Veterinary Hematology Analyzers Market Poised to Expand at a Robust Pace by 2024

Posted by Aman Jaiswar on August 13th, 2019

The Veterinary Hematology Analyzers Market across the globe has witnessed impressive growth over the years since the launch of the first specialized hematology analyzers for animals. Presently, there has been a noticeable rise in adoption of advanced diagnostic devices for animals in developing regions of the world. Several government bodies along with leading players in the animal health industry are carrying out research and development activities to develop effective therapeutics and diagnostics for animals. Most of veterinary research is directed to the recognition of the cause of diseases, diagnosis of diseases, response in the form of pharmaceuticals, vaccines, and management of common diseases observed in animals.

A report by the National Research Council observed that veterinary diagnostics still remains a relatively less-developed sector of the U.S. national animal health infrastructure compared to sectors such as drugs, vaccines, and treatments. Since 2002, the U.S. Department of Agriculture (USDA) has developed the National Animal Health Laboratory Network in collaboration with state and university diagnostic laboratories to address many issues that hold back the development of the veterinary diagnostics area of the country’s veterinary healthcare industry. Across several other countries across the globe as well, a vast rise in government initiatives in the animal health industry are taking place and are propelling the market for veterinary hematology analyzers.

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Transparency Market Research estimates that the veterinary hematology analyzers market will expand at a CAGR of 6.7% over the forecast period between 2016 and 2024. Escalating at this pace, the market, which had a valuation of US$ 663.0 mn in 2015 in terms of revenue, is projected to rise to US,178.9 mn by 2024.

On the basis of product, the global veterinary hematology analyzers market has been segmented in the report into table top analyzers and point of care analyzers. Of these, the segment of table top analyzers is presently the leading revenue generator and is expected to retain dominance over the report’s forecast period as well. The segment accounted for a massive 73% of the global market in 2016 and is expected to witness a slight rise in its share in the global market by the end of the forecast period. Factors such as multidimensional analysis, low sample volume requirement, minimal maintenance, and increasing outbreaks of animal diseases are contributing to the strong growth of this segment.

Technologically advanced table top hematology analyzers have been steadily hitting the market and several are currently in development. New varieties are expected to address key unmet needs in two key ways: accurate results with multi-parameter analysis and reduced downtime. These new technologies will continue to drive the demand for table top hematology analyzers across the globe in the near future.