Global Veterinary Hematology Analyzers Market: Snapshot
The veterinary hematology analyzers market across the globe has witnessed impressive growth over the years since the launch of the first specialized hematology analyzers for animals. Presently, there has been a noticeable rise in adoption of advanced diagnostic devices for animals in developing regions of the world. Several government bodies along with leading players in the animal health industry are carrying out research and development activities to develop effective therapeutics and diagnostics for animals. Most of veterinary research is directed to the recognition of the cause of diseases, diagnosis of diseases, response in the form of pharmaceuticals, vaccines, and management of common diseases observed in animals.
A report by the National Research Council observed that veterinary diagnostics still remains a relatively less-developed sector of the U.S. national animal health infrastructure compared to sectors such as drugs, vaccines, and treatments. Since 2002, the U.S. Department of Agriculture (USDA) has developed the National Animal Health Laboratory Network in collaboration with state and university diagnostic laboratories to address many issues that hold back the development of the veterinary diagnostics area of the country’s veterinary healthcare industry. Across several other countries across the globe as well, a vast rise in government initiatives in the animal health industry are taking place and are propelling the market for veterinary hematology analyzers.
Transparency Market Research estimates that the veterinary hematology analyzers market will expand at a CAGR of 6.7% over the forecast period between 2016 and 2024. Escalating at this pace, the market, which had a valuation of US$ 663.0 mn in 2015 in terms of revenue, is projected to rise to US$1,178.9 mn by 2024.
Table Top Analyzers to Continue to Witness Strong Demand
On the basis of product, the global veterinary hematology analyzers market has been segmented in the report into table top analyzers and point of care analyzers. Of these, the segment of table top analyzers is presently the leading revenue generator and is expected to retain dominance over the report’s forecast period as well. The segment accounted for a massive 73% of the global market in 2016 and is expected to witness a slight rise in its share in the global market by the end of the forecast period. Factors such as multidimensional analysis, low sample volume requirement, minimal maintenance, and increasing outbreaks of animal diseases are contributing to the strong growth of this segment.
Technologically advanced table top hematology analyzers have been steadily hitting the market and several are currently in development. New varieties are expected to address key unmet needs in two key ways: accurate results with multi-parameter analysis and reduced downtime. These new technologies will continue to drive the demand for table top hematology analyzers across the globe in the near future.
North America Market to Retain Dominant Stance
Geographically, the veterinary hematology analyzers market has been segmented in the report into five regions: North America, Europe, Asia Pacific, Latin America and Middle East and Africa. North America dominated the veterinary hematology analyzers in terms of revenue in 2015 and is projected to retain dominance throughout the report’s forecast period as well. The vast rise in adoption of pets, rising number of veterinary hospitals and clinics, and high disposable income are some of the key factors attributed to the strong growth of the veterinary hematology analyzers market in the region.
The market in Asia pacific is anticipated to exhibit the most promising growth rate over the report’s forecast period, hinting at the vast potential of the veterinary hematology analyzers market in the region. The regional market will benefit from factors such as the high consumption of meat, increased outbreak of zoonotic diseases, and rapidly developing animal healthcare industry. Large number of livestock animals and rise in per capita income and the resultant change in lifestyle and expenditure patterns of the population are driving the demand for veterinary hematology analyzers in the region.
Key companies profiled in the report include IDEXX Laboratories, Inc., Abaxis, Inc., Heska Corporation, Siemens Healthcare Diagnostics Inc. , Drew Scientific Inc., URIT Medical, Boule Medical AB, scil animal care, Mindray, HORIBA Medical, Clindiag Systems, HemoCue AB, Diatron and Sysmex.
Global Veterinary Hematology Analyzers Market: Overview
Veterinary hematology analyzers are used widely in veterinary hospitals and research settings to count and characterize blood cells for detection and monitoring of disease in animals. Conventional veterinary hematology analyzers does the complete blood count (CBC) with a three-part differential white blood cell (WBC). Advanced veterinary hematology analyzers are able to detect small cell populations in rare blood conditions and can measure cell morphology. Factors prompting the growth of veterinary hematology analyzers market are increased adoption of pets, rising disposable income and growing outbreaks of animal diseases.
Global Veterinary Hematology Analyzers Market: Scope of the Report
This report on the veterinary hematology analyzers market analyzes the current and future prospects of the market. The report comprises an elaborate executive summary, including a market snapshot that provides overall information of various segments and sub-segments. The research is a combination of primary and secondary research. Detailed qualitative analysis of factors responsible for driving and restraining market growth and opportunities has been provided in the market overview section. Market revenue in terms of US$ Mn for the period between 2014 and 2024 along with the compound annual growth rate (CAGR %) from 2016 to 2024 are provided for all the segments, considering 2015 as the base year.
Market related factors such as technological developments, product innovation, expansion of animal healthcare infrastructure facilities around the world, and historical year-on-year growth have been taken into consideration while estimating the market size. Growth rates for each segment within the veterinary hematology analyzers market have been determined after a thorough analysis of past trends, demographics, future trends, technological developments, product development life cycle, and regulatory requirements. These factors would help the market players to take strategic decisions in order to strengthen their positions and expand their share in the global market.
Global Veterinary Hematology Analyzers Market: Segmentation
On the basis of analysis parameter, veterinary hematology analyzers market is segmented into 2 part WBC differential analyzers, 3 part WBC differential analyzers, 5 part WBC differential analyzers and others. In terms of products, veterinary hematology analyzers market is segmented into table top analyzers and point of care analyzers. The table top analyzers segment is further categorized into fully automatic analyzers and semi-automatic analyzers. The point of care analyzers is further segmented into cartridge based analyzers and others (direct sample based analyzers). In terms of end users, the veterinary hematology analyzers market is segmented into research institutes, veterinary diagnostic centers, veterinary hospitals and clinics and others (point of care testing, in house testing).
Global Veterinary Hematology Analyzers Market: Geographical and Competitive Dynamics
On the basis of geography, the veterinary hematology analyzers market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. North America comprises the U.S. and Canada. Europe comprises Germany, France, U.K., Spain, Italy, Russia, Poland, and Rest of Europe. Asia-Pacific comprises China, India, Japan, Australia and New Zealand and Rest of Asia Pacific. Latin America comprises Brazil, Mexico, Argentina and Rest of Latin America. Middle East & Africa comprises of GCC Countries, South Africa and Rest of Middle East & Africa. The competition matrix section included in the report is likely to assist the existing players to increase their market shares and new companies to establish their presence in the veterinary hematology analyzers market.
The report also profiles major players in the veterinary hematology analyzers market based on various attributes such as company overview, financial overview, SWOT analysis, key business strategies, product portfolio, and recent developments. Key companies profiled in the report include IDEXX Laboratories, Inc., Abaxis, Inc., Heska Corporation, Siemens Healthcare Diagnostics Inc. , Drew Scientific Inc., URIT Medical, Boule Medical AB, scil animal care, Mindray, HORIBA Medical, Clindiag Systems, HemoCue AB, Diatron and Sysmex.
The veterinary hematology analyzers market has been segmented as follows:
Global Veterinary Hematology Analyzers Market, by Product
- Table Top Analyzers
- Fully Automatic Analyzers
- Semi-Automatic Analyzers
- Point of Care Analyzers
- Cartridge Based
- Others (Direct Sample Based)
Global Veterinary Hematology Analyzers Market, by Analysis Parameter
- 2 Part WBC differential
- 3 Part WBC differential
- 5 Part WBC differential
Global Veterinary Hematology Analyzers Market, by End User
- Research Institutes
- Veterinary Diagnostic Centers
- Veterinary Hospitals and Clinics
- Others (Point of care testing, in house testing)
Global Veterinary Hematology Analyzers Market, by Geography
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA