Press release
Equine Diagnostic Services Market Outlook 2030: From US$ 168 Million in 2019 to US$ 280 Million by 2030, Driven by Rising Equine Diseases and Diagnostic Advancements
Equine Diagnostic Services Market
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Market Overview
The Equine Diagnostic Services Market includes services like genetic testing, phenotype testing, infectious disease testing, and imaging (X-rays, ultrasound, MRI). Valued at US$ 168 million in 2019, it is expected to reach US$ 280 million by 2030 at a CAGR of ~5%. The market is segmented by service type (genetic testing, phenotype testing, infectious disease testing, others), service setting (hospitals & clinics, lab testing & mobile settings), application (neurology, respiratory, orthopedics, others), and region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa). Infectious disease testing dominates due to diseases like equine influenza and equine herpes virus, while lab and mobile settings lead service settings with a 55% share in 2019.
Key Drivers of Growth
Several factors are propelling the Equine Diagnostic Services Market:
Rising Equine Disease Prevalence: Outbreaks of diseases like equine infectious anemia and West Nile Virus (90 U.S. cases in 2022) drive demand for diagnostics.
Horse Racing and Sports Demand: The global horse racing industry, valued at US$ 3 billion in 2020, requires healthy horses, boosting diagnostic needs.
Technological Advancements: Innovations like portable ultrasound and AI-integrated diagnostics, such as IDEXX's 2019 rapid cytology service, enhance accuracy and accessibility.
Growing Genetic Testing: Mandatory genetic tests by horse associations for breed-specific diseases increase adoption, especially in North America.
Increased Healthcare Spending: Rising equine healthcare expenditure, with the UK spending US$ 5.1 billion annually, supports market growth.
Top Companies:
Generatio GmbH
EquiSeq Inc.
VetGen
Animal Genetics Inc.
Veterinary Genetics Laboratory
Etalon Inc.
Equine Diagnostic Solution
LLC
IDEXX Laboratories, Inc.
B&W Equine Vets
Neogen Corporation
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Challenges and Barriers
Despite its growth potential, the market faces several challenges:
High Equipment Costs: Advanced diagnostic tools like MRI and CT scanners, costing $500,000-$1 million, limit affordability for smaller clinics.
Limited Awareness: Low awareness of complex infectious diseases in Asia, Latin America, and Africa hinders market expansion.
Regulatory Hurdles: Stringent regulations, like FDA and EMA standards, delay new diagnostic technology approvals.
Skilled Professional Shortage: Lack of trained equine veterinarians in developing regions restricts service scalability.
Economic Losses: Undiagnosed diseases cause significant losses, with equine trypanosomosis outbreaks in Europe impacting profitability.
Regional Insights
The Equine Diagnostic Services Market exhibits distinct regional dynamics:
North America: Dominated with a 40% share in 2019, driven by well-established veterinary infrastructure and high horse racing demand in the U.S.
Europe: Significant market, with Germany and the UK leading due to equestrian activities (US$ 5.2 billion economic impact in the UK, 2023).
Asia-Pacific: Fastest-growing region with a projected CAGR of 7.5%, fueled by rising equine populations and healthcare investments in China and India.
Latin America: Moderate growth, with Brazil leading due to equestrian sports, but limited by infrastructure gaps.
Middle East & Africa: Smallest share due to low equine healthcare adoption, with potential in UAE's racing sector.
Future Opportunities
The Equine Diagnostic Services Market offers several avenues for growth and innovation:
Portable Diagnostics: Expanding portable imaging devices, like mobile ultrasound, can enhance field diagnostics.
Emerging Markets: Increasing awareness in Asia-Pacific and Africa can tap into growing equine populations.
AI and Telemedicine: Integrating AI and telehealth, as seen with Mella Pet Care's 2024 partnership, can improve diagnostic efficiency.
Preventive Healthcare: Focus on routine screenings and genetic testing can reduce disease outbreaks and costs.
Collaborations: Partnerships, like NEOGEN's 2019 Delta Genomics acquisition, can enhance diagnostic capabilities and market reach.
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