Veterinary Chemistry Analyzer Market Demand, Size, Report to 2033
The global veterinary chemistry analyzer market size was exhibited at USD 4.50 billion in 2023 and is projected to hit around USD 15.48 billion by 2033, growing at a CAGR of 13.15% during the forecast period 2024 to 2033.
| Report Coverage | Details |
| Market Size in 2024 | USD 5.09 Billion |
| Market Size by 2033 | USD 15.48 Billion |
| Growth Rate From 2024 to 2033 | CAGR of 13.15% |
| Base Year | 2023 |
| Forecast Period | 2024-2033 |
| Segments Covered | Type, Product, Species, Application, End-use, Region |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Key Companies Profiled | IDEXX Laboratories, Inc.; Zoetis; Heska Corporation; URIT Medical Electronic Co. Ltd; Randox Laboratories Ltd.; Eurolyser Diagnostica GmbH (Affiliate of Mars); DiaSys Diagnostic Systems; Chengdu Seamaty Technology Co., Ltd.; SKYLA CORPORATION; Bioevopeak Co., Ltd |
The market is anticipated to develop as a result of humanization of pets on a worldwide, increased investment in the animal health sector, novel technologies and developments in bringing testing to the Point of Care (POC), increased hospital pet visits, and increased POC diagnostics usage.
Additionally, the market for Veterinary Chemistry Analyzer is predicted to grow as a result of the increased demand for pet insurance and an increase in pet adoption globally. The demand for pet insurance has grown as a result of rising veterinary expenses. Pet diagnostic tests can be expensive, and the high expense of such diagnostics deters many pet owners from choosing treatment options. For eligible accidents and diseases, the majority of pet insurance policies will pay for diagnostics and treatments. For instance, if the "Preventative and Wellness" package is added to a Lemonade pet health insurance policy, annual wellness checkups, pet diagnostics such as x-rays, cytology, bloodwork, lab work, urinalysis, a heartworm test, and more will be covered.
The COVID-19 pandemic has adversely affected the global economy; has disrupted customers', suppliers', and vendors' operations. The pandemic also negatively affected certain elements of business and operations, financial conditions, and others. In the early months of the novel coronavirus pandemic, veterinary facilities showed a considerable decline in animal healthcare compliance. Public health organizations restricted veterinary services to emergency care. They also urged pet owners to avoid elective surgeries. The dynamics of the industry are anticipated to be hampered by the COVID-19 pandemic disruption in the provision of animal wellness care services as well as the decline in business owing to less demand.
However, an unprecedented rise in the adoption of companion animals to alleviate psychological stress imposed on by the coronavirus pandemic may promote industry recovery in the coming years. The number of domestic pets adopted by Germans during the pandemic increased by one million, to around 35 million, according to a Deutsche Welle study. Similarly, as per The American Society for the Prevention of Cruelty to Animals (ASPCA) data, approximately one in five households acquired a dog or cat since the beginning of the COVID-19 pandemic. Furthermore, the growing prevalence of animal-to-human infections and the increasing demand for animal protein may possibly promote the demand for veterinary chemistry analyzers.
Clinical diagnostics are now accessible, affordable, quick, and simple to use since the development of point-of-care testing. The importance of this platform resides in its ability to enable patients to monitor their individual health status more often in the comfort of their own homes, allowing for the earliest possible diagnosis of diseases. For instance, a veterinary glucometer is attributed to its ease of use in clinical settings, on the workplace, or at home. An easy-to-use veterinary blood glucose monitoring system, AlphaTRAK from Zoetis is available for both cats and dogs. Additionally, a rise in the prevalence of diabetes in animals is another factor that increases the demand for analyzers.
In veterinary medicine, the overuse and misuse of antimicrobials is, in large part, accountable for the development of antibiotic resistance. Antimicrobial resistance is currently regarded as one of the major concerns to public health globally. Chemistry analyzer tests could enable veterinarians to identify if a patient's sickness is caused by bacteria earlier in the course of treatment, resulting in the prescription of fewer antibiotics when they are not necessary. As a result, this makes a significant contribution to reducing the overuse of antibiotics and promoting good antimicrobial stewardship, which in turn encourages overall market expansion.
The benchtop veterinary chemistry analyzers segment contributed over 50.0% of the revenue generation in 2023. Advantages associated with benchtop analyzers such as automation of tasks, reduced manual errors, high accuracy, and precision are supporting their demand globally. These analyzers are efficient in diagnosing certain diseases in companion animals, which is one of the major factors contributing to the largest share held by this segment. EasyRA benchtop analyzer is a completely automated chemistry analyzer that holds the low-cost, high-speed requirements of veterinary practices. EasyRA is quickly operational and ready to run samples and able to analyze samples in less than 8 minutes.
Over the forecast period, it is anticipated that, portable analyzers witness lucrative growth which would increase at a CAGR of 13.2%. Portable analyzers enable bedside monitoring and are mobile. Ease of use, facility to monitor pets at home, portability, on-the-spot results, and less requirement of training are some of the factors responsible for segment growth. Soaring demand for point-of-care analyzers is further spurring the growth of the segment. In April 2023, Carolina Liquid Chemistries has signed a semi-exclusive agreement to distribute Seamaty ‘s SMT-120VP Veterinary Automated Chemistry Analyzer for the U.S. veterinary market. Instead of requiring a huge animal to be transported to a testing center, the portable SMT-120VP analyzer can be brought to the location of the large animal. Thereby, such market expansion of product globally anticipated to fuel the market growth.
The dogs segment dominated the veterinary chemistry analyzer market with a revenue share of over 36.0% in 2023, due to the significant disease prevalence and rising adoption rates of dogs. The increasing incidence of obesity, diabetes, cancer and other major diseases is one of the major drivers for the market. 56% of dogs are recorded as obese in the U.S., according to the American Kennel Club report in February 2020.
The cats segment is anticipated to register a CAGR of over 13.0% during the forecast period owing to the increasing cat adoption rates in households of both developing and developed economies. Prevalent conditions in cats such as endocrine diseases, chronic kidney diseases, and diabetes have further raised the demand for point-of-care diagnostics, thereby presenting the segment with lucrative growth opportunities.
Furthermore, the companies are constantly investing in R&D to develop innovative diagnostics tests for cats and dogs in order to gain more market share. For example, in March 2018, Idexx launched kidney tests for cats and dogs. The Catalyst SDMA Test, a kidney function test for cats and dogs that can be added to the standard chemistry panel of the company's Catalyst One and Catalyst Dx chemistry analyzers has been released in the UK and Ireland.
The consumables segment held the largest revenue share of 56.0% in 2023. Besides, it is anticipated to post the fastest growth over the forecast period. Consumables can be further divided into reagents, panels, and strips. Reagents accounted for approximately half of the consumables segment in 2023. Continuous requirement of consumables is likely to augment the overall market. Also, recurring purchase requirements for consumables, easy-to-use reagents, and availability of most reagents in liquid form, which requires no preparation, are factors responsible for the growth of the segment.
The instruments segment is projected to progress at a significant CAGR during the forecast period owing to technological advancements in products. The segment has been further categorized into chemistry analyzers, blood gas & electrolyte analyzers, urine analyzers, and glucometers. The introduction of automated benchtop and portable analyzers, such as Element POC (Heska Corporation), Catalyst One (IDEXX), RX Series (Randox Laboratories Ltd.), and others is poised to propel the growth of the market. In February 2020, Goldsite Diagnostics Inc. entered U.K. veterinary market with Q-vet. Q-vet is a Bench-top analyzer ideal choice for veterinary hospitals and clinics, reference laboratories, research institutes, and universities. Therefore, such expanding geographic expansion and widespread product availability across the globe, is driving the market growth.
The blood chemistry analysis segment dominated the veterinary chemistry analyzer market and accounted for a revenue share of 39.0% in 2023, owing to the increasing incidence of zoonotic diseases and the rising number of veterinary practitioners. According to the WHO, zoonoses are estimated to cause about a billion cases of disease and millions of fatalities each year globally. Zoonoses account for over 60.0% of new infectious illnesses that are reported globally.
On the other hand, the blood gas and electrolyte analysis segment is expected to register lucrative growth during the forecast period. The introduction of point-of-care analyzers is leading to an upswing in the demand for blood gas and electrolyte analysis. A growing need for analysis that facilitates test results for both electrolyte and blood count in a given sample of serum, plasma, or urine is anticipated to boost the growth of the segment.
Idexx offers a Catalyst One Chemistry Analyzer that is able to run any of 34 parameters for electrolyte, chemistry, and immunoassay profiles in a single run of whole blood. This analyzer is the perfect fit for clinics of any size and provides testing flexibility.
Based on end-use, the veterinary laboratories segment held the largest revenue share of 38.0% in 2023 and is poised to continue its dominance over the forecast period. The rising incidence of diseases such as diabetes, renal disease, cancer, and abnormalities resulting from long-term medications in animals are some of the major factors estimated to contribute to the growth of the segment. The major role of veterinary laboratories is diagnostic services and pathology. Veterinary laboratories widely work on pathology which covers investigating veterinary diseases. The growing number of advanced laboratories with better infrastructure is another factor propelling the segment growth.
Over the forecast period, the point-of-care testing segment is anticipated to develop more quickly than other market segments. The segment growth is estimated to be driven by the growing adoption of rapid diagnostic tools. Furthermore, increasing awareness regarding the health of animals is projected to fuel the segment growth. Certain advantages of point-of-care instruments like cost-effectiveness, and simplicity of use, among others are further anticipated to drive market growth. In August 2019, Zoetis launched Stablelab, a hand-held, point-of-care diagnostic blood test device for horses. With the product launch, the company expanded its Point-of-Care diagnostic offerings to deliver broader equine health care. Thus, such initiatives boost overall market growth.
North America spearheaded the market in 2023, by contributing over 52% to the overall revenue. North America has numerous animal health and diagnostics companies. There has been a significant rise in veterinary healthcare expenditure in the region, which is expected to accelerate the growth of the market. Moreover, well-developed infrastructure and high R&D spending in the region are factors anticipated to boost the market in North America. The U.S. held the dominant share of the regional market in 2023. This can be attributed to the presence of major players in the country, such as Zoetis and IDEXX who are involved in the development and introduction of analyzers required during the diagnosis of various diseases in animals.
Asia Pacific is projected to be the fastest-growing segment with a CAGR of 15.7% over the forecast period due to the growing animal population, rising awareness about animal health, and increasing adoption of pets. Countries such as China and India are expected to witness rapid market growth owing to an increase in the number of manufacturing facilities in the region. Growing R&D investment by market players for the development of value-added devices is anticipated to drive market growth in the region.
Recent Development
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2023 to 2033. For this study, Nova one advisor, Inc. has segmented the global veterinary chemistry analyzer market.
Type
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Application
End-use
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
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