Veterinary Hematology Analyzers Market

Global Veterinary Hematology Analyzers Market Size (2023 to 2028)

The global veterinary hematology analyzers market size is expected to be growing at a CAGR of 6.8% from 2023 to 2028. The size of the market is predicted to be USD 1184 million by 2028 from USD 852.6 million in 2023.

MARKET DRIVERS:

The growing pet ownership worldwide is one of the key factors propelling the growth of the veterinary hematology analyzers market. Pet adoption has been growing rapidly worldwide over the last several years and resulting in the growing demand for veterinary services and equipment including hematology analyzers. As per the statistics published by the American Veterinary Medical Association (AVMA), the number of pet owners in the U.S. has increased from 71 million in 2011 to 84.9 million in 2019. According to the estimates of The European Pet Food Industry (FEDIAF), there were an estimated 85 million pets in Europe in 2020. Pet owners are concerned about the health and well-being of their pets and invest considerable amounts in veterinary services to make sure that their pets remain healthy. The growing pet ownership and increasing willingness from pet owners to invest in veterinary services for their pets are resulting in the growing demand for veterinary hematology analyzers as these tools play a significant role in the diagnosis and treatment of various veterinary diseases.

The rising prevalence of animal diseases further fuels the growth of the veterinary hematology analyzers market. Veterinary hematology analyzers are quick and accurate in diagnosing animal diseases, which is extremely important for effective treatment. The population is growing rapidly worldwide and demanding increased production of animal-based products such as meat, milk and eggs, which is resulting in the intensification of animal production and increasing the risk of animal diseases. Environment, genetic mutations, and the spread of disease from other species are among the major reasons behind the growing incidence of animal diseases. Veterinary hematology analyzers play a vital role in the diagnosing and monitoring of animal diseases and also help veterinarians to analyze blood samples quickly and accurately and assist in identifying the presence of diseases and tracking their progression over time. The outcome generated by the veterinary hematology analyzers helps veterinarians to evaluate the effective treatment options and to monitor the animal's response to treatment.

In addition, factors such as the growing population of animals worldwide, increasing awareness among people regarding veterinary healthcare, the growing number of initiatives from governmental and non-governmental organizations in favor of veterinary hematology analyzers and increasing demand for animal-based products promote the market’s growth rate. Furthermore, factors such as the development of new and advanced hematology analyzers with enhanced features and capabilities, growing investments from the market participants to conduct R&D to develop new and innovative veterinary hematology analyzers, rising demand for POC testing by veterinary professionals, growing demand for automated hematology analyzers and increasing demand for blood transfusions in animals fuels the growth rate of the market during the forecast period. Rising emphasis on preventive healthcare in animals, growing adoption of companion animals worldwide, increasing number of favorable government initiatives to improve animal health and welfare and rising spending on veterinary healthcare boost the market’s growth rate.

MARKET RESTRAINTS:

High costs associated with veterinary hematology analyzers primarily hamper the market growth. Poor awareness among veterinarians regarding the benefits of using veterinary hematology analyzers in their practice is another notable factor limiting the market’s growth rate. In addition, the competition from alternative diagnostic methods such as manual blood smears and point-of-care tests, poor availability of veterinary hematology analyzers in some countries and stringent regulatory environment for veterinary hematology analyzers further hinder the market growth.

Impact of COVID-19 on the veterinary hematology analyzers market:

The COVID-19 pandemic has shown a mixed impact on the veterinary hematology analyzers market during the pandemic term. During the COVID-19 pandemic, pet adoption has grown significantly and this has also increased demand for veterinary services and equipment including hematology analyzers and favored the market’s growth rate. On the other hand, the COVID-19 pandemic has caused severe disruptions in the supply chains and manufacturers had to shut down their manufacturing activities to curb the spread of the virus and such situations resulted in the reduced production and distribution of veterinary hematology analyzers and hampered the market’s growth rate. In addition, the economic uncertainty and financial strain brought on the veterinary industry by the COVID-19 pandemic has impacted market growth negatively. Likewise, the COVID-19 pandemic has had a mixed impact on the growth of the veterinary hematology analyzers market.

REPORT COVERAGE

This market research report on Global Veterinary Hematology Analyzers Market has been segmented and sub-segmented into the following categories.

Veterinary Hematology Analyzers Market – By Product:

• Table Top Analyzers
  • Fully Automatic Analyzers
  • Semi-Automatic Analyzers
• Point of Care Analyzers 
  • Cartridge Based
  • Others (Direct Sample Based)

Based on product, the tabletop analyzers segment had the major share of the global market in 2022 and is expected to register the fastest CAGR during the forecast period. The growth of the segment is primarily driven by the rising prevalence of animal diseases and the increasing animal population worldwide. Under the sub-segments, the fully automatic analyzers segment is predicted to hold the largest share of the market during the forecast period due to their high throughput and accuracy, which make them ideal for large veterinary clinics, reference laboratories, and research facilities. In addition, the growing pet ownership and the increasing number of veterinary clinics and diagnostic laboratories further fuel the market’s growth rate. On the other hand, the semi-automatic analyzers segment is estimated to grow at a notable CAGR during the forecast period owing to the rising demand for these analyzers from the smaller veterinary clinics and research facilities with lower sample volumes due to their affordability.

The point-of-care analyzers segment accounted for a considerable share of the worldwide market in 2022 and is expected to grow at a healthy CAGR during the forecast period. The cartridge-based segment is predicted to witness a promising CAGR during the forecast period owing to the convenience and rapid turnaround time of these systems. The portability of these systems made it possible to use these systems in farms and in mobile veterinary clinics, which is another key factor contributing to the segmental growth.

Veterinary Hematology Analyzers Market – By Analysis Parameter:

• 2 Part WBC differential
• 3 Part WBC differential
• 5 Part WBC differential
• Others

Based on the analysis parameter, the 5 Part WBC differential segment is estimated to showcase the highest CAGR in the worldwide market during the forecast period. The growth of the segment is attributed to the superior accuracy and comprehensive analysis capabilities of these systems.

On the other hand, the 3 Part WBC differential segment is projected to register a healthy CAGR during the forecast period owing to the increasing demand for more accurate and comprehensive diagnostic testing.

Veterinary Hematology Analyzers Market – By End User:

• Research Institutes 
• Veterinary Diagnostic Centers
• Veterinary Hospitals and Clinics 
• Others (Point of care testing, in-house testing) 

Based on the end-user, the veterinary hospitals and clinics segment is predicted to witness the highest CAGR during the forecast period. The segmental growth is majorly driven by the increasing demand for veterinary care services, growing pet ownership, increasing awareness about animal health, and the growing demand for advanced diagnostic testing.

The veterinary diagnostic centers segment is projected to showcase a notable CAGR during the forecast period owing to the rising demand for veterinary diagnostic services, the growing number of pet owners and the increasing awareness about animal health and wellness.

The research institutes segment is estimated to grow at a moderate CAGR during the forecast period owing to the increasing demand for advanced diagnostic testing for research purposes.

Veterinary Hematology Analyzers Market– By Region:

• North America
• Europe
• Asia Pacific
• Latin America
• The Middle East and Africa

Geographically, the North American veterinary hematology analyzers market accounted for the largest share of the global market in 2022 and the regional domination is likely to continue throughout the forecast period. Factors such as growing pet ownership, an increasing number of veterinary clinics, and rising disposable income favor the growth of the North American market. The growing number of initiatives from the North American governments in favor of veterinary healthcare, the rising animal population and increasing awareness among people contribute to the growth of the North American market. The U.S. market occupied the leading share of the North American market in 2022 and is expected to grow at a noteworthy CAGR during the forecast period. The growth of the U.S. market is driven by the increasing number of pet owners and rising demand for veterinary healthcare. On the other hand, the Canadian market is estimated to register a healthy CAGR during the forecast period.

Europe is another notable region for veterinary hematology analyzers worldwide and is expected to grow at a promising CAGR during the forecast period. The growth of the European veterinary hematology analyzers market is primarily driven by the rising demand for animal health products and services, the growing prevalence of chronic diseases in animals, the increasing number of advancements in veterinary healthcare infrastructure, the growing demand for veterinary point-of-care testing and the rising emphasis on animal welfare and prevention of zoonotic diseases. The UK market captured the largest share of the European market in 2022, closely followed by Germany. Factors such as increasing investments in animal healthcare infrastructure and the rising demand for companion animal diagnostics and treatments majorly drive the UK market growth.

APAC is forecasted to register the highest CAGR among all the regions in the worldwide market in 2022 and is predicted to hold a substantial share during the forecast period. The growth of the APAC veterinary hematology analyzers market is majorly driven by the increasing demand for animal-based food products, rapidly growing pet ownership and pet adoption rates, increasing investment to improve the animal healthcare infrastructure, rising demand for animal diagnostics and therapeutics in emerging economies and growing awareness of zoonotic diseases and their prevention. China and India accounted for the major share of the APAC market in 2022 and the same trend is likely to continue throughout the forecast period.

Latin America occupied a considerable share of the worldwide market in 2022 and is expected to grow at a healthy CAGR during the forecast period. The growth of the Latin American veterinary hematology analyzers market is attributed to the growing awareness about animal welfare and the increasing prevalence of zoonotic diseases. Brazil followed by Mexico had the leading share of the Latin American market in 2022 due to the growing demand for animal health products and services and the rising prevalence of parasitic diseases in animals.

MEA had a moderate share of the worldwide market in 2022. However, the MEA veterinary hematology analyzers market is estimated to grow at a steady CAGR during the forecast period. South Africa and Saudi Arabia are predicted to hold the major share of the MEA market during the forecast period.

KEY MARKET PLAYERS:

Key companies leading the Global Veterinary Hematology Analyzers Market profiled in the report include Drew Scientific Inc., URIT Medical, Boule Medical AB, Scil animal care Mindray, HORIBA Medical, Clindiag Systems, IDEXX Laboratories, Inc., Abaxis, Inc., Heska Corporation, Siemens Healthcare Diagnostics Inc., HemoCue AB, Diatron and Sysmex.