd., IDEXX Laboratories Inc., Bio-Rad Laboratories Inc., HORIBA Medical, Sysmex Corp., Chengdu Seamaty Technology Co. Ltd, Getein Biotech Inc., Heska Corporation,Abaxis Inc., Abaxis Inc., HemoCue AB, EKF Diagnostics Holdings PLC, Boule Diagnostics AB, Scil Animal Care Company GmbH, Diatron Mi Apac Private Limited, ERBA Diagnostics Inc., Drew Scientific Inc., Woodley Equipment Company Ltd.,B&E Bio-technology Co. Ltd., Rayto Life and Analytical Sciences Co.Ltd., Genrui Biotech Co. Ltd., Analytical Technologies Limited, Urit Medical Electronics Co. Ltd., Qreserve Inc., Balio Diagnostics, Shezhen Dymind Biotechnology Co. Ltd, Bioevopeak Co. Ltd.
Veterinary Hematology Analyzers Market 2024 Key Insights:
• The veterinary hematology analyzers market size is expected to see strong growth in the next few years. It will grow to $1.31 billion in 2028 at a compound annual growth rate (CAGR) of 7.4%.
• Zoonotic Disease Prevalence Drives Veterinary Hematology Analyzer Market Growth
• Innovative Solutions Redefining The Veterinary Hematology Analyzer Market
• North America was the largest region in the veterinary hematology analyzer market in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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