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(Medical-NewsWire.com, January 18, 2021 ) Major Growth Boosting Factors:
Factors such as increasing prevalence of zoonotic diseases among companion and livestock animals and the growing need for the rapid detection of these diseases, along with the advantages of POCT over laboratory analysis are driving the growth of Veterinary PoC Diagnostics Market during the forecast period.
Major Growth Restraint:
However, the high cost of veterinary imaging instruments is restraining the growth of this market to some extent.
Expected Revenue Surge:
The global veterinary point-of-care diagnostics market size is projected to reach USD 2.4 billion by 2025 from USD 1.4 billion in 2019, at a CAGR of 8.9%.
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Global Leaders:
In 2018, IDEXX Laboratories, Inc. (US) and Zoetis, Inc. (US) dominated the global veterinary point-of-care diagnostics industry, accounting for more than ~80–85% of the total market share.
Some of the other prominent players operating in the Veterinary PoC Diagnostics Market are Heska Corporation (US), Virbac (France), Thermo Fisher Scientific, Inc. (US), Eurolyser Diagnostica GmbH (Austria), Woodley Equipment Company (UK), Randox Laboratories LTD. (UK), AniPOC, Ltd. (UK), Carestream Health, Inc. (a part of ONEX Corporation) (Canada), NeuroLogica Corporation (a part of Samsung Electronics Co. Ltd.) (South Korea), and FUJIFILM SonoSite (a part of FUJIFILM Holdings Corporation) (Japan).
Zoetis, Inc. (US) dominated the global veterinary point-of-care diagnostics market 2018. The company has a diversified product portfolio, which includes a wide range of point-of-care diagnostic products. IDEXX’s position in the market is attributed to its active R&D activities and wide distribution footprint across the world. To garner a larger share of the market, the company continuously focuses on product developments and launches.
IDEXX Laboratories, Inc. (US) accounted for the second-largest share of the veterinary point-of-care diagnostics market in 2018. Its dominance in the market can be attributed to its wide range of product offerings and its strong geographical footprint. In 2018, the company acquired Abaxis, Inc. (US), a pioneer in the veterinary point-of-care diagnostics industry for USD 2.0 billion. The company also focuses on R&D activities to develop its animal health solutions that meet the customers’ demands.
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North America will continue to dominate the market during the forecast period
The market, by region, is segmented into North America, Europe, the Asia Pacific, Latin America, and the Middle East & Africa. North America accounted for the largest share of the Veterinary PoC Diagnostics Market in 2018. The large share of North America in the global market can be attributed to the increasing adoption of companion animals, growing veterinary healthcare expenditure, and rising demand for animal-derived food products.
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