Veterinary Chemistry Analyzer Market to Expand With a CAGR of 7.8% due to Growing Adoption of Advanced Medications to the Pets, Says TMR

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Transparency Market Research

31 Jan, 2019, 10:30 GMT

ALBANY, New York, January 31, 2019 /PRNewswire/ --

According to TMR, the global veterinary chemistry analyzer market is expected to account for the revenue of US$1,100 mn in the year 2022 and by expanding with a CAGR of 7.8% over the forecast period from 2017 to 2022.

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Based on the product type, the glucometer segment dominated the global veterinary chemistry analyzer market and expected to be dominant over the forecast period with the revenue of US$ 180 mn by the end of the year 2022. Based on the region, North America dominated the global veterinary chemistry analyzer market and anticipated to remain dominant over the forecast period from 2017 to 2022. However, Asia Pacific is expected to expand with faster CAGR over the forecast period.

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Growing Trend of Pet Adoption to Propel Growth of Market 

The global veterinary chemistry analyzer market is gaining traction due to growing pet adoption coupled with growing expenditure on pet healthcare. The growing trend of pet adoption along with the expenses on the facilities such as animal healthcare is boosting the growth of the global veterinary chemistry analyzer market. A growing number of practitioners working in veterinary hospitals is boosting the growth of the global veterinary chemistry analyzer market.

The growing need for hematology tests in order to detect the blood diseases and disorders are impacting on the growth of the global veterinary chemistry analyzer market. Growing advancements in these tests which detects the diseases and disorders effectively and likely to propel the growth of the global veterinary chemistry analyzer market. Additionally, factors such as a growing preference for the animal-derived products are boosting the growth of the global veterinary chemistry analyzer market.

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Growing Prevalence of Zoonotic Diseases to Propel Growth  

The US Food and Drug Administration (FDA) are increasingly imposing stringent regulations in order to the elimination of residue and contamination of animal food products. These regulations are encouraging adoption of the veterinary chemistry analyzer and likely to propel the growth of the global veterinary chemistry analyzer market.

Additionally, the factors such as growing diseases occurred due to animal and growing zoonotic disease and the growing prevalence of these diseases are propelling the growth of the global veterinary chemistry analyzer market. The veterinary chemistry analyzer market is gaining benefits from the growing prevalence of zoonotic diseases such as E.Coli infections, salmonella infection, and malaria.  

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Transparency Market Research (TMR) witnesses the global veterinary chemistry analyzer market has a highly consolidative vendor landscape. Some of the companies operating in the global veterinary chemistry analyzer market are Abaxis, Inc., Arkray, Inc., Alfa Wassermann, Inc., Biochemical Systems International Srl, Diasys Diagnostic Systems GmbH, and Chengdu Seamaty Technology Co., Ltd. These players are trying to focus on the development of advanced products and thus entering into supply agreements for achieving higher market share.

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This information is encompassed in the report by TMR, titled "Veterinary Chemistry Analyzer Market (Product Type - Chemistry Analyzers, Urine Analyzers, Glucometers, Blood Gas & Electrolyte Analyzers, Consumables; Application Type - Veterinary Hospitals, Veterinary Clinics, Others) - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2017 - 2022."    

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