Veterinary POC Diagnostic Market-Overview
Medical progress has led to advancements in the veterinary healthcare system, such as Point-of-Care (PoC), which permits speedy results in non-laboratory situations. According to an MRFR report, the market will earn USD 1.285 Billion by 2030 and will gain a CAGR of 9.70% during the forecast year 2022- 2030.
Accelerating pandemic illnesses such as swine flu and rabies will further promote the market. Less time spent on testing and outcomes, more precise results, a shift in diagnostic trends, and the adoption of cutting-edge technologies is likely to fuel the veterinary Point-of-Care (PoC) diagnostic market size.
The reliance on online commerce for sales is expected to increase significantly during the forecast period, prompting market stakeholders to invest more in its growth. Due to the return of COVID cases in many locations, the market may exhibit constrained growth. The continuation of occasional lockdowns in numerous regions may cause the market expansion to be hampered if resources such as labor and supply chains are severely impacted. The global market is expected to diversify in operational techniques as innovative models for operation and delivery are implemented. It is projected that the emphasis on accumulating reserves of resources to deal with unexpected crises would impact future market trends. Government assistance is expected to support worldwide market development in the next years. Market developments and research are expected to generate attractive growth opportunities in the next years.
The prominent companies in the veterinary POC diagnostic market player are Idexx Laboratories, Inc. (US), Woodley Equipment Company Ltd. (UK), Zoetis, Inc. (US), Virbac (France), Thermo Fisher Scientific, Inc. (US), Eurolyser Diagnostica GmbH (Austria), Minxray, Inc. (US), AniPoC, Ltd. (UK), Neurologica Corporation (US), Fujifilm Sonosite, Inc. (Japan), Carestream Health, Inc. (US), Diagnostic Imaging Systems, Inc. (US), Esaote spa (Italy), Mindray Medical International Limited (A Part of Excelsior Union Limited) (China), Heska Corporation (US), Randox Laboratories, Ltd. (UK), GE Healthcare (US), QR s.r.l. (Italy), Sedecal (Spain), and Examion GmbH (Germany).
The segmental study of the veterinary POC diagnostic market overview has been conducted based on the technology, application, product, animal type, and end user. The market based on end users has been segmented into hospitals & clinics and home care. The market has been segmented into companion animals and livestock animals based on the animal type. The veterinary POC diagnostic market has been segmented into consumables and instruments based on the type. The market has been segmented into immunodiagnostics, urinalysis, clinical biochemistry, hematology, and molecular diagnostics based on technology. The market has been segmented into orthopedics & traumatology, virology, clinical pathologyoncology, parasitology, gynecology, cardiology, bacteriology, and neurology based on the application.
Detailed Regional Analysis
In the forecast period, the North American market generated outstanding revenue. The growing adoption of pet animals for companionship, coupled with the high animal healthcare expenditure, will boost the North American veterinary POC diagnostic market insights. Advances in veterinary diagnostics and multiple laboratories in the region applying innovative molecular diagnostic techniques will propel market expansion even further. The European market will grow at a 7.8 percent annual rate during the predicted period. The collective need for animal products and an increasing emphasis on biologicals, which aids in the development of various vaccines, are driving the rise of the animal diagnostics business in Europe. Elevated animal food consumption puts strain on animal farms, increasing demand for animal diagnostics to reduce the spread of zoonotic and animal foodborne diseases. The Asia-Pacific region is expected to grow at the quickest rate throughout the forecast period, owing to the rapid development of manufacturing facilities in developing economies such as China and India.
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