PORTLAND, Oregon and PUNE, India, May 10, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Veterinary Point of Care Blood Gas Analyzers Market, by Modality, Animal, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global veterinary point of care blood gas analyzers market was valued at $47,876 thousand in 2016, and is expected to reach $65,982 thousand by 2023, growing at a CAGR of 4.6% from 2017 to 2023.
Veterinary point-of-care blood gas analyzers are used in veterinary clinics & laboratories for point of care blood testing. These analyzers are mostly used to measure blood pH, gases, and electrolytes in blood specimens.
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Technologically advanced veterinary point of care blood gas analyzers are available in market that increase veterinary practitioners preference over other laboratory analyzers. For example, the demand for battery-operated, wireless point of care blood gas analyzers has increased, due to test convenience and cost-effectiveness. The growth of the global veterinary point of care blood gas analyzers market is driven by increase in spending on animal health, stringent regulation for animal health, rise in number of veterinary clinics & veterinary practitioners.
Furthermore, rise in adoption of companion animals and favorable pet insurance policies fuel the market growth. According to the North American Pet Health Insurance Association (NAPHIA), the total number of pets insured reached 1.6 million at the end of 2015, and grew at an average annual rate of 12.0% from 2014 to the end of 2015.
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Presently, portable blood gas analyzers segment holds the largest market share. However, it is estimated that the demand for handheld blood gas analyzers is expected to increase during forecast period, due to features such as faster outputs, ease of use, and convenience.
Key Findings of the Veterinary Point Of Care Blood Gas Analyzers Market:
- The handheld analyzers segment is expected to grow at a CAGR of 7.1% from 2017 to 2023.
- Veterinary clinics is major revenue contributor in the global market, and is expected to retain dominance throughout the forecast period.
- Based on animal type, companion animals segment leads the global market, and expected to continue its dominance during the forecast period; currently this segment holds half of the market share.
- Asia-Pacific is expected to grow at the highest rate, registering a CAGR of 6.9%.
North America held largest share of the global market in 2016, and is expected to remain dominant throughout the forecast period. This is attributed to higher disposable income, rise in number of pets & other domestic animals, stringent regulations enacted by state & federal governments to enhance animal welfare, and pet owner's willingness to pay for veterinary services. On the other hand, Asia-Pacific is expected to show fastest growth, due to upsurge in disposable income, rise in animal health awareness, and increase in pet adoption among the higher and middle-income countries.
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SOURCE Allied Market Research