Veterinary Chemistry Analyzer Market is Driven by Rising Animal Healthcare Expenditure and Increasing Pet Ownership

The global Veterinary Chemistry Analyzers Market size is expected to reach USD 1.3 billion by 2025, according to a new report by Grand View Research, Inc., progressing at a CAGR of 8.2% during the forecast period. Rising animal healthcare expenditure and increasing pet ownership are some of the major factors contributing to the growth of the market.

Increasing incidence of zoonotic diseases is one of the key trends escalating market growth. According to an article published in the Centers for Disease Control and Prevention (CDC) in 2017, scientists estimated that 3 out of every 4 emerging infectious diseases in people are transmitted through animals, and more than 6 out of every 10 known infectious diseases in people are transmitted through animals.

Increasing demand for animal proteins is leading to a global rise in livestock production and increase in exports of animal products. Rising disposable income and changing lifestyles are stirring up the demand for animal-derived food products.

According to the American Pet Products Association (APPA), the U.S. pet food sales doubled to USD 22 billion from 2000 to 2014 and are expected to rise at a CAGR of 2.5%. According to Mintel, in 2014, 79.0% of the U.S. pet owners considered the quality of pet food products is as important as their own.

Browse Details of Report @
https://www.grandviewresearch.com/industry-analysis/veterinary-chemistry-analyzer-market

Further key findings from the report suggest:

• Benchtop analyzers were the largest segment, based on type, in 2016 due to their accuracy and precision. Portable analyzers are anticipated to witness remarkable growth owing to surging demand for shorter analysis time and quicker results
• The consumables segment was the largest as well as the fastest growing segment during the forecast period due to the ability of consumables to create a standardized workflow and advancements such as ready-to-use liquid reagents
• Blood chemistry dominated the application segment owing to increasing number of veterinary practitioners globally
• The hospitals segment held the largest market share in 2016 and is expected to exhibit a noteworthy CAGR over the forecast period due to increasing demand for in-house analyzers
• North America accounted for approximately 40.0% of the market in 2016, owing to increasing incidence of zoonotic diseases and growing demand for pet insurance
• Asia Pacific is anticipated to witness healthy growth over the next decade due to increasing pet ownership in countries such as India and China. It is expected to rise at a CAGR of 9.4% over the forecast period
• Key players including IDEXX Laboratories, Inc.; Abaxis; URIT Medical; Randox Laboratories Ltd.; Heska Corporation; and Eurolyser Diagnostica GmbH dominated the veterinary chemistry analyzers market in 2016.

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