Equine Diagnostic Services Market
Equine Diagnostic Services Market (Service Type: Genetic Testing, Phenotype Testing, Infectious Disease Testing, and Others; and Service Setting: Hospitals & Clinics and Lab Testing & Mobile Settings) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020-2030
Press Release :
Can Equine Coronavirus Cause Diseases in Humans?
Equine coronavirus has raised many doubts in the minds of horse owners if equine coronavirus can affect humans. As such, equine coronavirus cases are being investigated since 10 years. However, the COVID-19 pandemic has increasingly highlighted the issue of equine coronavirus in horses. Hence, companies in the equine diagnostic services market are conducting podcasts and webinars to educate pet owners about the repercussions of equine coronavirus.
Companies in the equine diagnostic services market are increasing awareness that horse owners must conduct the necessary COVID-19 tests meant for horses to prevent their exposure toward the infection. Horse owners must identify symptoms of lethargy, anorexia, and acute onset of fever to prevent the exposure to coronavirus. As such, there is lack of evidence whether equine coronavirus can affect humans.
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Compliance with ISO Standards Helps Win Faith of Pet Owners
Making horse diagnosis easier and widely available for pet owners has become the need of the hour. Hence, Equigerminal— a one-stop lab for horse diagnosis is creating awareness about its extensive product portfolio for genetic testing kits and infectious disease testing. Veterinary clinics and labs are offering a range of comprehensive diagnostic services for horses that include pathogen testing, DNA testing, and blood testing. Accurate and quick results from these testing kits are bolstering the credibility credentials of companies in the equine diagnostic services market.
The determination of the coat color profile and projected height test is becoming increasingly important for pet owners. Easy three-step procedures for diagnosis are being highly preferred by horse owners. Manufacturers in the equine diagnostic services market are increasing efforts to meet ISO (International Organization for Standardization) standards such as the International Society of Animal Genetics (ISAG) to win the faith of individuals.
Equine Trypanosomosis Widely Neglected by Scientific Community and Horse Owners
Equine trypanosomosis is one of the complex infectious diseases found in horses. However, this disease is widely neglected by horse owners in Asia, Latin America, Africa, and the Middle East, which has led to inhibition of growth for the equine diagnostic services market. Moreover, even the scientific community and veterinary authorities tend to seriously neglect this infectious disease. Since this disease is causing economic losses for horse owners, owners have become aware about the need for infection diagnosis. This explains why the global equine diagnostic services market is expected to advance at a favorable CAGR of ~5% during the assessment period.
The recent outbreak of equine trypanosomosis in Europe has compelled pharmaceutical companies to increase their production capabilities for reliable prophylactic drugs. Companies are increasing their R&D activities in accurate diagnostic tests and algorithms for equine trypanosomosis diagnosis to improve clinical outcomes in horses.
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Board-certified Equine Specialists Offer Specialized Testing Solutions to Horse Owners
Horse owners are always on the lookout for comprehensive test menus pertaining to phenotype testing and blood testing. Thus, IDEXX Reference Laboratories are offering specialized testing solutions to pet owners in order to detect any serious diseases affecting horses. Innovating testing products are contributing toward the growth of the equine diagnostic services market, which is expected to cross the revenue mark of ~US$ 280 Mn by the end of 2030.
In order to gain global recognition in the healthcare landscape, diagnostic labs are providing a team of board-certified equine specialists to guide pet owners into required testing procedures. Companies in the equine diagnostic services market are increasing the availability for equine hematology testing. Equine serology and microbiology testing are being preferred by pet owners to identify tick-borne diseases in horses.
Full-body Equine Veterinary Imaging Systems Prove to be Game Changer in CT Scanning
Companies in the equine diagnostic services market are innovating in veterinary imaging systems for horses. In August 2020, Prisma Imaging™— a company focused in equine and large animal radiography, revealed a first-of-its-kind full-body equine veterinary imaging system that addresses the shortcomings of current technologies. This is evident since CT scanning has led to issues such as miscues, which affect the diagnosis of horses. Companies in the equine diagnostic services market are focused on developing next-gen imaging systems for veterinary clinics and lab owners to improve the quality of life in horses.
Improvements in CT scanning technologies are highly recommended in today’s healthcare landscape to study the anatomy of a standing, weight-bearing, and conscious horse. Companies are using their advanced imaging capabilities to identify any health concerns that may deteriorate the health of horses. They are tapping opportunities with the help of robotics to innovate in CT scanning technologies.
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MRI Systems Avoid Risks of Poor Performance and Injuries in Horses
Magnetic resonance imaging (MRI) is considered as the gold standard for diagnosing pathology. Therefore, Hallmarq has introduced its Standing Equine MRI system, which is a game changer for routine equine clinical practices. MRI technology is being highly publicized in the equine diagnostic services market to visualize slices through tissues and identify damage to bone tissues sans the need for anesthesia. Diagnostic labs and veterinary hospitals are investing in advanced MRI systems that examine the specific causes of lameness in horses.
It has been found that MRI is one of the most important ways to distinguish between different diseases underlying the navicular disease in the foot. Even racehorse trainers are opting for advanced MRI systems to deploy imaging of the fetlock and the knee to avoid poor performance and injuries in horses.
The awareness about equine coronavirus has increased after the global outbreak of COVID-19. Hence, pet owners are conducting necessary tests to identify the symptoms of acute onset of fever, lethargy, and anorexia in horses. Next-gen MRI and CT scanning systems are creating value-grab opportunities for companies in the equine diagnostic services market. However, horse owners, regulatory organizations, and scientific community tend to neglect infectious diseases such as equine trypanosomosis, which has resulted in the inhibition of market growth. Hence, companies should increase the availability of reliable prophylactic drugs to avoid incidences of infectious diseases in horses. Diagnostic labs must appoint board-certified equine specialists to guide pet owners toward specialized testing solutions.
Equine Diagnostic Services Market: Overview
- According to Transparency Market Research’s latest report on the global equine diagnostic services market for the historical period 2018–2019 and forecast period 2020–2030, the global equine diagnostic services market is driven by the rise in equine sports activity
- According to the report, the global equine diagnostic services market was valued at ~US$ 168 Mn in 2019. It is anticipated to expand at a CAGR of ~5% from 2020 to 2030.
Key Drivers of Equine Diagnostic Services Market: High Prevalence of Equine Disease
- Prevalence of equine diseases has increased in the past few years. Joint infections, bacterial infections, and upper respiratory infections are highly common among horses.
- Equine Disease Quarterly, published by the University of Kentucky Equine Research, reported the outbreak of equine diseases in 2014. Horses in North America developed equine infectious anemia, salmonellosis, clostridial enteritis, and other diseases. In Europe, equine arteritis virus infection and anaplasmosis were major equine diseases reported in horses.
- According to the U.S. Department of Agriculture, Equine Encephalitis (EEE), Eastern Equine Infectious Anemia (EIA), Equine, Viral Arteritis (EVA), and West Nile Virus (WNV) are commonly encountered equine diseases in the U.S. every year
- Therefore, an increase in incidence of equine diseases is anticipated to drive the market for equine diagnostic services
Decline in Equine Population Market: Key Restraint of Equine Diagnostic Services Market
- The global equine diagnostic services market has strong correlation with the global equine population. According to the Food and Agriculture Organization (FAOSTAT), in 2016, the global horse population was estimated to be 59,048,194, a declined by 1.07% for the last five years.
- Hence, a decline in global horse population is projected to pose a challenge to the global equine diagnostic services market during the forecast period
Equine Diagnostic Services Market: Competitive Landscape
- This report profiles major players operating in the global equine diagnostic services market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- Leading players operating in the global equine diagnostic services market are
- Generatio GmbH
- EquiSeq Inc.
- Animal Genetics Inc.
- Veterinary Genetics Laboratory
- Etalon Inc.
- Equine Diagnostic Solution
- IDEXX Laboratories, Inc.
- B&W Equine Vets
- Neogen Corporation
Equine Diagnostic Services Market: Key Developments
- Key players in the global equine diagnostic services market are engaged in regulatory approvals, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to augment the global equine diagnostic services market. A few expansion strategies adopted by players operating in the global equine diagnostic services market are:
- In June 2020, The Veterinary Genetics Laboratory (VGL) at the UC Davis School of Veterinary Medicine launched type 1 polysaccharide storage disease (PSSM1) test as a standalone and as part of a health panel for horses. This drives the demand for new equine diagnostic services.
- In January 2019, NEOGEN acquired the Edmonton-based Delta Genomics Centre, a major animal genomics laboratory based in Canada. This drives the demand for new equine diagnostic services in Canada.
- The report on the global equine diagnostic services market discusses individual strategies, followed by company profiles of test providers. The competition landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global equine diagnostic services market.
Equine Diagnostic Services Market – Scope of the Report
TMR’s report on the global equine diagnostic services market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2020 to 2030. The report provides revenue of the global equine diagnostic services market for the period 2018–2030, considering 2019 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global equine diagnostic services market during the forecast period.
The report has been prepared after extensive primary and secondary researches. Primary research involves bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involves referring to key players’ service type literature, annual reports, press releases, and relevant documents to understand the global equine diagnostic services market.
Secondary research also includes Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global equine diagnostic services market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global equine diagnostic services market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global equine diagnostic services market.
The report delves into the competition landscape of the global equine diagnostic services market. Key players operating in the global equine diagnostic services market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global equine diagnostic services market that have been profiled in this report.
Key Questions Answered in Equine Diagnostic Services Market Report
- What is the scope of growth of service type companies in the global equine diagnostic services market?
- What will be the Y-o-Y growth of the global equine diagnostic services market between 2020 and 2030?
- Will North America continue to be the most profitable market for equine diagnostic services providers?
- Which factors are anticipated to hamper the growth of the global equine diagnostic services market during the forecast period?
- Which are the leading companies in the global equine diagnostic services market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global equine diagnostic services market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary researches, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary sources referred to by analysts during the service type of the global equine diagnostic services market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, service type portfolio managers, and market intelligence managers, who contributed to TMR’s study on the equine diagnostic services market as primary research sources.
These primary and secondary research sources have provided exclusive information during interviews, which serves as a validation from the equine diagnostic services market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global equine diagnostic services market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global equine diagnostic services market more reliably and accurately.
Equine Diagnostic Services Market – Segmentation